Apple Inc. (NASDAQ:AAPL) introduced a new Pay Service last week and it took no more than 72 hours for the activation of 1 million credit cards as informed by the CEO Tim Cook. With these many activations Apple’s Pay Service now has become the largest mobile-payment offering as informed by Cook at the WSJD Live Global Technology Conference.
Few implementation issues
Minor quarrels took place between the customers trying to pay using Apple Pay service, and the stores such as Rite Aid Corp and CVS Health Corp not accepting those. Neither of those companies are a part of Apple’s network, but it was found that customers could make payments using Apple Pay in Rite Aid and CVS stores last week. The functionality was disabled soon after this without specifying the reasons.
Merchant Customer Exchange is a retailer-owned mobile-technology group and many companies including Rite Aid, CVS, Wal-Mart Stores Inc. and Best Buy Co. are a part of it. This group is planning to employ software that will be usable on both the Android and iPhones. The service will make its debut next year nationally as it is in the pilot stage as of now. On the other hand, Tim Cook is confident of Apple Pay service doing well.
“You are only relevant as a retailer or merchant if your customers love you,” he said. “It’s the first and only mobile payment system that’s easy, private and secure.”
Apple iPhone to dominate revenue stream
On October 20th the payment service was started by Apple Inc. (NASDAQ:AAPL) allowing the U.S. consumers buy items at over 220,000 stores or inside apps. Latest iPhones and a thumbprint were needed for this.
Apple Pay has huge growth and potential, but Mr. Cook believes that the major revenue and profit generated by the company will come from the iPhone. Before Apple Pay service came into existence, NFC and Google Wallet were already there but Apple Pay supercharged the use of alternative payment process. The service has been introduced by Apple Inc. (NASDAQ:AAPL) with the purpose of providing the customers with ultimate peace of mind by making their payments easy, secure and private.