With the release of the iPhone (News - Alert) 6 and the iPhone 6 Plus one of the biggest features is the Apple Pay NFC technology. While this might be a game changer for Apple (News - Alert), there are plenty of indications that the Cupertino-based company will be facing some serious competition in this field. The problem for Apple is that they are actually late to the party when it comes to the eCommerce field.
The eCommerce field in the mobile payments sector is expected to reach more than $700 billion by the end of 2017. This kind of valuation is thanks in large part to the sheer number of different companies and their gadgets that are working in this sector. There are so many different phones and tablets that use NFC technology; one has to wonder if Apple has come to the party so late, it won’t be able to make a real dent.
On the other hand, this is the kind of technology that had been holding the company back when it came to taking on Android (News - Alert). Dan Wagner, eCommerce veteran, CEO and founder of Powa Technologies talked about the competition and how it is changing all the time to RetailDigital saying, “Consumers are finding themselves increasingly swamped by mobile payment apps. They don’t want thousands of different apps that can each be used in a couple of different places - they want one universal app they know they can use anywhere. Just as wallets are stuffed with store cards, users are being asked to fill their smartphones with individual payment apps they will rarely use.”
With Apple’s mobile payments, the market will be changed quite a bit simply because there will be a very popular line of smartphones able to use NFC technology when it was never able to do so before now.
Edited by Maurice Nagle
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