Jason Oxman

Jason Oxman
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.

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 ‘New Convergence’

By all accounts, 2006 was an extraordinary year for the consumer electronics industry. We reached a peak level of 13 percent growth in 2006 with $145 billion in product shipments. And projections for 2007 foretell another year of strong growth, with consumer electronics shipments expected to grow another 7 percent beyond 2006 sales, a rate that even outpaces the overall retail sector by more than 2 percent. The Consumer Electronics Association released its CE industry projections at the 2007 International CES, which brought together over 140,000 electronics industry professionals to witness the unveiling of more than 20,000 new products. One of the key themes this