Apple Pay will hit the stores tomorrow and all the details related to how the new payment method will function are already available. According to abcNews, all that you have to do is place one of the newest Apple Inc. (NASDAQ:AAPL) devices next to the reader and hold the finger on the Touch ID. A vibration and a beep will inform the user the state of the transaction.
As this story has little downsides attached to it, we will focus on the main couple of externalities coming from the improved payment methodology. Firstly, Apple Inc. (NASDAQ:AAPL) will help speed up the lines to be formed at the counter through making you and others in front of you pass faster. This will be applicable to only 35 retail brands and 23 store brands, according to ComputerWorld. The companies in the list have already a worldwide reputation and among them are Whole Foods Market, Inc. (NASDAQ:WFM), McDonald’s Corporation (NYSE:MCD), Macy’s, Inc. (NYSE:M) and Starbucks Corporation (NASDAQ:SBUX), which adapted its QR reader technology to be compatible with Apple Inc. (NASDAQ:AAPL)’s NFC.
Different companies tried to push this new payment system to the public, but they have failed somehow, however Apple Inc. (NASDAQ:AAPL) managed to convince its customers that it’s the next best thing. Moreover, the company offered a secure transaction process that would keep secret all the sensitive data. Then, Visa Inc (NYSE:V)’s CEO announced that the technology used by Apple Inc. (NASDAQ:AAPL) to perform the purchases will be available for its competitors too, which translates in to more firms having the chance of adopting a more secure and easy way to perform transactions.
This initiative is so big and the tech titan’s influence is so impressive that many companies try to get better competitiveness any form possible. For example, PayPal changed its v.zero platform to be compatible with Apple Inc. (NASDAQ:AAPL)’s payment system. It’s difficult to foresee or make predictions as to who follows next, but there’s a big possibility that Apple Pay will shape a part of our future.
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