Apple Pay was rolled-out yesterday, alot have been said about the payment service since it was unveiled at the September 9 event. However, users can now use the service and have real-time experience.
Apple CEO Tim Cook has been very optimistic about Apple Pay, Google Wallet was an embarrassing attempt to take on PayPal and Microsoft has equally tried to destroy PayPal’s dominance, but all attempts have hit the brick-wall. Can Apple Pay be the missing link?
We examine two reasons why Apple Pay may just be the right thing, but rather too late.
You Need An iPhone 6 Or 6 Plus
In Tim Cook words, “Apple Pay will forever change the way all of us buy things.” But this is far from it, Apple Pay can’t change the way all of us buy things because you can’t use Apple Pay, unless you have an iPhone 6 or 6 Plus.
I am not sure Cook thought about the rest of the world before making that statement, iOS doesn’t control the global markets, there is already an estimated one billion devices running on Android and Figures like this, give enough reason to view the Apple Pay with scepticism.
The Apple Pay is currently available to a little above 10 million users, the reason of this is because, Apple uses a method to send data from the new model of iPhones to a checkout reader, already being used in over 200,000 retail locations. The checkout reader can gather information from other wallets and credit cards that come with a chip. The bad news, however, if you have older models of the iPhone, Apple Pay can’t work for you because it doesn’t have NFC.
That’s like Apple shooting itself at the back. When the rest of the world moved on with NFC, they waited and this is the consequence.
Does the Apple Pay still want to change the way “all of us buy things” or just for 10 million people?
You Will Still Need Your Credit Card And Your Cash
Obviously, this is what the guys at Apple don’t want to hear, but in reality, you are still going to need your credit card and a few bucks in your wallet.
When you walk on the road, and you find something on a local vendor you really love to purchase, you are not going to tell Apple Pay, “pay it,” when the local food truck doesn’t have the capacity to accept a credit card, much more the Apple Pay. You have got to dip your hands in your wallet and remove some bucks; otherwise you can’t have you want.
Using Apple Pay is really limited, only 220,000 U.S. retailers currently accept the payment service and that’s because they already have NFC readers.
There is also another worrying limitation, retail outlets like Starbucks have their in-house mobile app for quick payment and they will only accept refills into their payment service through Apple Pay, but won’t accept Apple Pay service in its entirety.
A good number of retailers have been mute on the integration of Apple Pay, and that’s a big blow to Apple.