Companies Reportedly Rushing To Get In On Apple Pay

Apple Pay is Apple’s latest service in which they will allow iPhone 6 and Apple Watch owners pay for their purchases at retail stores using their phone or their watch. Apple is definitely not the first to the scene with a mobile payment solution, but apparently Apple’s entrance has managed to stir up a lot of interest in the industry.

According to a report from Reuters, it seems that many companies and banks out there are rushing to try and out-do each other in terms of promoting their support for Apple Pay. When the service was announced, Apple revealed that they had managed to get several big names on board, but now according to the report, more companies are rushing to the table so as not to be left behind.

Nathalie Reinelt, a payments expert with banking consultancy Aite Group says that the reason behind it is because Apple’s method is not as disruptive as the other payment options available at the moment. “Apple’s approach appears to be collaborative with traditional payment networks, instead of competitive, and it’s much less disruptive.”

While the interest might be there, it remains to be seen just how many iPhone users and Apple Watch users will actually use the service. Then again with the amount of iPhones being bought and with Apple planning to sell 50 million Apple Watches in 2015, the potential is huge, but what say you? Will you use Apple Pay given the opportunity?

Tyler Lee
Categories: Apple
Tags: Apple Pay