A new player has just entered the mobile payment industry, setting the stage for exciting possibilities in the point of sale space. Apple Pay will enable users to make payments from their iPhone 6 or iPhone 6 Plus, without having to share credit card or other personal information. Mass adoption of Apple Pay technology is already underfoot, with franchise giants like McDonald’s, Subway, and Panera on board, along with major retailers like Target, Whole Foods, Macy’s, and Bloomingdale’s.
While Slate.com terms Google Wallet as “saddled with all the different card payment mechanisms, and effectively forced to replicate the credit ecosystem in miniature,” Apple Pay has total control over its hardware and software, earning more bargaining power with networks and banks, which hope to profit as one-touch payments begin to replace small transactions typically dealing with cash. This leverage gives Apple Pay a strong foothold in the industry that its mobile pay competitors have thus far lacked.
Here’s why Apple Pay could potentially make the consumer wallet a thing of the past:
According to the Wall Street Journal, corporate security experts, credit card companies, and privacy hawks say Apple Pay appears to be more secure than traditional payment systems. Unlike your old-fashioned credit card, which can be cloned, Apple Pay data is stored in a special chip that’s securely walled off from the rest of your phone.
Numerous major credit card issuers will work with Apple Pay, including Capital One, JPMorgan Chase, American Express, Bank of America, Wells Fargo, and Citigroup. Users will be expected to choose a default card and download that information once into Apple Pay. From then on, they will no longer have to submit credit card numbers or address information when they shop.
Apple will use near field communications (NFC) in the new iPhone 6, enabling the phones to communicate with the technology already in place at many retail terminals. That said, 220,000 retail locations in the U.S. are prepared to accept Apple Pay transactions, and that number is expected to grow.Revel’s clients are paying attention to Apple Pay’s influence on how their customers shop. After dozens of inbound customer requests, Revel Systems is now the first iPad POS ready solution for Apple Pay Technology. Make sure your iPhone 6 customers can readily show off their new device capabilities. Pre-order Apple Pay on your Revel iPad POS system for October shipment today.
In addition to being Apple Pay ready, Revel continues to enable payment flexibility for your customers through other forms of digital payments, including PayPal, Bitcoin, Levelup, Gift Cards, and others.Want to learn more about Revel's integration with Apple Pay? Fill out the form below and we will respond back to answer any of your questions.[gravityform id="12" title="false" description="false" ajax="false"]