Tag: apple

Apple is looking to take another step into mobile payments

| November 16, 2015

Apple may be working with banks to develop a person-to-person payment service

Apple is reportedly in discussions with banks in the United States to develop a new payment service that would serve as a person-to-person platform. Such a system could further strengthen Apple’s position in the mobile payments space, where it has already established a strong foothold. While Apple may be in negotiations with banks, it is as yet unclear whether or not these organizations will be working with the company to develop this sort of person-to-person system.

Consumers are becoming more active in the mobile payments field

Many consumers in the United States are beginning to embrace mobile payments, but these consumers represent a relatively small portion of the country’s mobile audience. Should Apple acquire support from banks for this new initiative, it would be in a better position to compete with other organizations that have become involved in mobile payments. Apple Pay, which was launched a relatively short time ago, has managed to find some success, but still lags behind other payment systems in terms of adoption among consumers.

Demand for person-to-person money transfer services is rising quickly

Mobile Payments - AppleAs consumers become more involved in mobile payments, the demand for money transferring services is on the rise. Consumers want to be able to send money to their friends and family, a service that is featured in some payment systems that have already been well established. If Apple moves forward with its plans, its new mobile payments service is likely to be similar to PayPal’s Venmo platform, which has acquires strong support from a wide range of consumers.

How Apple will continue to generate revenue from mobile payments is uncertain

One of the concerns regarding the new service is how Apple will generate revenue through it. Apple Pay issues fees associated with every transaction being made, and these fees are imposed on retailers as a way to make the platform profitable. The new service may introduce fees on person-to-person money transfers, but Apple has offered any specific details concerning this. The company has not yet highlighted ways it could generate revenue through the service.

Few people are using Apple’s mobile payments service

| November 4, 2015

Study shows that Apple Pay continues to struggle to find a foothold with consumers

Relatively few people are using Apple’s new mobile payments service, called Apple Pay, according to a new study from Trustev. Apple released its mobile payments service earlier this year, with the backing of several large retailers and banks. In the United States, the service has struggled to find a foothold among consumers, as they appear to favor other payment services that were also recently released in the country. As a market, mobile payments continues to grow in the U.S., with more consumers favoring paying for products with their smartphones and tablets.

Digital wallets are gaining popularity among consumers

Many mobile payment services operate in the same manner, serving as a form of digital wallet that can store information from consumers and retailers. Digital wallets have become very attractive to consumers because they provide a convenient way to purchase products. A growing number of retailers are beginning to support mobile payments in their physical stores and these digital wallets are becoming quite important to consumers.

20% of iOS users are making use of Apple Pay

Mobile Payments - Apple PayAccording to the study from Trustev, only 20% of people participating in mobile payments in the United States are using Apple Pay. Of those using Apple Pay, 56% have reported that they have used the service once during a typical week. Another 15.3% say they have never used it during their week. While few people may be using Apple Pay, fewer are using other services provided by Google and Samsung. All of these services have been competing for the attention of consumers, but they have struggled to find a foothold with mobile shoppers.

Apple Pay may continue to struggle to find support among consumers

One of the challenges that Apple Pay faces is that it is only available to a very small portion of society. The service can only be used by those with the latest iPhones. While the device has proven to be quite popular among Apple fans, relatively few people have the latest edition of the company’s flagship smartphone.