Apple’s Iphone 6 – The ‘Tipping Point’ of the Mobile Payment
The launch of the Iphone 6 has allowed its users to use their phones as a device for mobile payments. The popularity of the item and Apple’s support from Visa, Mastercard, and American Express make it viable that mobile payment will catch on. Currently 22,000 vendors support the near field communication (NFC) process. The NFC allows customers to pay for items out of their Apple Pay account without using a credit card.
Some have equated this to the paypal for mobile devices and will encourage other vendors to support the technology based on the market size of the Iphone. The upward pressure from Apple will cause more and more vendors to carry technology that supports the NFC system. Eventually it will stabilize at a point where mobile banking is established in the market at a anchoring point. In the case that Apple is not past the tipping point, the mobile payment market will feel downward pressure from the surge Apple gives it and return to the point that it is now.
Articles used: http://www.cio.com.au/article/554687/apple-nfc-iphone-tipping-point-mobile-payments/
http://www.computerworlduk.com/news/mobile-wireless/3544096/apples-iphone-6-launch-will-be-tipping-point-for-mobile-payments/