Payment Options for Apple to Pursue in 2014

Jan 31, 2014

Be on the lookout for Apple to enter further into the commerce space in 2014 with two different payment paths possibly in the works. Word on the street is Apple is still determining who holds the key to unlocking their full commerce potential- the merchants or the consumers?

1. Merchants

Many merchants are already using Apple and their products as POS systems today and should be further thrilled to hear the possible plans Apple has for the future of payments using their systems. Apple is discussing real-time, in-store communication using iBeacon technology that would let the consumer pay for transactions via their Apple iTunes account- which already has their payment information stored.

2. Consumer Payments

The ‘digital wallet’ has been an exciting venture already, but with one major concern for consumers- what happens to my wallet when my phone is lost or stolen? Apple has attempted to tackle this issue by integrating biometrics on its latest 5S iPhone which has provided a cleaner path toward consumer payments in the industry. There is plenty to be excited about with this path, but merchants would still have to accept it and get on board – which can sometimes be a daunting task.

Consumers and merchants alike will have to stay tuned in the upcoming months to see which route Apple decides to pursue and what this could mean for their shopping and business experience.


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