IDC Financial Insights today announced a new report, “Business Strategy: Apple and the Payments Tipping Point,” (Document# FI250350). The new report looks at how Apple’s efforts will affect the payment space, online and offline commerce, and the growth and adoption of mobile and alternative methods. As Apple’s plans to become more involved in the payment process come into focus, other players in the payment space, from issuers to merchants, will need to adjust their strategies.
The possibility of Apple playing an increasing role in payments, one that leverages its entire ecosystem of online digital stores, brick-and-mortar retail outlets, and line of mobile devices to facilitate payments, has spurred considerable interest and debate within the payment community and tech press. The question then is what does Apple stand to gain? And more importantly, what does Apple’s presence in the payment landscape mean for retailers, banks, processors, and other stakeholders?
Apple’s entrance in payments will help the entire mobile payment space, creating a tipping point for the adoption of mobile payments for both consumers and merchants.
“Apple has been actively involved in making payments more convenient and streamlined for consumers who use its device,” said James Wester, IDC practice director for Worldwide Payment Strategies and author of the report. “Apple’s unique role as a device manufacturer, OS provider, and online retailer means Apple has the ability to impact the way payments evolve like few other companies. Merchants, issuers, processors, and other payment stakeholders will need to understand that impact and begin adjusting their investments and strategies accordingly.”