Since the advent of electronic payments, there has been a clear shift away from cash and checks. Credit and debit cards, and more recently prepaid debit cards, have been a staple of many consumers’ daily lives.
With the announcement of Apple Pay, Apple is betting that consumers want an even more convenient way to pay in person. Many in the payment space have attempted to make this evolutionary leap, but it seems that with Apple’s dominance of the easy-to-use mobile device market, it is uniquely positioned to become successful. There are existing examples of similar, successful implementations, with consumers in South Korea and Japan having long used mobile phones at the point of sale.
Glenbrook Partners, a payments strategy…
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