As Apple enter a new territory, we consider the importance of this emerging market
With Apple making a grand entrance into the payments arena, consumers, and businesses alike are bound to be affected. With contactless payments, iBeacon technology and Touch ID fingerprint sensors becoming part of everyday life, technology once imagined in Minority Report seem more believable. As Apple Pay sets out to revolutionise the payment process we recognise the importance and impact of the global payments market.
When contactless payments first graced our debit cards, I was quick to show my allegiance to PIN; defending my right to use a number I had so carefully chosen. To me, contactless payments seemed like a step backwards; as in the past, signatures were seen as risky and easily copied. So what made tapping a card against a machine so much safer?
The fact of the matter is, payments have come a long way since the days of the chequebook. Although in recent years the payments market has been inundated with new technologies, the protection of this technology has also developed. As of 2013, the global payments market was worth $235bn and, as Apple have already begun talks over pay systems in Europe, this figure is set to increase.
So why is the global payments market so important?
- Technological development in the global payment market alters consumer behaviour and the effectiveness of push strategies
- As the market evolves - so does data protection security
- Money makes the world go round; new innovations in payments technology allows for quicker transactions; speeding up the shopping process and allowing consumers ease of access globally
With companies such as Bank of America, McDonalds, and Barclays buying into Apple Pay, it won’t be long until smaller businesses start considering new payment technology. There has been a steady growth of this market in recent years and with Apple leading the way into this expanding territory; we can expect to see exciting advances in payment technology.
To find out how your business is affected by the global payments market, and to explore all the critical issues and challenges in the payments industry, take a look at our 3 Day MBA in Payments. Visit our website or contact us to find out more on the course.