Whoa there, let's not declare that Apple is gonna take over the convenience and etched habits of the credit card.
And, across the mobile networks, I would like to think the majority of the population would be hesitant to trust paying over that.
And of course, you gotta have the people that own it in the first place. What's the average cost? $300 for the phone at least?
-Those willing to pay for that.
-Those having the income that can buy items that cost so much needing a credit card or Apple Pay.
-Corporations actually having the service.
-Those that have the tech know-how to do it. Believe it or not, there are a ton of people that don't even know how to use smartphones.
Add all that up and the market is really, really small.
The watch? IMO wearable tech is a fad, just like 3DTV, Google glasses, etc.
I don't believe Apple is gonna change things...so far it's a gimmick to me.
Apple has over 800 MILLION CCs on file in iTunes internationally. That's 10X more than Amazon. iTunes is MASSIVE and even the financial community is starting to wonder if Apple hasn't cracked NFC the way they cracked online music.
I mean, there isn't a significant alternative to iTunes for buying music. When iPod first came out, folks said the same thing about iTunes. Exact same thing, actually. "not that many people have CCs", "not that many people will use iTunes"... and a host of other issues. And yet? It's the NUMBER ONE way to purchase music and the #2 method is distant...
I'm just saying that BEFORE rolling this out that APPLE already aligned major retailers from Macy's/Bloomingdale's to McDonalds and Starbucks and a TON of others. Their initial offering is substantial enough that it will catch on.
And here's the deal. It's crazy secure. It's not just an "iCloud" thing. It uses not only TouchID, but Secure Element, meaning that the vendor never sees your CC information, but only a one-time use number and the encrypted information is sent on to your bank. So, unless a person was one of the idiots who trained their TouchID to the head of their penis or their nipple (yes, some have), then this becomes a very convenient and secure way to shop. Actually, FAR MORE secure than CCs. I can't tell you how much more. Countless times I offer my ID because for larger purchases, I WANT the person to check my ID and the cashier couldn't be the least interested.
Lastly, if you've seen the Apple Pay demo, it couldn't be easier. I mean, if you can use a TV Remote, then you can do this because this is easier. Entering a CC is point and click. The system actually verifies it's your CC so you can't enter a CC that's not yours and you choose which CC/debit card you want to pay with. If you want to use the "standard" card that comes with iTunes, it's even easier.
I'm not an Apple fanboy or apologist. As a former multimedia and network engineer, I've had to create solutions that require stuff to work in production settings. So, I've shouted F words at just about every vendor... and usually threw in a "them sideways" because, ya know... production schedules and deadlines just suck.
But I'm using my professional knowledge of the underpinnings of this tech and what I know to call this. This will be a massive hit.
If iPhone changed Apple from a computer company into a phone company... Apple Pay may just change Apple from a phone company into a digital payment clearinghouse in a way and with a penetration that not even PayPal has dreamed of.
The iPhone 6 is nice and I'm going to get the 6 Plus because..well, my iPhone 4 is ancient and I always get things last and my kids make fun of my old phone...lol. But neither the iPhone 6 nor the Apple Watch was the real BIG announcement the other day.
Apple Pay was the biggest deal and the NFC built into the Apple 6 and going forward will drive sales of those phones and watches to ridiculous amounts.
I'm over platform wars (lost too much time in my life to that worthless pursuit during the Mac/Windows trench warfare...). So for me, this is about what works and what will be the deal going forward.
I'll write up a spiel on Apple Pay and why it's such an innovation and post it in the Never Enough RAM channel. (bows for getting in shameless plug....thank you, thank you)
