Wednesday, September 17, 2014

Apple’s New Mobile Payment System- a Turing Point in Every business

According to the IDC, Apple’s influential niche this year shows an 11.7% share of the smartphone market slightly down on the 13% of the previous year. It’s true that Android still dominates the smartphone market with an 84.7% market share. However, Apple continues to innovate and shift volumes at the top end of the smartphone market to trickle down to those looking for a cheaper gateway to Apple’s ecosystem.

Been receiving global headlines and reams of analysis from a press, Apple has introduced today a brand new mobile payments system called Apple Pay- a new accretion in app development, can say. Why not? This technology is expected to overtake credit cards as a predominant payments medium, marking a brand new day for business owners across the globe.

So, How Does Apple Pay Works

 Apple Pay is shipping with the iPhone 6 and 6 Plus, as well as the forthcoming Apple Watch and compatible with 5th generation iPhones too. A Near field communication (NFC) chip is included which coupled with TouchID can move to take a bite out of the mobile payments market. It will support American Express, MasterCard and Visa credit cards via more than 800 million iTunes accounts.

Now, Apple has a secure and controlled architecture in iOS and that TouchID fingerprint scanner offers an innovative authentication process. But how do we convince customers that they won’t be left out of pocket if and when transactions are compromised? One of the big aspects in Apple Pay is that each purchase utilizes a uniquely generated, one-time code instead of using names or credit card information at checkout.

But will customers be convinced of the ease of use to finally ditch their physical wallet in favour of an iDevice? Time shall decide. Have an idea and interested to create an iphone/ipad app for your business? This is the right time to approach a professional. 

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