Apple Pay’s Rise to Popularity May Take Years Not Months


iPhone 6 and iPhone 6 Plus will be available for tech savvy shoppers on Friday. With these phones, Apple Pay, Apple’s most lucrative service yet makes it much awaited debut.

Factors that may affect Apple Pay

  • Considering the number of iPhone 4 users, upgrading to iPhone 6 will require quite some time. Switching from iPhone 4 to iPhone 6 will be Apple’s largest upgrade cycle till date.
  • Getting acclimatized to Apple Pay is another aspect that needs time. Quitting the use of credit cards and adopting Apple Pay as the primary mode of payment might take several years.
  • The infrastructure is not equipped to handle Apple Pay. The success of this service depends entirely on the adoption of compatible checkout systems. General consensus is that compatible systems will be adopted rapidly.
  • Soaring privacy and security concerns will also affect this service. Precautions will have to be outlined before Apple Pay’s acceptance becomes possible.
  • Apple Pay has become the pioneer and Google is yet to launch a similar service. This has definitely given Apple a head start and Google will need anywhere between 6 months to a year to catch up.

apple pay  bank cardsSupporting the Service

Visa, Mastercard and American Express all seem to approve Apple Pay.
These industry giants consider it to be a means of increasing transaction volumes. Chris McWilton, who is the president of Mastercard for the North American region has opined that Mastercard’s MasterPass as well as Apple Pay will do well.

Technology enables tokenization

Apple Pay uses tokenization, which is the system that transforms the 16 digit credential of a card to a specially encrypted number that is eligible for a one time use only. Mastercard’s revolutionary tokenization platform is named MasterCard Digital Enablement System or MDES.