Mobile payments has been something very close to my professional activities for many years now. I've competed directly against Apple and their Apple Pay product. Where are they headed now?
Here is a snippet from the piece:
There’s a reason everyone seems to be getting into mobile payments. Thanks to increasing smartphone usage and a push for faster, simpler, more secure financial transactions, mobile payments could become a $3.4 trillion industry by 2022. In the U.S. last year, eMarketer estimated it to be a $49 billion market already.
The consumer options are sundry: There’s Apple Pay, Samsung Pay, and Google Pay; PayPal, Venmo, Square, and Square Cash; bank-backed alternatives like Zelle and Chase Pay; and in-app options through things like WhatsApp or Facebook Messenger. As consumers abandon cash, checks, and even credit cards, everyone is jumping into mobile payments—but perhaps none with the zeal of Apple.
Here is the full story:
https://slate.com/technology/2018/07/apple-pay-can-apple-beat-paypal-venmo-in-mobile-payments-war.html
What do retailers think?
From the start the response was mixed. Some feel any place their customer is at they want to be as well. Another, however, stated their mix of credit to debit was such that if mobile pay, primarily funded with credit cards, caused that mix to flip it would be billions of dollars a year lost. That is big time incentive to work in the space right (they are)?
This is one space with entrenched, well funded and organized interests, and tons of money at stake. Apple won't see the players in this space fold like the music industry did. I see this space continuing to be hyper-competitive for the foreseeable future.
Happy Reading,
J.W. Gant
The consumer options are sundry: There’s Apple Pay, Samsung Pay, and Google Pay; PayPal, Venmo, Square, and Square Cash; bank-backed alternatives like Zelle and Chase Pay; and in-app options through things like WhatsApp or Facebook Messenger. As consumers abandon cash, checks, and even credit cards, everyone is jumping into mobile payments—but perhaps none with the zeal of Apple.
Here is the full story:
https://slate.com/technology/2018/07/apple-pay-can-apple-beat-paypal-venmo-in-mobile-payments-war.html
What do retailers think?
From the start the response was mixed. Some feel any place their customer is at they want to be as well. Another, however, stated their mix of credit to debit was such that if mobile pay, primarily funded with credit cards, caused that mix to flip it would be billions of dollars a year lost. That is big time incentive to work in the space right (they are)?
This is one space with entrenched, well funded and organized interests, and tons of money at stake. Apple won't see the players in this space fold like the music industry did. I see this space continuing to be hyper-competitive for the foreseeable future.
Happy Reading,
J.W. Gant
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