Apple Pay may prove to be one of the most important products Apple has launched in years.
While it might not currently receive the same attention as the iPhone 6 models and Apple Watch from consumers, it certainly is an important move for the company.
Banks are anxiously waiting for wireless payments to finally become the choice of the consumer, and you can see that Apple is the kind of company that can make it happen.
The reach of Apple is many times great than other payment offerings like PAYPAL that Ebay own, so it is not just the banks that Apple Pay have running scared.
Banks have accepted to charge lower rates for Apple Pay transactions, however they will make up lost revenue by seeing a significant increase in transaction volume as more consumers start using Apple Pay.
Apple’s security measures behind Apple Pay are other features that could help banks save money in the future, by reducing fraud-related costs.
A partnership with Apple also helps the Banks stay relevant and defend their role in the payment world.
The iPhone maker entered serious talks about the new payment system in January 2013, insisting upon utmost secrecy about the project, and banks closely guarded that secret.
The name of Apple’s product – Apple Pay – was not leaked before the event, and it turns out that even banks were not aware of it. Furthermore, banks didn’t even know what kind of devices will support the new payment system, leaving blank spaces in marketing materials pending Apple’s announcement.
At JPMorgan, only about 100 people working for Apple Pay actually knew that Apple was the partner they were working for.
The company actually had an event scheduled at the same time with the iPhone 6 announcement, and was not able to mention Apple Pay until a signal to say it was okay. A stream showing Apple’s event was aired at JPMorgan’s headquarters in New York, without being able to explain, at least at first, why Apple’s iPhone show was on.
Similarly, Visa chose to use the name of “another consumer electronics company” instead of Apple for those employees that were not on the project – eventually, Visa’s Apple Pay team amounted to about 1,000 employees.
Meanwhile, Apple used code names internally for the banks and financial institutions it dealt with, in order to prevent leaks.
So another future success story for a company that started, by Founders Steve Jobs and Steve Wozniak as Apple Computer on April 1st, 1976, and incorporated the company on January 3rd, 1977 in Cupertino, California.
You too could start your own company, why not try, give it a go, I know a great company that helps people do just that, check out the free webinar;
Kevin Paul Humphrey