Apple Pay.docx - Running Head Apple pay 1 Apple Pay MKT 701...

This preview shows page 1 - 3 out of 6 pages.

Running Head: Apple pay1Apple PayMKT 701- Marketing StrategyLouisiana State University Shreveport
Apple Pay2As a proven leader, Apple is viewed by most as a mutli-platform trailblazer in the world of mobile digital payment services. In October of 2014, Apple unveiled its new mobile payment and digital wallet service appropriately called Apple Pay. A proprietary iOS mobile payment system that enables consumers to make point of sale purchases at retailers and via app-based transactions. Apple Pay is partnered with over 2,20,000 merchants worldwide including major retailers like Whole Foods, Walgreens, and McDonald's. Apple pay utilizes a dual hardware-based security solution. Each transaction is approved through the consumer's fingerprint and an integrated internal authorization chip that’s exclusive to the iPhone 6 and later models. Apple Pay safely and securely stores the confidential financial information that's conveniently used for all authorized transactions. Over three-hundred banks throughout the United States use and support Apple Pay. This includes the banking brands Bank of America, Capital One, and Wells Fargo. Apple Pay was designed to change the way consumers shop by providing a fluid purchasing experience between buyer and seller alike. Since its inception, the Apple brand has consistently proven that it can deliver innovative products across multiple technological platforms. That's why it came as no surprise when Apple's Chief Executive Officer, Tim Cook, announced the brand's vision to replace the average wallet by changing the way we make payments (Gupta et al, 2015). Always looking towards the future, Apple saw the need for customers to switch from bulky wallets jam-packed with credit cards towards sleek and stylish intuitive devices namely, their Apple Watches and iPhones that contained virtual wallets; which held all of the customers financial information in one convenient place to facilitate effortless transactions. The following case study details the challenging road ahead for Apple Pay and theirneed to develop creative ways that distinguish themselves amongst their competitors. The following key points about Apple Pay will be discussed: how it is not ubiquitous and causes

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture