On Monday, Apple Inc. will be publicly releasing their new service Apple Pay, a new payment method for which they have partnered with the likes of Radioshack and other retail businesses. Apple Pay is an attempt by Apple Inc. to revolutionize another aspect of their consumer’s lives by enhancing the way transactions are handled through a digital platform. Companies like PayPal and Google have also attempted similar projects, although none of them garnered a widespread following. Apple Inc. wants to change that with Apple Pay.
Radioshack will receive Apple Pay capability at over 900 of their facilities across the country, making them one of the first providers of the new service. With that said, companies like McDonald’s and Disney have also been outspoken about implementing the new checkout technology as well. McDonald’s is on the fast track to installing Apple Pay in their drive-through lanes and Disney wants to bring the program to their stores in time for the Christmas rush.
Apple Inc.’s new payment method that will be hitting Radioshack and other partners next week is simplistic, as is the nature of Apple. Essentially, users use fingerprint detection on their screen to confirm their identity and then their iPhone is scanned and payment is received. The whole process is touchless and instant, providing participants a quicker way to safely navigate the checkout lane.
In addition to the simplistic elements of Apple Pay, Apple Inc. claims that shoppers can rest assured that their information is safe. Apple never receives any information on purchases and there will never be a need to type in further personal information. Furthermore, it is fully encrypted and cardholders still receive points and benefits from purchases.
Tim Cook, CEO of Apple, explained the vision that the company has in store for their new payment platform. Apple Inc. wants to eliminate the physical wallet through an emphasis on paying with plastic, a practice Cook believes should be increasingly more dominant over cash. Apple Pay is believed to be a much more secure and quick way to checkout than any current alternative, whether that be a card purchase that requires further information or paying in cash. The technology giant claims that hundreds of banks are already lining up to form partnerships regarding the service.
Beyond Radioshack, Apple Inc. will debut their new payment method with additional partners beginning on Monday. Over 200,000 stores will activate Apple Pay capabilities next week as a result of already having the technology that is compatible. The terrain that Apple is navigating is not undiscovered, though. PayPal has a similar service where users can utilize an application to pay in the checkout lane, but it is not widespread as a result of limited partnerships. Google Wallet is also eerily similar to Apple Pay, utilizing the same technology to tap and pay in an effort to streamline the checkout process. Apple Inc. hopes to turn the tide of these previous attempts by making Apple Pay a common payment method at as many retailers they can partner with.
By Brett Stewart