Opinion: Will Apple Pay upset the Mobile Wallet apple cart?
Apple Pay, Apple's new mobile payment service it unveiled last week, is fascinating. Apple’s entrance into this market further validates the mobile payment industry. Apple is hedging a bet that consumers will soon be so digital savvy that they potentially abandon their physical wallets—in the very near future. Of course, we, at flexReceipts, have been following the mobile wallet wars for some time. Naturally, we’d be interested: mobile wallets inherently increase the number of people needing e-receipts.
But, here’s the rub: at last count, there were more than 100 companies competing in the mobile wallet industry.
After studying the market, it is our opinion that, much like cell phones and smart phones, there will never be a single mobile wallet provider.
Yes, Apple Pay may eventually have a large share of the mobile wallet industry, however there’s already a backlash brewing and a few players are making headlines for their resistance: http://www.forbes.com/sites/retailwire/2014/09/11/retail-experts-see-hurdles-to-apple-pay-adoption/
So, when planning their digital receipts program, what’s a smart retailer to do? Plan to be tender agnostic: implement a program that can provide digital receipts to all of their customers—regardless if their wallet is physical or virtual. And, retailers should make sure that they, themselves, are in control of their digital receipts program. Retailers should familiarize themselves with the risks and costs involved with Apple’s hands in their data.
We’ll keep following the developments in this industry and continue to share our insights with you.