Apple has announced that its upcoming mobile payments service, powered by Apple Pay, won’t be included in the latest operating system for Apple devices, iOS 11. The service was first introduced at the Worldwide Developer Conference (WWDC) in June and was expected to be released this fall.
When Can We Expect Apple’s Mobile Payments Service?
Although Apple didn’t provide an exact launch date, it had already stated that the feature would arrive "this fall" on iOS 11 and watchOS 4. This means that users will have to wait a bit longer for the service to be available.
What is Apple Pay Cash?
Apple’s mobile payments service, built into the iMessage app, allows users to send and request money from friends and family with just a tap. The funds come from credit and debit cards saved in the Apple Wallet application. When someone receives payment via Apple Pay, they’ll receive the money in a new ‘Apple Pay Cash’ card stored in their Apple Wallet.
Key Features of Apple Pay Cash
- Seamless User Experience: As Apple owns the platform, users can expect a more streamlined experience when using Apple Pay.
- Existing Payment Cards: Since most users already have their payment cards saved on file for iTunes and App Store purchases, they’ll be able to use those same cards with Apple Pay Cash.
Competitors in the Mobile Payments Market
The mobile payments market is becoming increasingly competitive. Companies like PayPal, Venmo (also owned by PayPal), and Square Cash offer integrations with iMessage through their own apps. However, Apple’s advantage lies in its large user base and seamless experience.
Zelle: A New Player in the Mobile Payments Market
U.S. banks have entered the mobile payments market with Zelle, a Venmo-like app that offers instant bank transfers. This new player will compete directly with Apple Pay Cash.
Apple’s Move into Fintech
By launching Apple Pay Cash, Apple is making a significant move into the fintech industry. The company can make money by holding users’ balances, which could be a major differentiator in the market.
Conclusion
While we’ll have to wait for Apple’s mobile payments service to arrive, it’s clear that Apple is positioning itself as a major player in the fintech industry. With its large user base and seamless experience, Apple Pay Cash has the potential to disrupt the competitive mobile payments market.
Topics Covered
- Apple
- Apple Pay
- Apple Wallet
- Fintech
- iMessage
- iOS 11
- Mobile Payments
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