Smartphone makers have been trying to replace our wallets with digital pay methods for several years. While the trend has yet to widely catch on outside of the tech sphere, Apple (so often the bridge between the super geeky and super chic) believes that they may be able to change that.
On Tuesday, Apple announced it would soon be offering its own version of the mobile wallet, dubbed Apple Pay. Apple claims to have already established relationships with three major credit card companies, and retail giants like Target and McDonald’s – meaning soon you’ll be paying for your Number 3 with your iPhone or Apple Watch.
While the mobile payments market remains in its frontier stages for now, Forrester Research expects it to reach $100 billion in the United States within the next five years. Apple feels that the opportunity is now ripe for them to make their move on the industry. Apple wants consumers to believe that Apple Pay is a safer payment method than traditional payment cards with “exposed numbers and the outdated and vulnerable mag stripe.” Apple promises that credit card information will not be stored on the devices or on Apple’s servers. But in light of the recent iCloud hacks, consumer’s unease over privacy and security may be cause for concern. However, if anyone has the power to persuade the general public, famous tastemaker Apple is the company to do so.