Industry Response to Apple Pay

Well, they certainly created a buzz with Apple Pay.

Here is a good analysis of what Apple's move will do for mobile payments:

http://www.pymnts.com/in-depth/2014/it-took-an-apple/#.VBG4qMJdXVU

Here is a snippet from that piece:

Players in the payments space for years have talked about when the right moment will come when mobile payments finally will take off. And most people said when Apple entered the game, it will, given Apple’s tendency not to jump into willy-nilly notions of what might succeed only to disappoint its loyal following of tech-savvy consumers.

But while Apple finally made the move into payments on Tuesday (Sept. 9), it still will take time for the progress to be made. But, the pace may just be quicker now, executives from Chase and Chase Paymentech noted during a podcast interview this week with MPD CEO Karen Webster.

Next is a very true statement.  Apple just gave a huge give to credit card companies.

http://finance.yahoo.com/news/apple-isnt-disrupting-credit-card-111412294.html

Here is a snippet from that piece:

The announcement of Apple's new Apple Pay service marks another big gun — the biggest, probably — entering the mobile payments space. Those expecting Apple to disrupt the tri-opoly of MasterCard, Visa and American Express will be sorely disappointed. While tech startups in the mobile payments business talk frequently about replacing the traditional banking and financial services industry, Apple probably sees that as a fight that's simply not worth having.

Here is a very good write-up in the New York Times stating Apple is solving a problem that really isn't a problem:

http://www.nytimes.com/2014/09/11/upshot/apple-pay-tries-to-solve-a-problem-that-really-isnt-a-problem.html?module=Search&mabReward=relbias%3Ar

Some retailers don't understand why NFC is the approach Apple has taken.  Why not use beacons instead?  I believe this move is more to support the market in China than the United States so this puzzlement makes sense.

http://www.mobilecommercedaily.com/lord-taylor-reexamines-nfc-following-apples-announcement

What does Apple Pay mean for retailers?

http://www.retailonlineintegration.com/article/what-apple-pay-means-retaiilers/1

Here are a few more:

Target: http://chainstoreage.com/article/target-extends-mobile-commerce-like2buy-instagram-and-apple-pay

FinExtra Article: http://www.finextra.com/news/fullstory.aspx?newsitemid=26433&topic=innovation

Mobile Payments Insider: http://www.mobilepaymentsinsider.com/2014/09/10/ditch-your-wallet-apple-unveils-nfc-mobile-payments-for-iphone-6-and-iwatch/

Happy Reading,

J.W. Gant