Apple next week will put momentum into the mobile payments industry and the industry can't wait, Yoyo CEO Alain Falys tells Computerworld.
'Good for the entire industry'
"Apple has always released enabling technologies which have allowed others to offer great apps and services," he said. "We’ve been eagerly anticipating Apple’s entry into the mobile payment space, as it will make mobile payments accessible and ubiquitous.
Falys said.
Apple has reportedly reached deals with all the big credit card firms for its system (EasyPay? Unlikely) : American Express, Visa and Mastercard, while also nailing down payment-processing deals with banks.
Apple will use TouchID as the foundation to turn your iPhone into your iWallet, so you can make secure payments using NFC.
Incremental
It seems obvious Apple delayed NFC deployment while it acquired Authentec and developed TouchID, which has now been tested on the market for a year. Apple has been pulling together a mobile payments solution since at least 2010.
Apple's solution will meet consumer expectation that mobile payment systems should combine convenience with simplicity and speed (Edgar Dunn & Co), delivering "frictionless shopping experiences."
You'd imagine those in the mobile payments space would be distraught; but they are not -- they look forward to playing in a mainstream market, a market both Google and Square have failed to create.
Apple's going to kick this up a level, Falys says: