Our lives are moving through the Digital wallets. As the consumers trying to shift from their usual physical wallets and use digital ways of payment gateways. To take stride, the new initiative by Apple trying to force that big push into mobile payment gateway is trying hard to thrive and sustain. The consumers now can use iPhones to pay the checkout counter.
The market of mobile payment in the US is growing expected to reach $118 billion at the point of sales by the year 2018 by a mere $3.5 billion in 2014 predicted by the eMarketers. To take hold on this exceeding business preposition, Apple in just of few weeks will launch its Apple pay initiative.
This technology will only be available for the owners of iPhone6 and 6 Plus in the US and eventually those having Apple Watch can avail this digitized transaction. The mobile payment gateway is still a gloomy market, with Apple stepping in is sure to boost up and act as a catalyst. The iPhone is a huge market with more than 10 million new iPhone sales will certainly transform the consumers taking advantage to digital wallets.
The old habits
The digital wallets will certainly enable consumers not to fumble for cash and those plastic credit cards trying to pay the cash standing in the queue. But the age old habit of shoppers paying with cash or card is certainly a challenge Apple Pay have to counter upon.
To cite an example, Google Wallet which was launched in 2011 have really not made a profitable stride, practically flopped, but Google has not yet closed its doors, still trying its level best to sustain. So has the branded Softcard, a joint venture among commercial giants AT & T, T- Mobile and Verizon launched way back in the year 2010.
The Security prospective
People are always in two minds when anything is new and feel hesitated to try it out. Moreover, more than 40% of consumers fear that their personal information might get leaked out if they are making mobile payment as per the survey conducted by Kurt Salmon Global Management Consulting firm.
The new iPhone includes a secure element chip where your credit card information is stored and verified with the particular bank for the transaction, if there is sufficient fund available. A dynamic number used only one time is issued. The merchant is not at all furnished various details like the user’s actual credit card number, and furthermore Apple has no idea the amount and what you purchased. You have just to hold your phone within a couple of inches from the point of purchase at the cash counter, pressing the touch ID fingerprint scanner to validate that you were the actual person making the purchase.
The Phone Passbook icon gives you the complete details of transactions. Now you may think what happens if my phone gets lost? Apple pay has come up with a fingerprint scanner which will prevent a crook from accessing your entire personal details available with your iPhone. The feature further extends of switching off your Apple pay apps using find my iPhone feature.