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Apple Pay MKT/701October 2nd, 2017Dr. Aadel A. Darrat1
Proven to be a leader in the innovation of technology on multiple platforms, Apple is viewed by most as the worldwide pioneer of mobile digital payment services. In October of 2014, Apple launch its new mobile payment and digital wallet service called Apple Pay. Apple Pay is a proprietary iOS mobile payment system that allows the consumer to make purchases at any retailor or through in-app transactions. With over 220,000 merchants that are compatible, Apple Pay services are available in major retailers Whole Foods, MacDonald, and Walgreens. Apple pay has a two-part hardware based security solution that requires users to use their fingerprint for each transaction in addition to a second two-part security option that requires authorization from a built-in chip that’s only available on iPhone 6 and newer models. The consumers confidential financial information is stored in Apple Pay’s secure components. There are currently over 300 banks in the United States including Capital One, Wells Fargo and Bank of America that are presently supported by Apple Pay. Aimed at changing the way consumers shop and designed to give the consumer a better experience, Apple wanted consumers to move from their physical wallets crammed with credit cards to a world in which their Apple Watch’s oriPhones would suffice as payment options. Apple has continuously proven to its consumers that they can create innovative products on multiple technological platforms. Chief executive officer announced that Apples Vision “Our vision is to replace this wallet and we are going to start with payments” (Gupta & Wayne, 2015, P.12). The following case study will highlight how Apple Pay is facing tougher competition and will need to discover creative ways to distinguish themselves amongst others in the industry. Discussed will be, how Apple Pay is not ubiquitous