Checkout Choices: Apple Pay and the CE Retailer
American consumers love to pay with their credit and debit cards. We carry more than 1.2 billion such cards in our wallets, and we rang up $4.9 trillion in electronic payments transactions at U.S. merchants last year. Retailers know the importance of accepting electronic payments – their customers like the safety, security, and reliability of paying electronically, and they spend more using such payments because they like the rewards (such as miles or points) that come along with such spending.
So when Apple announced that it is enabling payment capability in the new iPhone 6 and the Apple Watch, Apple fans – and the payments industry – all took note. Although not new, mobile payments are taking center stage thanks to Apple’s new payments product, which comes to market in October.
The eight million merchants in the U.S. that accept credit and debit cards are wondering what the entry of Apple into the payments marketplace means for the retail point of sale. What’s the advantage to me if I accept mobile payments? How do I ensure that my systems can accept an “Apple Pay” transaction? What about other payments platforms like Google Wallet, PayPal, and Softcard – how do I accept those, too?