We are glad that Apple understands the issues and challenges that mobile payment faces today. They also understand the big opportunity that it is and in Tim Cook's words: "Players have not succeeded because they were focused on their own selfish interests and not on the consumer experience". So how big is this opportunity according to them?
Apple Pay comes to the iPhone 6 and will be accepted at Macy's , Bloomingdales, Walgreens, Staples, Subway, Mcdonalds, whole foods, Disney and many others. They have partnered with all the three payment networks Visa MasterCard & Amex. Apple Pay is also going to make buying stuff from apps easier and secure. In online apps, with Apple Pay, you can now checkout with one touch. Fingerprint payments are a giant step towards convenience. With the help of NFC, Apple Pay allows you to pay at the POS.
Amazingly, Apple filed a patent today for Secure Enclave technology
We really think that Apple Pay is revolutionary and it is going to be game changing in the mobile payments space. Even 90 wallets launched before, hundreds of payment startups and banks are supportive of the simplified system. NFC is built into Apple Watch to make payments possible. Apple Pay is built through great relationships with retailers and partners. So get your hands on iPhone 6 and Apple Watch to make payments using NFC antennae, Touch ID, secure element and PassBook.