When it officially released Apple Pay on October 20, Apple had high hopes for the new mobile payment system.
As a matter of fact, Forbes opined that with all the hoopla that the American tech giant surrounded the Apple Pay launching last Monday, one could even surmise that Apple has already revolutionized the $4 trillion U.S. payment market.
Features and How to Download
In describing how Apple Pay works, Apple actually referred to it as "A wallet, without the wallet."
"Apple Pay is a breakthrough contactless payment technology and unique security features built right into the devices you have with you every day," explained the tech giant.
With Apple Pay, paying in stores or within apps has become easier. Apple mobile device users will have to do away with the time of pulling out their wallets or searching for the right card to use.
"With the use of an iPhone, an Apple Watch, or an iPad, payments happen with a single touch in a simple, secure and private way," noted Apple.
Business 2 Community also detailed that the Apple Pay platform offers many features, including one-touch checkout and purchase information privacy.
The payment system serves as a mobile payment option in merchant stores and as a checkout option for online shops, noted B2C.
The Apple Pay is now available on the App Store for downloading on the iPhone, iPad, or Apple Watch. To download, click here.
Skeptics of the New Mobile Wallet
MIT Technology Review reported that several tech companies -- Google, eBay, PayPal -- have all proclaimed over the past decade the "death of the wallet" with their respective digital wallet equivalents.
"Instead, they ran into countless technical glitches, resistance from merchants, banks and phone carriers, and consumer indifference," the report said, resulting to unfulfilled promises.
Based on the experiences of prior mobile payment systems, it looks like Apple would likely face the same woes too with its Apple Pay, Forbes believes.
The report even listed seven reasons why consumers should use Apple Pay with apprehension.
Here's why consumers can choose not to use the Apple Pay, according to Forbes:
1. It's useless without an Apple device. - Consumers need to have an iPhone, an iPad, or an Apple Watch to be able to use Apple Pay. What about the million Android users then? Or those who don't use any gadget?
2. Apple Pay is available only on 220,000 of the six million retail outlets in the U.S. - That's less than 0.5% payment market coverage.
3. Cash and credit cards will never be outmoded. - As much as you can't buy an ice cream from an ice cream truck with a credit card, neither can you do the same with Apple Pay.
4. Credit card payment is still faster than Apple Pay. - Tim Cook's September 9 demonstration of the Apple Pay was a bit exaggerated. It's not that taxing to pull out a credit card from a wallet.
5. Credit cards and Apple Pay have similar function. - If ain't broke, don't fix it. So what is Apple Pay trying to fix?
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