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Future of Apple Pay Market Size, Share, Trends and Forecast 2016

  • Date Submitted: 05/04/2016 01:37 AM
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Future of Apple Pay Market Emerging Opportunities, Key Trends, Size, Drivers, Outlook, Strategies, Products and Competitive Landscape

Apple Pay is a major milestone in the evolution of mobile payments, partly as it bears what Forbes lists as the world's most valuable brand. Apple Pay is seen by many as an inflection point, and its development over the next three to five years has the potential to shape the payments industry for decades to come. According to Apple CEO Tim Cook, Apple only ventures into areas where it can control the primary technology, which perhaps hints at Apple's plans in the payment industry.

Apple's current business model follows a cooperative approach, with almost all major card networks, issuers and acquirers supporting the launch of Apple Pay. EMV migration in the US plays a pivotal role in Apple Pay's adoption. Merchants are in the process of upgrading their POS terminals to EMV, which in most cases will also comprise NFC hardware (NFC-capable terminals). These terminals only require a simple software upgrade to be activated (NFC-enabled terminals). POS vendors and acquirers are expected to offer bundled deals for merchants to simultaneously upgrade their terminals to EMV and NFC, resulting in an accelerated expansion of NFC acceptance.

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Key HighLights

Apple Pay has attracted the interest of the payments industry and the public in mobile payments and NFC technology. Although it has not introduced a genuinely new technology, it has been successful in combining existing technology such as Secure Element (SE), tokens and biometric authentication to develop a new payment solution. From a marketing and distribution perspective, Apple Pay benefits greatly from Apple's brand and technology platform.

Table Of Content

1 Executive Summary
2 Demystifying Apple Pay

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