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Will our iPhones be our new wallets, too?

With a lot of talk going around the rumor mill about Apple’s upcoming debut of Apple Pay, there have been inevitable discussions about how mobile payments are going to affect the business world—specifically the small business world—as a result. The world is not seeing this technology for the first time with the iPhone. The question, here, is whether small businesses—like many of the ones that populate our own college-town neighborhood of Los Angeles—can continue to slide by without accepting the payment system.

Apple-Pay-image-courtesy-Apple

So, how will students use it? Basically, the new feature allows people to snap a photo of any card in their wallet that can then be used at participating stores just like the card normally would. This could very well be a game-changer in the business landscape, as the upcoming Apple Pay debut puts a lot more pressure on retailers to participate and support what is known as Near-Field Communication (NFC) as a standard in-store feature, which is the technology that allows Apple Pay, and other mobile payment services, to function. That number of NFC supporters is currently at around a lowly 2-3 percent of those retailers who accept credit card payment in general.

It’s no small wonder why the technology is suddenly becoming a popular topic of consideration. Apple Pay will be a huge leap forward in mobile payment support, and will no doubt put the service in the hands of millions more users. Only time will tell whether small, local businesses will follow suit.

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Posted on October 13, 2014 by Frank

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