Deeper Dive On ... Apple Pay

Apple Pay has some unique competitive advantages that should make it a major factor in the world of mobile commerce. Consumers pay by simply swiping their finger. Any credit card associated with a user’s existing iTunes account is automatically included, and adding a new card is as easy as snapping a photo with the phone’s camera. With more than 200 million existing iTunes accounts and a large base of iPhone devotees, consumer adoption of Apple Pay should grow quickly.

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And a long list of retailers already accept Apple Pay, including Bloomingdale’s, Disney Store, Duane Reade, Macy’s, McDonald’s, Sephora, Staples, Subway, Walgreens and Whole Foods Market. In addition, Apple Pay will work at the more than 220,000 merchant locations across the nation that already accept contactless payments.



Apple Pay also generates a dynamic security code and authorizes each individual transaction with a one-time unique number. All these factors should combine into Apple maintaining a leading presence in the mobile payment device market.