By: Zachary Prince
With the releasing of the iPhone 6 came extreme anticipation and excitement. Apple promised its consumers to release a new phone with hundreds of new features and capabilities that would revolutionize the phone industry. Amongst these features was Apple Pay. Apple Pay was going to be the first step towards the extermination of physical Debit and Credit cards, allowing customers to make purchases by simply pressing the home button on their phones. IPhone users would be able to connect all of their Cards to their cellular phones so that when making purchases, participating stores would also have an Apple device that could scan the top of the phones solidifying the purchase. Apple promised its users that they would make the process of making purchases astoundingly more convenient and faster, even showing a video at their Apple Keynote timing and comparing the differences between making a normal card purchase and a purchase using Apple Pay. The new feature sounds great, right?
With the new Apple Pay feature, it takes two to tango. Apple Pay requires participation from the customer, as well as major stores that its customers use. Since the release of Apple Pay on October 20th, several major stores have said they would not use it. Amongst these stores, is the number retail group, Wal-Mart, as well as the large pharmacy-retail group, CVS. There are various reasons as to why certain groups are hesitant to using Apple Pay such as credit card fees, stores being unable to track customer habits, and certain stores have already began using their own systems known as Current C. The Merchant systems that retail groups such as Wal-Mart, Sears, and Target have been using, use more cumbersome technology that requires customers to scan a "Quick-Response" bypassing the credit system, and in most cases reducing costs for merchants which also can reduce cost for customers.However, researches have found that Apple Pay is still very competitive from a convenience standpoint and they also pointed out that if it catches on, retailers would be forced to go along.
The success of Apple is going to come down to price versus convenience. Although price typically wins, do you think the convenience of Apple Pay will have the upper hand in this Case? Do you think the success of Apple Pay will determine whether or not the iPhone 6 truly was a revolutionary phone? In the future do you believe Apple Pay will change the way people make purchases?
Here's an article that discusses Apple Pay and its future:
Apple pay is great way for Apple Inc. to continue to be innovative. I like the idea but I do not believe that it will be as successful as they expected. Since Walmart, a leader in the convenience store industry did not support the use of this technology it will be hard to get other stores to convert to this easy pay method. Good post, Mr. Prince included good points about the iPhone 6 and its new feature Apple Pay.
ReplyDeleteI was excited to hear about the Apple Pay concept when it was first introduced. In this digital age, a lot of our purchase are online now. Apple pay solves the inconvenience of having to manually input everything on your credit card in addition to your billing information. It's a hassle for me to do all that sometimes. It also solves the problem of navigating through your wallet to find your card, swipe, entering your PIN or signing whenever shopping in store at a retailer. It's the convenience that's attractive to the consumer. On the merchant side, there needs to be a cooperative relationship. When it comes to digital payments, it is going to take some time for the consumer market to get comfortable with utilizing the service. I believe once there is a demand by consumers or a joint initiative from a lot of retailers to implement the system, Apple pay will be more relevant. Also, there needs to be involvement from cell phone providers as well because Apply pay is limited to the new IPhone 6.
ReplyDeleteThis may be great and convenient for others, but this doesn't really sound like a good idea to me. I wouldn't be too comfortable with all my card information conncected to my phone. It's much more convenienvit to enter my card infomation maually.
ReplyDeleteI honestly believe that Apple is taking a step too far this time around. We already have options like Paypal and a variety of other payment options. Its a great way for the company to tap into other field of business. But, what can Apple simply do that the next company can't?
ReplyDeleteApple Pay sounds like it is going to be helpful and make things easier. It is certainly an innovative idea. I think some people probably will be reluctant to use it because its different, similar to the google car. But great post, very informative.
ReplyDeleteGreat Post! Apple Pay is certainly a beneficial addition to the technology market. However as innovation begins to continuously change the dynamic of the market, we see how things become redundant and not useful at all. Automation that would result in the removal of the debit and credit card system would surely be a game changer in the retail and consumer market. Apple is certainly making it more risky for consumers who may lose their devices and in turn all their related information. This would certainly be detrimental due to the access to the owner's resources.
ReplyDeleteConsidering that Apple's cloud was recently hacked I expect there to be slow growth in the customer adaption. What point is there is use to use Apple pay if I still have to use my debit card information? If customers don't own an iPhone yet still own Apple products is the service available to them? I don't find there to be enough security to be comfortable inserting financial information into Apple products or services.
ReplyDeleteThis was a great article. Apple is stepping up to the plate in becoming a completely wholistic company that will adhere to all of our domestic needs. I'm in full support of Apple Pay. Not for its features and new capabilites, but for its expansion into broader horizons. Apple is only following the footsteps of its older brothers and sisters such as Google and Microsoft. I can't wait to see the next step Apple will take.
ReplyDeleteI think that this is a great feature on Apple's part, but there are people who will be skeptical about putting their credit card information on their phone, mainly older people. There is the risk of hackers potentially hacking someones phone and using their information to buy things or if their phone gets stolen there is a possibility that the thief might use their phone to buy things. I think one day physical credit cards will eventually die out, but Apple Pay might not be the major form of payment.
ReplyDeleteThis article seems to overstate what Apple technology is capable of in regards to this Technology. Once again Apple has tried to Monopolize the industry, by forcing each Business who's Pass is accessible to Apple users through to partner with Apple and pay a large premium fee. The cost of this partnership is typically so high that so far only huge chain stores are avaible to pay to be listed on Passbook. Google However, through NFC technology allows just about any company use Google Wallet as a means of mobile payments service. If you look at the portfolio of what Apple PassWallet brings consumers, it is a lot smaller than both Google Wallet, and Android Passbook. To me the only upside Apple ever has in the new industries that it enters is its awesome technology, that is free of some of the bugs Androids faces. However, when it comes to what technology such as Google Wallet is capable of, Google looks to be cornering the market each year with the freedom and customization it provides to both the consumers, and potential business owners it serves regardless of the size.
ReplyDeleteLastly for all three company's how will they handle the incentives tied to using national banks cards, and the changing interest rates? Would the Apple/Google brand become a new card option to rival VISA, Master Card, Discovery etc. This is a lot to think about as this technology os closer to becoming the norm.
R.I.P. Steve Jobs, as people are starting to see, your presence will truly be missed.
This is a very interesting article. The pay concept described in this article poses a new relationship between consumers and Apple. One hand it can simplify the consumer experience. It poses a simple and convenient memory base for information. However, that same memory base has potential to be abused. It is a double edged sword to have your sensitive account information linked to your phone. Until Apple can guarantee the safety of personal information, I will be hesitant to consign this concept.
ReplyDeleteGood article. Apple Pay seems like a very useful tool but a skeptical one as well. I personally would not use that feature because nothing in technology is 100% secure these days. For example Apple's iCloud was recently hacked. So what woud make this feature a 100% trustworthy?
ReplyDeleteThis article is interesting. It actually sums up all of the thoughts that I had when they announced apple pay. I did not know that there were companies that had already said no to the idea. Aside from this country not being as firm on personal security as it should, I believe that this just a ploy from Apple to make money. Of course, if Apple pay is going to be accepted, they are going to have to buy the proper machinery from Apple in order to accept Apple pay. Also, this does not seem like a smart move for other companies because in the event that any of the customers' information does become compromised, it is a liability of the company the transaction was made at, not Apple.
ReplyDeleteThis is a very interesting article being that I had never initially heard of this product. The fact that some major retail stores do not use this product can be a con.
ReplyDeleteAlthough it still has some issues to work out, Applepay is a really innovative platform that customers can use to pay for items. Eventually as the thought of carrying plastic cards and paper money becomes more and more obsolete even the competitors who say they don't want to use apple pay will eventually join the bandwagon. Overall, apple is the future. One way or another people are going to have to get with program. Good post!
ReplyDeleteApple Pay is an amazing invention, but it scares me. I'm not sure how effective the actualization of what this process looks like will be. It also scares me because I'll become even more dependent on my phone which in essence is supposed to be seen, in the most basic light, as simply a means of communicating.
ReplyDeleteIt seems as though Apple has no limits. They have somehow created one product that can basically control your whole life. With apple pay it will be interesting to see how the banks react to it. Instead of giving out actual cards they might move towards just giving you a number that you can put into your phone. Security is one thing that worries me about this product.
ReplyDeleteI think it was great for Apple to allow this option for customers and new consumers. Allowing the option for not having to have your wallet all the time is incredible. Since our world is becoming more digital, your finger can control most of your accounts. The only issue may be that it's only iPhone 6 exclusive; everyone doesn't have that phone so it may the reach the entire market.
ReplyDeleteVery interesting article. Apple always seems to push the envelope of technology and innovation. I feel that Apple Pay will be successful if it can continues to parter with major companies that consumers tend to do business with (Macy's, Starbucks, etc.) I also do believe Apple Pay will change the way people make purchases because it is way more convenient and faster than the typical process of punching an item (digging in your wallet/purse to find a card, swipe, type in a pin number, and provide your signature).
ReplyDeleteItll definitely take a while for companies to catch up with apple and allowing this apple pay technology. I previously had a customer come in to my place of employment trying to purchase an item with apple pay and i had no clue what he was talking about
ReplyDeleteI believe that Apple Pay is a great way for Apple to potentially innovate the entire payment process in America. So many Americans shop on their phones, and get tired of punching in all those digits on their card. Apple Pay would make purchasing things online much quicker and easier. I see how stores like Walmart would be skeptical, because Apple Pay could bring about many technical issues, and could cause some confusion among customers. However, I believe that in due time this innovation could be monumental for the future, with so many Americans becoming iPhone owners.
ReplyDeleteThe concept of Apple Pay fascinated me from the moment I saw "Apple Pay - coming soon" on my regular ATM. What was so cool to me was that first and foremost, Apple has created such a culture that nearly everyone has an iphone, and is now in a position to universally change the way the device is used as a result. If the phone is consistently on you, it can be used to make (already mandatory) processes, such as electronic payment, much more convenient. I am interested to see how Apple combats friction with the companies it would like to integrate into the program, as well as how they plan on further using the iPhone to help everyday tasks.
ReplyDeleteThank you for all the feedback. I've recently done research and found the apple pay is actually beginning to increase sales. Have you all seen the new Wells Fargo Commercial? It endorses Apple Pay!
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