Apple hopes for Apple Pay success

Apple hopes for Apple Pay success

Consumer will deem its success

Apple Pay is only three months old and the feedback from consumers and retail outlets alike have shown that it is certainly convenient. The mobile wallet concept is one that has been around for a couple years but none of them have been able to have any kind of sustainability. Apple is hoping to change that with Apple Pay.

Companies such as EBay and Google have had mobile wallet solutions before but they were never able to catch on because consumers didn’t really see any difference than using their credit cards at the checkout counter. The feedback from retailers that use Apple Pay has been good so far. They say that the Apple Pay concept is easier. One supermarket in Utah recently installed the terminal for accepting Apple Pay and they say that their shoppers loved the security that it offers. They say now that roughly a third of their shoppers use Apple Pay.

Softcard is the major competitor of the Apple Pay and the same Utah market says that five times more people use Apple Pay than Softcard. Without a doubt, the success of Apple Pay can be attributed to their innovative programming which in turn could mean a bigger and better product in the future. With recent security breaches at companies such as Target and Home Depot, credit cards can become vulnerable and with Apple Pay that will not happen. With the simple touch of a fingerprint and the use of a smartphone, the consumer can complete a transaction with the utmost of ease. Simply put, the retailer does not see a credit card number only the fact that the transaction has been completed.

At the current time, there are 220,000 retailers in the United States that accept Apple Pay. If Apple is able satisfy the needs of their users, Apple Pay looks to be something that will be around for years to come and will be a regularity at stores all around the U.S. and all around the world.

Source: WSJ

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