Apple Pay, Apple’s mobile system hits all-time high for acceptance. Currently the tech giant is in over 700,000 U.S. retail locations and 50,000 Coca Cola vending machines. The timing couldn’t be better as NFC technology (Near Field Communication) has also been gaining ground the last couple of years as technology makes another turn for the better.
Retail locations all over the U.S. are now using NFC terminals where customers can simply tap their iPhone or Apple Watch against the terminal at stores and not have to bother with pulling out their credit or debit cards or even currency out of their wallets. Part of the reason why it’s so user friendly now is because the credit card industry has been making major changes where card issuers are now disbursing the new EMV chip credit cards to card holders. Because of this new cycle in technology to deal with fraudsters, merchants have been upgrading their terminals to be able to accept the new chip embedded credit cards. The new terminals are already equipped with NFC technology and the merchants are able to automatically accept Apple Pay. Upgrading is not yet mandatory for merchants but with the liability shift going to the merchants on October 15, 2015 who wants to be liable if there is fraud or a compromise at their locations.
Google Wallet had a similar idea a couple of years ago but the timing wasn’t right. It would seem that Apple knows “timing is everything” and proves it time after time.