Apple’s announcement launches mobile payments into a new age

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If you are like me, then you were waiting with bated breath for today’s announcement from Apple regarding their latest technology.  Apple revealed the iPhone 6, iPhone 6 Plus, Apple Pay and the wearable technology that everyone was waiting for, the Apple Watch.  Apple has revolutionized technology over the decades and with today’s reveal of the Apple Watch and Apple Pay, marketers should be prepared for the way the these things will forever change the consumer experience with retailers and brands.  Apple has already partnered with major banks, credit card companies and retailers to facilitate and accept mobile payments.  The United States has 220,000 merchant locations that accept mobile payments and that number is only going to increase as Apple continues to work with more partners.[1]
With mobile devices generating 51% of online visit, payment apps such as Starbucks and mobile banking, consumers have already been primed to use mobile as an online search tool and purchase channel.[2]  With Forrester’s predictions of mobile payments increasing to 90 billion in the next 3 years and the high amount of security breaches as of late, we could only expect for Apple to reveal a mobile tool that promises convenient and secure payments.  Today, mobile payments leaped into a new age will not only impact retailers, but also us as consumers, with Apple’s pledge to not maintain consumer’s personal data and transaction information.
With Apple Pay, consumers are able to utilize their credit cards already on file on their iTunes account, as well as, upload new ones to their actual iPhone.  If you are a previous iPhone owner, then you are already familiar with the Passbook, an app that stores coupons, ticket passes, retail reward cards, Airline rewards, etc…and now your credit card can be integrated here as well.  Security seems to be a main priority for Apple with the launch of Apple Pay and will allow Apple to verify with banks that new cards to belong to their actual owner.  Apple will not keep records of what consumers buy as well as allow retail merchants so see the name, credit card and security code.  With these new security measurements and ease/convenience of purchasing products and services, merchants and consumers can be more at ease for security breaches and consumers may be more likely to go out and buy, buy, buy!

Marketers may not see the size of the iPhone as a huge change but it will have an impact for them in regards to visual content.  Photos and videos will be sharper and higher resolution which will be important for brands and retailers that utilize Instagram, Vine, Facebook, Tweetpics, etc.  The visual impact will be larger and enhance focus, image stabilization and slow motion video that will open the door to many opportunities when engaging consumers with brand content.
Along with Apple Pay and the newest iPhones, Apple revealed that in early 2015, they will be launching the newest and most innovative product in wearable technology, the Apple Watch.  Although the immediate impact of the Apple Watch seems to target Healthcare marketers with the Apple HealthKit, other brands can find ways to tap into this and the sensors in the watch.  Overall, the Apple Watch brings a new innovative product to the wearables market which is one of the hottest topics/products in the industry right now.  Although it may not be clear, marketer’s need to think about the role wearable technology will play in their particular consumer’s experience because they are definitely here to stay.
Today’s announcements have created a lot of excitement for the future of mobile payments and exponentially changed the way that consumers will interact and experience brands and services.  Are you ready??
[1] Source: http://www.cnet.com/products/apple-pay-ios/
[2] Source: http://www.fierceretail.com/story/mobile-tablet-accounts-51-online-retail-visits/2014-09-09?utm_medium=nl&utm_source=internal