Apple may be engaging retailers on the matter of mobile money
Rumors concerning Apple’s foray into mobile payments continue to circulate. The famed technology company has been very cautious with its approach to the idea of mobile money, citing security concerns as the primary reason for its slow entry into this highly competitive sector. As Apple becomes more comfortable with the concept of mobile payments, however, it is beginning to grow more aggressive with its plans to launch its own platform that will meet the demands of iOS consumers.
Apple turns to luxury brands to gauge interest in mobile payments
New rumors concerning Apple’s approaching retailers on the matter of mobile payments have emerged. These rumors suggest that the technology company has begun speaking with retailers that sell luxury clothing and premiums goods in order to understand their level of interest in a mobile sales platform. These retailers have seen the demand for mobile-centric services grow over the past few years, but have been relatively slow to respond to this increase in demand. Many retailers have failed to impress consumers with their own mobile money and shopping services, but Apple may be able to alleviate this problem with its own comprehensive platform.
Retailers have trouble engaging consumers in the mobile space
All retailers have their own payments practices, which makes it difficult for any singular mobile platform to accommodate all businesses in the retail sector. Apple may have plans to tackle this issue, but it will require extensive research and planning on the company’s part. The logistics of introducing a universal mobile payments platform to the retail industry is a major challenge for Apple, and the company will not be alone in this endeavor.
Large organizations are finding it difficult to make their platforms universally accepted
Several other large organizations have been working to make their own mobile payments services popular throughout various industries. None of these companies have yet succeeded, despite establishing a strong position in the mobile space years ago. Part of the problem is the extreme oversaturation of the mobile market. Consumers have an exhaustive range of options when it comes to mobile money services and they tend to move from one service to the next, favoring particular platforms that suit their needs at any given moment.
Apple would be wise to look closely at the shortcomings of Square and Isis and the success of PayAnywhere and PayPal to figure out how this should be done.