Apple Pay ushers in the latest mobile payment system to hit the market. An exciting development, the new one-step process will be built into every iPhone 6 and iPhone 6 Plus. Tim Cook prefaced the announcement of Apple Pay by stating, "Apple is about to enter an entirely new category of service."
After the recent criminal activity involving the iCloud, Apple Pay is stringent on security. The Wire reports, "Instead of storing your card, there will be a one time payment with a dynamic security code. You can add in the card by taking an image of it. Touch ID will be used to confirm transactions (added security, though we know Touch ID is hackable.)" Apple Pay will launch in the US for Visa, American Express and Mastercard.
Mobile Payment Systems
Tim Cook Announces Apple Pay Will Be Built into iPhone 6 and 6 Plus
Trend Themes
1. Mobile Payment Integration - Opportunity for integrating mobile payment systems into more devices such as smartwatches, tablets and laptops.
2. Enhanced Security Measures - Opportunity for developing more secure payment systems that utilize biometric authentication and blockchain technology.
3. Global Expansion - Opportunity for mobile payment providers to expand services to more countries and regions, particularly in emerging markets.
Industry Implications
1. Smartphone Industry - Opportunity for smartphone manufacturers to integrate mobile payment systems into more device models, as well as develop more advanced security features.
2. Financial Technology Industry - Opportunity for fintech companies to innovate in the mobile payment space, by exploring new payment methods and enhancing security measures.
3. Retail Industry - Opportunity for retailers to leverage mobile payment technologies to provide a seamless checkout experience, as well as explore new customer engagement strategies that utilize mobile payments.