The iPhone 6 is an innovation for which millions of people stood in line recently. Those who were lucky enough to get their iPhone probably noticed that there is a new function on their device called Apple Pay. It’s a digital payment option that joins others in the field of mobile payment.
You may have seen customers at Starbucks using their mobile devices to pay for their beverages. Well, this may be the thing of the future for all companies, both big and small merchants. In fact, some believe that Apple Pay and other e-wallet technology companies will eventually take the place of cash registers.
Even bigger news than the Apple Pay platform itself is Touch ID, which lets shoppers check out with one touch using online shopping apps. In other words, if you see something you like on your phone, you can purchase it with just one touch. It is aimed to give customers the utmost convenience when purchasing items. Some think that Touch ID has the potential to greatly improve tracking, measurability and ROI.
Retail apps are already being integrated with Touch ID, including Target’s mobile app. Even more important is the fact that Touch ID and Apple Play involve mobile advertising, which is a $30 billion dollar industry. Because the buyer never leaves the screen during their one-touch purchase, companies can get them to transact by offering them a special deal through an ad. Businesses both small and large will be able to cater to customers that are mobile-savvy.
Apple Pay comes out in October and it will be available as a free update to iOS8. Some say that it may take years for Apple Pay to be accepted all over, but the technology is expected to grow. Over time, you’ll be able to just hold up your mobile device, pay, and go!