Tag: apple mobile payments

Apple and Google press on in their fight for mobile payments supremacy

| June 1, 2015

Companies are making adjustments to how they approach mobile payments

Both Apple and Google are pushing further into the mobile payments space, hoping to establish a strong foothold there in and embrace a dominating position in the market. To do so, both companies are changing the way they approach the mobile payments space, making their services more attractive and robust for those that are interested in mobile shopping. Competition in this market is fierce, however, so both companies will have to work harder to engage consumers effectively.

Wallet is becoming a peer-to-peer payments solution

Google is preparing to unveil its plans for its troubled Wallet platform. Google Wallet allows users to participate in mobile payments, but the service has struggled to find traction with consumers for some time. Wallet was launched in 2011 and experienced a security problem shortly after its launch. The service had also been based on NFC technology, which limited its appeal to consumers due to the rarity of NFC-enabled devices at the time. Google has been working to overhaul the Wallet platform in order to make it more accommodating to consumers and merchants interested in mobile payments.

Improvements to Apple Pay may make it more attractive to consumers

Mobile Payments Battle - Google and AppleAs Wallet is being redesigned to be a peer-to-peer payment app, Apple is also planning on enhancing its own payment service, called Apple Pay. It is expected that Apple will introduce a loyalty rewards program in the coming months, which will reward those using the service regularly. Other enhancements include improved security features and functionality. Such improvements could increase the attractiveness of Apple Pay.

Apple and Google have to work to catch up with the competition that exists in the mobile payments market

Apple and Google entered into the mobile payments space somewhat later than other companies. This places them at a modest disadvantage as consumers have had time to get comfortable with other mobile payments platforms. By enhancing their platforms, Google and Apple may begin to generate more momentum  in this market and become prominent players on the mobile payments battlefield.

Apple may be working on updating its mobile payments service

| May 14, 2015

Apple Pay 2.0 could become a reality

Apple Pay is only a few months old, but Apple may already be working on a new iteration that will have new features that could benefit consumers and merchants alike. The mobile payments service was released in October of last year and quickly became an attractive option for merchants interested in engaging mobile consumers. Apple Pay won praise for its ability to gain significant support from retailers, but the service has yet to find mainstream success among consumers.

Analysis predicts new upgrades to the Apple Pay service

An updated Apple Pay may come into being in the relatively near future. Apple is looking for ways to improve its position in the mobile payments space, and adding new features to its payment service may be the best way to do so. According to analysis from the Jefferies Group, an investment firm, Apple Pay 2.0 could be a major improvement on the current iteration of the mobile payments service. Apple Pay 2.0 would include new features for merchants, including direct shopper incentives, which may allow retailers to better engage mobile consumers.

Better security features may make consumers more comfortable with mobile payments

Mobile Payments - Apple Working on UpdateThe service may also have upgraded security features, which will further augment Apple Pay’s already considerable security. The service makes use of biometric technology, using a fingerprint to protect consumer information and authenticate transactions being made from a mobile device. Other features are expected to be introduced that will help Apple Pay compete with new mobile payments platforms. These features have not yet been identified, however.

Competition continues to increase in the mobile payments space

Mobile payments has become a very competitive market, with consumers showing interest in the ability to shop for and purchase products with their mobile devices. No single mobile payments platform has managed to find universal acceptance among consumers, but some platforms have fared better than others. Apple Pay is one of the services that consumers have come to appreciate, but the service is only available to iOS users, which account for a relatively small portion of the mobile payments market.