Prospects for the Global Success of Apple Pay and Apple Watch

Q-23. Asses the prospects for the global success of Apple Pay and Apple Watch.

Apple Pay :

• Simplicity :-

Apple pay is so simple and easy to use. The user just need to store their credit card in their iPhone and then they can simply hold the phone at the NFC reader of the POS machine and approve the payment with their fingerprint using the iPhone’s Touch ID and the payment will be processed. So this process is simpler than the traditional card swiping process. (Mehra 2018)

• Security :-

As we don’t need to present the credit card, there is a very less chance of stolen number. And moreover, Apple does not use the credit card number for the transaction instead it uses a token called the “device account number” to process the transaction which further reduces the chances of the credit card details getting stolen. Apple pay is an implementation of the EMVCo. specification which is considered to be the most secure payment mechanism by many industry experts. (Mehra 2018)

• Privacy :-

Apple Pay does not keep the transaction information. This offers more privacy. And also using of Apple Pay instead of credit card makes the transaction even more private with the retailers as they cannot see the user’s name and other details. (Mehra, 2018)

• Better Experience :-

As we all know that Apple is known for creating fantastic user experiences, Apple Pay is no exception. Based on published reports, the service seems to be very easy to use. The Apple Pay automatically selects the default card from the Apple Wallet for payments, which can be easily overridden with a swipe. (Mehra 2018)

• No extra fees :-

Apple is not charging retailers or the customers fees for the use of Apple Pay. But it does take a portion of existing credit card transaction fees. So that is why Apple is working with all the big credit card companies and banks to wipe them out. (Mehra 2018)

Apple Watch :

• Timing

Apple got the right timing. They have entered into the smart watch market a little too sooner than the other competitors, which is one of the main prospects for the global success.

• Design :-

Apple watch is something that people want on their wrist. It looks better than the other smart watches. It has sleek curves and nice finish, which attracts the customers to buy it. And its completely waterproof so you can use it track your swim. (Enterprise and Hill 2018)