Apple (NASDAQ:AAPL) Pay To Make Its Mark
The long wait for customers wishing to make purchases using the Apple (NASDAQ:AAPL) iPhone is finally over. After its grand launch ceremony, Apple (NASDAQ:AAPL) iPhones have hit the stores, but the wait for the iWatch and Apple (NASDAQ:AAPL) Pay continues. Latest reports from Apple (NASDAQ:AAPL) confirm that the first mobile payment system is expected to make its appearance this month. Even though, no date has been confirmed yet but Walgreens has reported rolling out services will start by October 18.
It is still unclear if the launch will be widespread or exclusive of Walgreens. This is the first mobile payment release by Apple (NASDAQ:AAPL). It enables iPhone 6 and iPhone 6 Plus users to make payments at selected retailers on click of a button. At this stage the list of retailers is quite limited, however, with time it is expected to bring in more interested parties. Retailers that will host Apple (NASDAQ:AAPL) Pay include Walgreens, McDonalds (NYSE: MCD), Petco, Subway, Macy’s (NYSE: M) and Apple (NASDAQ:AAPL) Stores.
The expected Saturday launch seems unusual for Apple (NASDAQ:AAPL). But since Apple (NASDAQ:AAPL) Pay is designed for in-store shopping, a weekend debut is projected to target customers as they are more likely to go shopping on weekends. It gives them ample time to explore this option along with their weekend shopping.
USAA assistant vice president Vikram Parekh reported that the bank will collaborate and roll out its services in coordination with Apple (NASDAQ:AAPL) Pay on November 7. This makes the launch most likely to be on the same date but there is a possibility that other banks toll their services out a little earlier than expected. According to Apple (NASDAQ:AAPL) press release, it was planned to launch Apple (NASDAQ:AAPL) Pay in October. Apple (NASDAQ:AAPL) has promised an NFC-enabled mobile payment system that will not require customers to carry credit cards, cash or any form of IDs while shopping. Apple (NASDAQ:AAPL) Pay will store secured information by using encryption that will connect and integrate with Apple (NASDAQ:AAPL) Passbook application. The app allows credit cards from MasterCard, Visa and American Express and will be supported by six of America’s largest banks. The service keeps customer payment information private from the retailer and creates a separate unique code for each transaction.
In the past, media has reported several unsuccessful attempts at introducing mobile payment system. These included PayPal, Walmart (NYSE: WMT), Target (NYSE: TGT), Google (NASDAQ: GOOGL) Wallet and Softcard. None of these apps were effective enough to ensure customer satisfaction, however, Apple (NASDAQ:AAPL) Pay has gone an extra mile to solve these issues.
According to early reviews, the service is considered to be easy to use but it remains to be seen if the service will be wildly adopted. Even though many reporters favored this service as smooth and easy to use, but The New York Time (NYSE: NYT)’s suggests that Apple (NASDAQ:AAPL) seems to have exaggerated the inconvenience of credit cards. Also, the possibility of a mobile battery dying could leave the owner stranded.