Apple Pay is a mobile payments service designed to make the payment process simpler, quicker and more secure. By allowing consumers to pay for goods with a simple tap using near field communication (NFC) technology, Apple intends to render the wallet, bursting at the seams with cash and plastic cards, defunct.
Why Should Banks Pay Attention to Apple Pay?
From a strategic perspective, Apple Pay is the only channel available for banks and other service providers to deliver a mobile payments service to customers that use Apple devices.
Also, the demand for mobile payments is reaching critical mass. 81% of Americans want to use their mobile device to make payments, and the expanding contactless infrastructure means that mobile payments acceptance is growing daily. This existing demand, coupled with Apple’s proven history of shaping and driving consumer adoption, suggests that banks should act now to take advantage.
In addition, consumers expect to be able to use the latest payments technology and are not afraid of switching service providers to do so. Four out of ten UK consumers recently indicated that they would be willing to switch banks if their current bank did not, or was unable, to offer mobile payments. By integrating with Apple Pay, banks can ensure that they are not left behind.
Taking Control of Your Apple Pay Project
To take advantage of the Apple Pay opportunity, it is important for banks to fully understand both the market forces that drive it, and the technology that underpins it. In addition, they must move quickly to identify and formulate their strategy by assessing their priorities and considering their long-term approach.
To address these requirements, we have developed a series of eBooks to provide banks and other service providers with a comprehensive overview of Apple Pay, how it works and the integration options that are available to them.