Apple Pay – What’s the Competition?

By Kirsty Styles

apple pay

The value of mobile payments worldwide reached $235.4bn (£150.7bn) last year, a 44 per cent increase on 2012’s $163.1bn, according to Gartner. But at the same time, the company downgraded its forecast for NFC “due to disappointing adoption of NFC technology in all markets in 2012 and the fact that some high-profile services, such as Google Wallet and Isis, are struggling to gain traction”.

Apple Pay looks like the break that NFC advocates have been waiting for. With the trend-setting company finally integrating the long-perfected technology into its devices, this could take ‘tap to pay’ in-store smartphone transactions truly mainstream.

With Apple Watch transactions promised in early 2015, the platform has already gone live for both in-app and in-store payments, with around 30 US retailers signed up for the latter, including McDonald’s, Bloomingdale’s, Walgreens and Staples.

The US’ biggest banks have also placed their weight behind this NFC solution, not least because Apple Pay still relies on the existence of banks to deliver its service. This cosy relationship did hit an early snag, however, when around 1,000 Bank of America transactions made using Apple‘s new mobile wallet solution were mistakenly duplicated, charging customers twice.

With all that in mind, we take a …read more

Source:: Mobile App News