Mobile payments have been around for a while now, but the industry growth is far from complete. PayPal and Square are often the first companies that come to my mind, but for you it could be players like Google Wallet or Bitcoin. According to a report published in The Wall Street Journal, Apple will also be entering the ring soon.
Apple has been known for its innovative hardware and software products for years, but it will be interesting to see how they address some of the bigger concerns in the mobile payments space—like security and merchant acceptance. Apple’s loyal customers will be thrilled to see the company’s approach to mobile payments, and industry experts and stockholders will be eager to see how Apple differentiates itself in a crowded market. Will Apple bring new innovations to the space, or are they just playing catch-up to the rest of the company as the sales of tablets and smartphones lose momentum amid increased competition?
Seeing as most Android users haven’t even converted to Google Wallet—which has been around for some time—I don’t think Apple’s offering is going to be a huge hit. But tell us what you think!