How Long Is Apple Inc (AAPL)’s Apple Pay Expected To Survive?

With the option of Apple Pay now available from Monday, 20th October, 2014, onward, the debate is on as to whether this new facility provided by Apple Inc (NASDAQ:AAPL) is here to stay. More importantly, is it so user friendly and convenient that existing iPhone 6 users will replace their credit cards with it or potential users will buy an iPhone 6 device just to acquire it?

While Leander Kahney of Cult of Mac argued it out with Paul Wagenseil of Tom’s Guide on CNBC, almost everyone the world over has had something to contribute to the topic. Pete Pachal of Mashable fame decided to check out the system for himself when he downloaded the iOS 8.1, filled in his bank details and connected it with his Apple id. As per his observation, using the system was a breeze at McDonalds but turned out to be a little more complicated at a drug-store.

From the entire experience, an oddity which emerged was that Apple Inc (NASDAQ:AAPL)’s latest system is incapable of scanning vertical cards. Verification process and duration varies from one bank to another and what is also evident is that at least as of now Apple Pay is not integrated with loyalty cards. That said, it could be used to pay the fare for a New York Taxi too which turned out to be a big surprise of the user.

Apple (AAPL)

Market reactions to this app are mixed and the popular opinion is that while it might be embraced immediately and willingly by tech-conscious users, whether it enjoys mass appeal or not is something that remains to be seen. In the words of analyst Bryan Yeager of eMarketer –

“It is very easy to conduct transactions with credit cards, debit cards and cash. You don’t need a battery to be able to do that. Apple Pay will have to contend with ingrained consumer behavior when it comes to paying with credit cards.”

Eddy Cue, Senior Vice-President of Apple Inc (NASDAQ:AAPL)’s Internet Software division, had this to say –

“Taking out your credit card and swiping it is pretty easy. We wanted to make something that was even easier than that.”

What remains to be seen is whether the enthusiasm displayed by Apple Inc (NASDAQ:AAPL)’s officials will be shared by people on a global scale.

This article has been written by Vinita Basu.


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