Apple Pay will expand in early 2016, giving more consumers access to mobile payments
Apple Pay is set to expand to prominent markets in Asia. The mobile payments service has managed to find modest success in the United States, but it has yet to become a mainstream service that consumers favor over other alternatives. Apple believes that the service will find significant success in Asian markets due to the growing number of people relying on their mobile devices to shop for and purchase the products that they are interested in.
Apple Pay to come to China, Hong Kong, and Singapore
Apple is preparing to launch its new mobile payments service in China, Hong Kong, and Singapore next year. The company is also expected to bring Apple Pay to Spain at some point in 2016, tapping into the growing mobile payments market in Europe. Notably, China and Hong Kong may be where Apple Pay finds the most success, but also the most competition. Mobile payments have been popular in Hong Kong for several years, with many companies having already established a major foothold that will make it difficult for Apple to find any traction. This is also true in China, where massive companies like Alibaba and Tencent have become involved in the mobile payments space.
Competition is strong in the Asian mobile payments space
While Apple Pay will be coming to new markets, Apple has been experiencing some pushback from financial institutions in several markets. Banks, in particular, are unsure of the value of Apple Pay, largely due to the other payment services that exist. Some of these banks have their own mobile payments platforms and see Apple Pay as something that will have only moderate appeal to consumers.
More retailers are beginning to support mobile payments
China is currently the leading mobile payments market, with many companies offering some degree of mobile commerce support. As smartphone penetration increases in the country, more consumers are beginning to rely on their devices to shop for products online. As a result, retailers are beginning to show more favor for mobile payments services, which allow them to better connect with consumers.
This could help to change the expectations that consumers can have from wearable technology.
Among the most popular uses for wearable technology at the moment is health tracking but despite the fact that it currently has its limitations, Samsung is hoping to change those restrictions using its new Bio Processor chip technology.
The current generation of wearables is limited to tracking functions such as heart rate, breathing, steps, and similar.
That said, with technology such as the Bio Processor chip, the plan is the bring the next generation of wearables up to an entirely new level of options for users. This will include a range of new options for health monitoring so that users can keep track of their vital signs in real-time. This will be possible only with new and improved sensors, such as those under development by Samsung, among others.
The Bio Processor chip is meant to have a range of additional benefits over what is currently available.
According to a recent announcement from Samsung, this chip will be able to collect a notably broader spectrum of health sensor data through improved built-in memory, power management, a digital signal processor and its micro-controller. What is considered to be exceptionally appealing about this new technology is that it can use the sensors to measure the data that is collected without having to rely on any other types of processors. This chip provides everything it needs to be self sufficient to that degree.
So far, this tiny little processor has been compared to heart rate monitoring chips that have been previously released. However, Samsung has differentiated itself by integrating sensors to measure additional functions as well. For instance, it is integrated with sensors that will measure skeletal muscle mass, body fat levels, heart rhythm, heart rate, skin temperature and even the individual’s skin temperatures.
Samsung’s Bio Processor chip is already in mass production and it is anticipated that this technology will start to be incorporated into devices as early as the first half of 2016. It will be interesting to see how rival companies respond to this new and advanced range of wearable technology tracking options.
While Apple Pay will be coming to new markets, Apple has been experiencing some pushback from financial institutions in several markets. Banks, in particular, are unsure of the value of Apple Pay, largely due to the other payment services that exist. Some of these banks have their own mobile payments platforms and see Apple Pay as something that will have only moderate appeal to consumers.