Apple Pay for iPhone 6 Aims to Dethrone Google Wallet
Numbers are beginning to trickle down on the success or lack there of had by Apple's new digital payment system Apple Pay.
Apple Pay promised to be an exciting part of the iPhone 6 and iPhone 6 Plus user experience, and was leading in revolutionizing how we pay for retail items, as well as how well our payment information is protected.
Apple Pay would go live on all iPhone 6 and iPhone 6 Plus models and allow its users to store credit card information on their smartphones that could then be used for NFC (near field communication) payments at hundreds of retail counters, supported by a number of large banks and all major credit card companies.
Aside from the convenience of a quick-pay system, Apple Pay also protects users payment information using a process called tokenization. Put simply, each time a user goes to make a payment, Apple Pay creates a one-time unique ID number of sorts that the receiving payment terminal can identify and charge. This prevents any retail system from retaining customer card information, and adds an extra layer of security on top of the biometric security layer using the fingerprint sensor.
Now numbers are starting to roll out for the new digital payment system. According to ITG Research, Apple Pay accounts for 1.7 percent of digital payment market share just six weeks after its release.
On the other hand, Google Wallet, which has been active 2011, accounts for 4 percent of market share. Apple Pay has acquired more than a quarter of that in just over a month thanks to strong and strategic marketing, and will continue to grow into the future.
2015 will be an important year for Apple Pay as Apple seeks to acquire more adopters and retail supporters.
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