A new report from research firm IDC explores how Apple’s efforts will affect the payment space, online and offline commerce, and the growth and adoption of mobile and alternative methods.
"Apple has been actively involved in making payments more convenient and streamlined for consumers who use its device," said James Wester, IDC practice director for Worldwide Payment Strategies and author of the report. "Apple’s unique role as a device manufacturer, OS provider, and online retailer means Apple has the ability to impact the way payments evolve like few other companies. Merchants, issuers, processors, and other payment stakeholders will need to understand that impact and begin adjusting their investments and strategies accordingly."
Among the highlights of the report, “Business Strategy: Apple and the Payments Tipping Point,” include how Apple’s solution will be aimed at making Apple’s devices more competitive, not disrupting the current payment market; and how any competitive solution will support multiple technologies and will focus on facilitating a wide array of payment and purchase use cases.
"The question then is what does Apple stand to gain? And more importantly, what does Apple’s presence in the payment landscape mean for retailers, banks, processors, and other stakeholders?" IDC said.