• WSJ: Apple’s Plan for Mobile Payments is Taking Shape

    According to a new report published ahead of the weekend by Forbes, cash is practically dead. In the article, contributing author Ryan Rommann expresses his belief that just as the magnetic strip made payments via plastic the preferred way to pay for millions of people around the world, NFC and other fast-evolving technologies will "facilitate the move to payment using mobile technologies."

    Consequently, it’s no big shocker that Apple is entertaining a major power play in the mobile payments space. Just as Apple has an in-store mobile payments platform for its retail employees, the company has a clear and compelling fascination with mobile tech for payment purposes. And what comes next could be much bigger than anything we’ve seen from Apple in this regard to date.

    A payment service would launch Apple into what is becoming a fierce battle over how people pay through mobile devices. Other players include eBay's PayPal unit, Google Inc. and startups such as Square Inc. and Stripe Inc. Forrester Research estimates that Americans will spend $90 billion through mobile payments by 2017, up from $12.8 billion in 2012.
    “Over the last few decades, cash has gradually fallen out of favor amongst consumers at large. Currently, two-thirds of the public prefer to make payments via credit and debit cards," says the team at PayAnywhere, a top payment solutions provider in the U.S. "In the near future, another form of payment is set to further squeeze cash right out of the loop.”

    Given that 6 billion people have access to a mobile phone, the “Money 3.0 opportunity is enormous," Romann concludes.

    "Apple is absolutely the sleeping giant in the payments world," Denee Carrington, an analyst at Forrester Research, tells the WSJ. "They have the capability; they just haven't tied it all together."

    Sources: Forbes, WSJ
    This article was originally published in forum thread: WSJ: Apple’s Plan for Mobile Payments is Taking Shape started by Michael Essany View original post
    Comments 3 Comments
    1. fleurya's Avatar
      fleurya -
      Until some kind of standard wins out, all these companies building proprietary payment systems won’t get far. What they really need is some kind of standard backend they can all at least agree to work on so they can really get off the ground. They’re going to have to swallow their pride and help each other to help themselves. And then, the best user experience will win.
    1. Dgow452's Avatar
      Dgow452 -
      True of so many things
    1. Selfmadexpert's Avatar
      Selfmadexpert -
      Can't wait to not have to use my wallet! And I won't loose it either! That will help combat identity theft via stolen/lost wallets and add security via fingerprint and GPS!
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