Arab Today, arab today apple may accelerate push on mobile payments
Last Updated : GMT 02:34:15
Arab Today, arab today
Arab Today, arab today

Apple may accelerate push on mobile payments

Arab Today, arab today

Arab Today, arab today Apple may accelerate push on mobile payments

Apple CEO Tim Cook speaks during an Apple special event
Washington - AFP

With its new mobile payment system, Apple is likely to use its market power to accelerate adoption of smarter retail payment technology and boost security amid growing concern over hacking.
Apple, as part of an ambitious series of product announcements Tuesday, unveiled its "Apple Pay" system that will allow consumers with the upcoming iPhones to tap their handsets at retailers instead of using debit or credit cards.
Apple chief Tim Cook said the Apple Pay system would replace an "antiquated payment process" with "an entirely new" system offering greater convenience and security.
Cook said that each day in the United States, alone, "that's 200 million times that we scramble through our credit cards and go through what is a fairly antiquated payment process."
Apple Pay will use a dedicated secure chip that communicates with a retail terminal through a near-field communication (NFC) antenna in the phone.
Even though this technology has been available for years, adoption in the US has been slow because of competing standards, analysts said.
Cook said other efforts have failed because the companies introducing mobile wallets were working on the basis of "their self-interest" instead of the user experience.
- Banks lined up -
Apple has lined up most of the largest US banks for the system, and many big retail outlets have agreed to install compatible payment terminals.
This helps solve the "chicken and egg" conundrum that has prevented widespread adoption of mobile payments, said Roger Kay at Endpoint Technologies.
"You need consumers to get the enabled systems, and retailers and banks to process all that," Kay told AFP.
"No one wanted to move before anyone else did. So if Apple gathers a group of partners, it may establish a base of functionality that will work."
Apple Pay supports credit and debit cards from American Express, MasterCard and Visa, issued by banks including Bank of America, Capital One, Chase, Citi and Wells Fargo, representing 83 percent of credit card purchase volume in the US.
The payment system will launch in October at some 200,000 retail locations, including Bloomingdale's, Duane Reade, Macy's, McDonald's, Sephora, Staples, Subway, Walgreens and Whole Foods Market.
"Security and privacy is at the core of Apple Pay," said Apple vice president Eddy Cue.
"When you’re using Apple Pay in a store, restaurant or other merchant, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud. 
"Apple doesn't collect your purchase history, so we don't know what you bought, where you bought it or how much you paid for it."
Payments can also be made through the new Apple Watch, which will allow users of older iPhones to use the system.
- Igniting interest in mobile -
"Apple Pay will ignite consumers' interest in mobile payments by providing a seamless, secure, and easy way to pay both in store and on the go," said Denee Carrington at Forrester Research.
"By partnering with the leading merchants across retail, grocery, drugstore and dining, consumers can use Apple Pay with merchants they shop every day -- which will accelerate the growth of mobile payments in the US," she said.
Gartner researchers predicted recently that mobile payments would top $721 billion, with some 450 million users, by 2017, but noted that growth has been sluggish in North America.
Eden Zoller at the research firm Ovum said Apple's launch "is nothing new in the m-payments space," but noted that "if anyone can help make this happen then it is probably Apple, although it will need strong partnerships."
And research firm IHS noted that "Apple holds a number of advantages" over others because "it already has millions of user credit card details on file from Apple IDs, which users can choose to simply add to Apple Pay."
IHS said Apple already has strong software and hardware integration to store information and that by focusing on hardware sales it does not need Apple Pay to generate additional revenues.
Endpoint's Kay said some questions remain, notably whether Apple will allow rivals to tap into the system
"Apple doesn't alway play well with others," he said. "Apple is jealous about how it holds technology to its chest."
If other players in the sector want to use a different system for Android devices, "that may be an inhibitor because a lot of people don't have Apple phones," Kay said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today apple may accelerate push on mobile payments Arab Today, arab today apple may accelerate push on mobile payments

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal

GMT 15:47 2017 Wednesday ,22 February

Airbus faces challenges as it enters new era
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday