October 22, 2014
Apple has finally unveiled its Apple Pay service to over 10 million iPhone 6 and 6 plus users. Apple Pay will also work with the new generation iPads – Air 2 and Mini 3, but only for in-app purchases. Apple will look to leverage this new mobile payment system to get the older generation iDevice user base to upgrade to current models. There are more than 220,000 retail locations that will accept Apple Pay.
Major card networks like Visa, MasterCard, Amex are on board with Apple Pay along with 500 plus banks. Prominent partner retailers include big names such as McDonald’s, Macy’s, Chevron gas stations, Walgreens and Panera Bread.
The Apple Pay launch has created quite a buzz on social media as well. Here are some tweets that are making the rounds:
— abdalahjoma (@abdalahjomaa) October 21, 2014
From Wells Fargo:
An interesting tweet from the CEO of BOX.com:
You could basically sell me anything right now if you took Apple Pay, including on-premise software. — Aaron Levie (@levie) October 21, 2014
Walgreens has released a video which depicts how Apple Pay works in their stores. The transaction takes less around 44 seconds and that too including confirmations that involve entering a rewards account number. Without the rewards process, Apple Pay itself would take around 20 seconds to complete the transaction. With Apple Pay taking less than a minute, it clearly gives a signal that we are moving towards a new era of digitization of payments.
Here is the video from a Walgreen store:
The process of using Apple Pay involves the following steps:
According to 9to5Mac, Apple’s new payment service is showing positive experiences across merchants. So far, Apple Pay has been seamless and is working as expected despite its slow roll-out.
Well, the world hasn’t quite changed overnight, but LTP will continue to provide you updates on how Apple Pay and other innovations will make it happen!
Update: Several New York citizens have tweeted that they have been able for pay via Apple Pay for their taxi cab rides. Some users are also reporting that Apple Pay works in Boston taxis as well. But it is not clear as such as to what percentage of New York cabs, or those in other cities, would completely support Apple Pay.