Can Apple drive Radical Changes in Payments akin to Music

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Nov. 19, 2014 - PRLog -- They have the global positioning, brand strength, loyal customer-base and drive to do so, and they have the size and delivery mechanisms (mainly in the volumes of iPhones and iOther-Things out there) to do achieve this. But is it that easy, and what are the the things that Apple will have to do?

Build Merchant acceptance - i.e. the 'technology at the till' that will make Apple Pay real and adopted in all key acceptance environments, not necessarily all, but securing critical mass quickly.

Create the links into all the payment brands (not just Visa and MasterCard), card issuers and other alternative payment methods - and for them to build the appropriate interfaces. Alternatively, and possibly more likely, to build the environment outside the 'old infrastructure' upon a 'new' and cheaper 21st Century technology platform. But if they do this can it be as strong as something that has been in place for 50 years?

Setting and agreeing standards for tokenisation that work and are accepted as the global standard, and getting away from the extreme costs of issuing individual tokens for each transaction that some of the card schemes are charging today.

Steering away from accepting traditional payments through the MasterCard / Visa / Amex and other hubs and also servicing other card brands, direct bank payments and emerging payment technologies.

Taking on not just the payment system brands but also the traditional acquirers and payment service providers in the payment acceptance, transmission and delivery processes - to cut costs and drive change.

Whatever it is that Apple chooses to do, undoubtedly the competition can, and will fight-back, so Apple has to solve problems, cut costs and drive the market into safer and new technology transactions and reduced but losses, fraud and processing costs. So whatever happens, it is going to be 'fun to watch' as there are so many interesting things going: e.g. global reductions in interchange, USA rates of losses growing to the highest rates in the world - ever, retail groups starting to fight costs and set-up rival standards, resistance to ApplePay, further major data losses, adoption (or not) of EMV in the USA with a PIN as a CVM etc. There are also competitors to Apple pay EVERYWHERE. ALL these issues are linked and full of global and local politics together with interests from many parties.

And lets not forget the main people in this:

As a consumer
, I also want to be able to change my card or phone provider or telecom carrier etc., and still use the same shops - OTC or CNP anywhere globally.

As a merchant, I do not want 2, 3, (or 10) contactless receivers, technology infrastructures and agreements to process sales - I just want cheaper, quicker, easier and guaranteed payments.

Apple has a lot to do, but they certainly seem to be doing and saying all the right things with a long-view strategy. My vote is: YES. My hope is: YES. But for the sake of healthy competition, I hope there are also other offerings, but I cannot see many other horses as I write this.

Author of this release, Bill Trueman is director of RiskSkill an independent global risk review and risk management organization which is specialist in providing fraud prevention, risk review and compliance solutions to commercial organizations. For more information about RiskSkill visit

Bill Trueman
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Tags:Mobile Payment, E-payments, Apple Pay, Q R Code, Chip And Pin
Industry:Banking, Technology
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