Must read of the week:
The release of Apple Pay has created a lot of buzz in the financial technology industry, and for good reason. Apple is a household name, they have global recognition, a large and loyal customer base, and any new innovation from them makes people take notice. With Apple Pay, Apple is making the bet that not only do you want to live a cash-lite lifestyle, but that you also would prefer not to carry a physical wallet around with you anymore. As the supplier of the phone, this makes perfect sense as it encourages the customer to increase usage and thus their dependence on their device. However, as we know, mobile wallets are not new in the financial services industry. Will Apple Pay fall victim to the common struggles of other mobile wallets, namely low uptake and low transaction volume? Will the 220,000 merchants currently able to accept the technology be enough to encourage the behavior change from the customer? Time will tell.
Read As Apple Pay Arrives, Witnessing the Next Step in Money. Maybe from the New York Times here: http://www.nytimes.com/2014/10/21/technology/as-apple-pay-arrives-witnessing-the-next-step-in-money-maybe.html?_r=0
Other industry news:
Policy and Regulation
Ecuador: Ecuador banks national mobile wallet
Philippines: Bitcoin apps join Philippines’ mobile money market