Nov 26, 2014

Gone are those days when we used to make payment by exchanging something in the form of materials like gold, etc. Technology is changing very fast and it’s making payment method easier day by day. Making payment via mobile device is in trend these days. We all know that mobile tech has completely changed our way of communication and business. A mobile device has become an essential part of our lives. In coming days it is for sure, we can’t imagine life without mobile phone.

Companies that are working in mobile industry are very much aware of the fact that there is much more new yet to emerge in the mobile. In coming days, with the advent of the internet of things age, mobile will be used as a key device to perform multiple tasks like checking if your home is closed or not, to close and shut down the car door and many more. Keeping this point in mind tech companies have introduced the method of making payment via a mobile device easier for users and businesses as well.

Although many companies are working on this technology but the leader in this field is Apple which has already created a buzz around this. Apple has provided as a feature called Apple Pay in its latest mobile operating system iOS 8.1. Users can use this feature on iPhone 6 which Apple had launched last month with support at over 220, 000 stores operated by participant merchants, including Apple stores, American Eagle, Aeropostale, Bloomingdale’s, Champs Sports, Chevron, McDonald’s, Nike, Office Depot, Radio Shack and Walgreens. Initially, number of supportive retailers is limited but now it continues to grow.

Many companies have gained maximum profit in the mobile payment. A recent information listed on New York Times, Whole Foods, the high-end grocery chain, said it had processed more than 150,000 Apple Pay transactions since this service started. Walgreens says its mobile payments have doubled, while McDonald's says that Apple Pay now makes up half of its tap-to-pay purchases.

Source: New York Times

From another source, users can use Apple Pay for parking and rent as well. Chicago-based start-up SpotHero updated its app earlier this week with support for Apple Pay mobile payments.

Other companies who provide same service like Google and Softcard said they have off course noticed an increase in the users due to increased awareness of tap-to-pay services.

Saying something about the future of Apple Pay is little bit tough but the way companies are seeing the increase in mobile payment it is for sure going to change the landscape of payment system.


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