 |
Apple
has reportedly reached an agreement with the world's largest payment systems -
Visa, MasterCard and American Express to introduce a mobile wallet on the next
iPhone model due to be unveiled on September 9.
The new iPhone will simplify mobile payment
by including a special near-field communication chip, Bloomberg reports
citing an unnamed source familiar with the situation. Along with a fingerprint
recognition reader the Touch ID technology will allow consumers to securely pay
for items in a store with their finger.
Software
giants like Google have already tried to implement payment technology into
smartphones to make in-store payments, but US retailers were slow to adopt the
idea.
However
if Apple introduces the technology in its devices the situation could change as
the iPhone maker has the largest market share in the US, says Ben Bajarin, an
analyst for Creative Strategies LLC in San Jose.
“Love it or hate, Apple drives a lot of
standards in the industry,” Bajarin told Bloomberg. “They are the mover in these markets. When
they do something, the industry seems to follow.”
The
creation of a mobile wallet will add another element to Apple’s ecosystem thus
increasing more loyalty to the brand, he explained.
Currently
iTunes has an estimated 800 million accounts worldwide that generate revenue
through Apple’s marketplace. If Apple implements mobile wallet technology, that
could open up new possibilities for the company as a marketing platform by
generating advertising revenue from consumer brands willing to attract shoppers
while in a store.
Apple could get up to US$300
a year per user from advertising if the mobile wallet application is used
frequently, Bloomberg cites the Crone Consulting LLC, a firm which advises
retailers and banks on mobile payment solutions.
No comments:
Post a Comment