Apple Inc. (NASDAQ:AAPL)’s got a new company on board of its master plan. Mastercard Inc (NYSE:MA) will be teaming up with the tech colossus on Apple Pay, which promises to be the next generation of payment systems. FOX was kind enough to share this piece of information with us.
First, a quick recap on what Apple Pay does. It’s basically a mature idea in terms of development and handling, it’s performing payments through a token instead of actual card details. There’s eBay Inc (NASDAQ:EBAY), whose Braintree launched its v.zero program of tokenization, that had the technology not only to perform the payments from a mobile device, but also to install the software necessary in matter of seconds. Google Inc (NASDAQ:GOOGL) had its wallet which was basically followed the same procedure as Apple Inc. (NASDAQ:AAPL)’s system.
However, the Cupertino, California-based company offered more than the mobile payment system. It had its ingenious devices with strong emphasis on security, which might practically make them immune to almost any attacks. It’s no wonder that Apple Pay enjoys so much success compared to its rivals. Visa Inc (NYSE:V)’s officials declared earlier this month that they will be a member of the mobile payment system designed by Apple Inc. (NASDAQ:AAPL). Braintree is developing a “v.zeo + Apple Pay” program, which is currently in pre-release. And now, Mastercard Inc (NYSE:MA) decided to join in the party.
“Mastercard’s chief emerging payments officer Ed McLaughlin was here, in a FOX Business exclusive, to discuss why the credit card company is teaming up with Apple on Apple Pay. He says the partnership is good for Mastercard, and well, people won’t stop using their credit cards completely within the next year or so,” said FBN’s Liz Claman.
Obviously, Mastercard Inc (NYSE:MA) sees more pros than cons in accepting Apple Pay, as there’s little they have to do to adapt their services to the new environment, but the benefit for the company and the customers is huge.
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