Friday, October 24, 2014

Apple Pay has landed, but its effects on mobile marketing are still up in the air

And Parks Associates’ Jennifer Kent described Apple Pay as “a game changer because Apple does not release products without the necessary marketing resources.” None of the other mobile payment players “has put nearly enough resources into consumer education,” she said, “resulting in a lack of traction for the mobile payments space as a whole.”

There’s also the matter of timing, she said. Next year is when merchants will be upgrading their point-of-sale systems because of a new industry initiative intended to reduce the risk of fraud by accepting EMV [computer chip credit card] payments, which are more secure than traditional mag-stripe cards.”

“Payment terminals that accept EMV are typically able to accept NFC payments as well,” she said. “There will be many more merchants who accept contactless payments in 2015 than ever before.”

From the article "Apple Pay has landed, but its effects on mobile marketing are still up in the air" by Barry Levine.

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