Premium Essay

Mobile Wallet

In: Business and Management

Submitted By sut123
Words 818
Pages 4
Are you tired of those pesky credits cards in your wallet? Are you sick of how long it takes to reach in your wallet and break out a credit card to pay for you items at the grocery store? Well, if you said yes then there is now an app for that. Apple has recently announced that the new iphone’s will come ready with an application that allows you to store your credit card information and scan it at all easy pay location. This week I have read and summarize the article: Apple Teaming up with Visa, MasterCard on IPhone Wallet written by Mat Townsend at Bloomberg. In this paper I will break down the article, offer up issues and perspectives, and how I feel about the technology.
To summarize, the article starts off by telling us that Apple intends to partner up with Visa and MasterCard by turning the next iPhone into what they consider a “mobile wallet”. The new iPhone claims it will make payments to retailers easier by including a near field communication integrated into the phone. They claim this technology in conjunction with fingerprint technology will allow customer the ability “to securely pay for an item in store with the touch of a finger”.
The article continues on to say that google has been investing into ways of giving phones the capability to make payment at retailers causing retailers to slowly adopt the concept, but the market for it was limited. With apple coming into the scene Ben Bajarin, an analyst for Creative Strategies LLC in San Jose, claims apple will quickly become the largest market share in the states using this technology”. “Love it or hate it, Apple drives a lot of standards in the industry,” Bajarin said in an interview. “They are the mover in these markets. When they do something, the industry seems to follow.”
Continuing on the article mentions that the push for apple to create such a technology is to keep users within its ecosystem...

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