New IDC Financial Insights report investigates Apple’s expanded presence in payments and effects on key stakeholders
Framingham, MA – August 25, 2014 – 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.
“Measuring the Impact of Apple’s Role in Payments”
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?
Highlights of the report include:
How Apple's solution, regardless of how it develops, will be aimed at making Apple's devices more competitive, not disrupting the current payment market.
How any competitive solution will support multiple technologies and will focus on facilitating a wide array of payment and purchase use cases.
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."
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc.com/financial, email firstname.lastname@example.org, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-community.com/financial.