Apple Inc (AAPL)’s Apple Pay – Has It Triggered a Global Revolution?

Apple (AAPL)

It has been three weeks since Apple Inc (NASDAQ:AAPL) launched its Apple Pay method of payment and the company’s claims notwithstanding, inputs from unbiased sources have slated the number of transactions as being in the range of 150,000 pertaining to only one store. Other big names which have risen in support are those of Walgreens and McDonald’s, the latter stating that since the arrival of Apple Pay, half its purchases have been occurring through mobile devices.

Several reasons could be given for explaining the quick acceptance that this venture of Apple Inc (NASDAQ:AAPL) has received but one that sums it up rather well is the following comment from an analyst –

“Quite frankly, a lot of it has to do with the strength of the Apple brand and how much merchants and customers love how easy the experience is…I’m not saying it’s changing the landscape overnight. But this has never happened with other mobile wallets.”

Apple (AAPL)

Considering that Apple is not the first tech giant to employ the NFC payment system in such a big way, the figures as also the response do underline its trend setting abilities. NFC platform had been introduced for the first time by Google and then by Softcard but unfortunately both companies failed to convince consumers sufficiently to cause them to shift.

This trend underwent a complete change when Apple Inc (NASDAQ:AAPL) released its iPhone 6 models and what followed could only be termed as a revolution in terms of mindset change amongst users, although a stealthy one at that. Another positive outcome was that now even Softcard and Google users have embraced this system and are using it to make payments.

Icing on the cake for the company is that it has finally managed to make a foray into the Chinese market by adding UnionPay, a Chinese payment card, as an option. Therefore, all that an Apple Inc (NASDAQ:AAPL) user in China has to do is link his Apple id with UnionPay cards and make purchases.

This article has been written by Vinita Basu.

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