Apple Pay Is out And It's Going To Be Great: Why The Skeptics says its wrong
04 Mar 15
When you have a look of your smart mobile device, you perhabs don’t expend much time thinking about the poor number crunch(Calculator), Calender and high mega pixled camera. But now a days something else has taken place as a victim of your smart phone, and that's none other than your lifeline, your wallet and the credit cards. Their appearance is in jeopardy as Apple has annonced Apple Pay for their latest phones, iPhone 6 and 6 Plus. Initially the effect of this new software will be restricted, it will guide us to a new techsavvy era of comfort and reliability, which will be benefitted to everyone Here’s what you need to know.
What Apple Pay is all about?
iPhone Application Development firms have announced two versions of Apple Pay to enjoy the benefit of it. Using your own iPhone to purchase from retails stores is the easier way among them, after ID verification with the fingerprint sensor. That version of Apple Pay will take place of our standard credit-card swipe. The other verion of Apply pay is Inside apps. Requirement of the TouchID sensor makes the other version restricted to iOS only. You will be able to purchase through just the touch of a fingure on the app that suport the second version as you would be doing it in the last year's App store purchase. For the same you have to enable that feature on your iPhone.
To active one-touch purchase feature you can use an online retail app and even snatch your shipping information without entering anything into those mini fields on your phone screen. Those apps which want your credit card and address info are going to look so old fashioned where Apple Pay don't get supported ; merchants are also aware of it. There are consequences while purchasing through your iPhone, that is what some skeptics has to say.
There are few good reasons to view Apple Pay with Skepticism, Here what they have to say:
Apple CEO Tim Cook has to say that "Apple Pay will forever change the way all of us purchase stuffs." But this is not what opponent wallets, merchants, iPhone Application Development firms, payment tech firms and payments expert think. As of now Apple Pay is way far from a firm assured success if you judge what Tim Cook said. It definately has flaws, let's see why there's good reason to view Apple Pay with skepticism.
* You can't operate Apple Pay unless you buy an iPhone 6 or 6 Plus.
Near Field Communication (NFC), a radio communication method which sends data from your phone to a checkout receiver, which is used in some major retail hubs already for other wallets and new credit cards that use a chip to store information. So Apple pay is not restricted just to iPhone users, it is also limited to iPhone 6 and 6Plus users , who's number is definately huge and will get huger by the end of the December but no store or merchants will want to turn away users of android or other phones.
* Cash and credit cards just aren't too tough to use.
Every store or retail places is going to accept cash or credit cards. A credit card can survive from getting wet or heat or getting sat on more than a phone. So, swiping a credit card for any purchase is anyway easy even though it is Archaic. As payment expert Bill Maurer said that "All of these mobil wallets or Pay Apps are looking for a problem to solve"
Though credit cards are equally easy to use, Apple Pay is more secure by all accounts. But this massive security functions, it won't be able to attract the users and increase the usage of Apple Pay unlike its purpose.
* You can use Apple Pay at only some restricted number of retail stores.
As Apple Pay uses NFC to generate the communication between buyers and sellers, there are only 222,000 stores who will accept Apple Pay as a whole. This number looks very huge on first look but, its very tiny against the 6 million stores are available in the market. Even some of those who said they are supporting Apple Pay at its fullest are little bit blurry on what that means. Even Starbucks, which has its own Pay app that allows speedy payment, will only allow refills to its own Payment service through Apple Pay but will not support Apple pay app in its full glory like other retails stores.
* You are going to carry around your credit cards and even cash anyway.
If you are dreaming that local food truck or vendor's at the farmer's market are going to accept your payments through Apple Pay than just hold on to your dreams because that is not going to happen. As iPhone Application Development firms or experts have not yet discovered the solution to pay local vendors through iPhone's Apple Pay so anyway you are going to carry cash or credit cards.
* Apple Pay may not actually be quicker that the traditional payment system.
As Tim Cook showed in a video, that its a big deal and a hassle to bring out credit card from your overstuffed wallet or bag. But thats not cent percent correct. You can actually take out your credit card very easily while checking out multiple items in the grocery store or other retail store and swipe the credit card once shopping is done. So the whole idea after Apple Pay is not entirely justified.
* You’re already using some Payment App, and you’re not likely to switch them if they work.
To give an example, The payment system that Starbucks have, works great, even though it uses a day to day QR codes but that is compelitely fine. They also sometimes offer a free drink or some another tempting offer and you can always find where the nearer store is. If your current merchant wallents are working fine than there is no attaction to use Apple Pay untill and unless if Apple is providing some extra offers before, at or after the point of sale which can attract the buyers to use Apple Pay instead of their crrent payment service or App.
* As per the expectation, Apple Pay doesn't do much beyond than what your credit card or other mobile wallets do.
One of the main reasons why payment experts say Apple Pay looks encouraging is that it doesn't interrupt anything in the way we pay for our stuffs. It works the same way your credit or debit card works, perticularly the new chip which has been introduced by bank for payments.