Apple Mobile Payments

Forget Apple TV Or IWatch: Apple's Next Trump Card Is Mobile Payments | Technology | Minyanville's Wall Street: " . . . The difficulties in offering a mobile payment solution is that it requires the same technological implementation at both the handset and retail level, which is largely why Google's mobile payment solutions (Google offers NFC [near field communication] capabilities in its Android Nexus S smartphone) haven't taken off yet," Adam Grunwerg, editor at Investing.co.uk, tells Minyanville. But Apple already possesses an ultimate trump card over Google and other competitors: the ability to leverage 500 million iTunes accounts with credit cards. "Apple's iTunes platform boasts over 500 million accounts with a credit card on file, and if they can begin offering fingerprint authorization on their new iPhone, which is very likely given their acquisition of [mobile security firm] AuthenTec last year, then they'll have a huge advantage in reducing fraud transactions and activity, which makes up 5-20% of merchants costs," Grunwerg elaborates. "Furthermore, charge backs and fraud activity are the things that have prevented Apple from offering mobile payment solutions in the past, according to Dan Schatt at PayPal. Fingerprint identification would reduce most of these." (read more at link above)


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