NEWS
NEWS
NEWS
Apple attracts more partners since announcing the ApplePay service last month
Apple CEO Tim Cook Announcing Apple Pay
In the month since announcing the Apple Pay service, Apple Inc. has attracted 500 new banking partners. The rumor mill expected the launch to happen on October 18, but yesterday Apple CEO Tim Cook announced that Apple Pay will in fact launch on Monday, October 20. At yesterday’s event, Cook said “It’s easy, it’s secure and yes, it’s a private way to pay for things. We think that it is going to be profound.”
Due to Apple’s partnerships with Visa, Mastercard and American Express as well as other issuing banks, iPhone users will be able to store their credit card account details in the app. iPone 6 and Apple Watch users will be able to pay using Apple Pay in more than 220 000 stores, with more stores and apps to be added.
In-store purchases will be limited to the iPhone 6 and 6 Plus phones due to the requirement of the device and terminal needing near-field communication (NFC) chips; however, users can make use of Apple’s TouchID to pay for items in apps.
It’s no surprise that Apple has seen huge earning potential in the mobile payments market. Sandy Shen, research director at Gartner said “We expect global mobile transaction volume and value to average 35 percent annual growth between 2012 and 2017, and we are forecasting a market worth $721 billion with more than 450 million users by 2017.”
Since you’re here …
… We’d like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.
If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.
