Apple Pay : The Future Of Mobile Payments Essay

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

Although SmoothPay has grown successfully as a business over a short period of time, many significant challenges have arisen and must be considered in their next strategic decisions to achieve a sustainable and long term growth. Despite SmoothPay offering a unique product that allows their users to make mobile payments, the majority of consumers prefer to do cash or credit card transactions. Because SmoothPay is currently a small business, their brand has not yet been fully recognized or established in their target market. As SmoothPay’s rivals continue to increase, the concept of using mobile payments in Canada continues to be slow.

Apple Inc. has hardware and software products which provide omnichannel devices for other retailers. Apple Inc (2015) shows that the company developed Apple pay which allows

there is a new world alongside this of mobile payments. Apple pay and Android pay are

I think we are getting a glimpse into the future with Apple Pay and Google Wallet. The magnifying glass will shift from credit card security to mobile device security. The idea of a virtual wallet seems like it could be 5-10 years from having a significant adoption rate. How will mobile device manufacturers and mobile payment software companies react to the bad guys finding vulnerabilities in their systems? Will they be able to quickly release patches that fix security vulnerabilities related to the virtual wallet? I think it is a large change that will heavily impact the retail landscape and will happen sooner than people think.

The exact definition of Near Field Communication (NFC) is a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 2in of each other. For example, if I have an iPhone specifically it will connect to the Internet and can exchange data with online services. Different providers such as AT&T Mobility, Verizon Wireless, T-Mobile USA and even Apple have joined in this new interesting way to handle their e-pays.

Apple’s business model is geared towards the hardware and software of its products. Also they focus on its mobile software applications, which is widely popular among customers due to the app store iPhone users. the applications on the app store are available for user on apple products and one of a kind compared to the less popular applications offered by Google and Facebook

According to Berenson (2010), this payment model is considered to be the dominant payment model, with a representation of over 90% of primary care revenue. Although the use of this payment model has been problematic for primary care, many physicians who make use of the fee-for-service system have been greatly rewarded. The problems associated with fee-for-service are not only felt in the United States, but by doctors from around the globe. Such problems encountered by physicians have led to the reduction of quality care in the services provided. Compensation is based on the number and complexity of procedures the specialist performs.

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

The most important payment app is Applepay, which is famous and well-known throughout the world. Applepay not only shows its simpler payment, but is also makes consumers account become higher security. From the interviewing , people also hold the good view on Applepay because Applepay truly bring more advantages and convenience to them. Then trend that outweigh people are choosing Applepay is soaring. It is a fact that Applepay definitely enhances people lives quality.

Today many companies do their business directly from the iPhones. Business people and non-business people alike are using the iPhone in order to achieve

NFC technology is required to use digital wallet credit card payments for purchases at the check-out counter or for online purchase. There is a passive tag in your credit card that is activated when it comes within 10cm of an NFC initiator device. The NFC initiator is the POS (point of sale) or check-out counter card reader in the store. Most smart phones use NFC so your phone can act as your credit card as soon as you set it up and store the information from your card. Once your phone is set up, all you need to do is hold your phone within 10cm of the same card reader at the store and it will pay for the purchase just like your card.

Apple pay is another feature of this new update. Apple pay is like your wallet expect it’s all on your phone. This enables the user to connect their method of payment with the Apple pay access. “To pay, just hold your

Tap your phone to pay and redeem offers, using NFC (near-field communication). NFC payments are currently only available in the United States.

As per Ministry of Finance Report (December 2016) on Digital payment, financial inclusion is one of the foremost challenge facing India . 53 percent of India population had access to formal financial services . In this context , digital payment can act as accelerator to financial inclusion (KPMG 2017) . Increasing availability of mobile phone , availability of data network infrastructure , rollout of 3G & 4G network and large merchant eco system are the critical enablers of digital payment in India . It is further supported by the coordinated efforts of industry , regulator and government. As per RBI’s report ‘Vision 2018’ four pronged strategy focusing on regulation, robust infrastructure , effective supervisory mechanism and