Apple is doing a lot more with its mobile wallet, with a focus on making Apple Pay a more palatable option for retailers. The company is also making moves to beef up the features visible to consumers and expand to new regions.
Passbook was a very poor name for an app from Apple. There have been a lot of discussion about “iWallet” but the fact is that an US company has taken the name and it produces “Biometric Locking Wallet that protects your cash, credit cards, and personal information with cutting edge technology”.
But Apple found nice way to deal with it. They simply rebrand the Passbook to “Wallet” with all the possibilities to store credit, debit, rewards cards, boarding passes, tickets and so on.
There is no coincidence that the Square’s new NFC reader have a great new design looking like an Apple product. This device has been announced during Apple’s Worldwide Developers Conference. For Apple it represents a smooth way reaching the smaller merchants that do not need or own a full NFC-compatible point of sale system for accepting mobile payments. The Square reader will be available in the fall, and small business owners can sign up to get one right now on Square’s website. The best part about the reader is that it’s entirely free.
Rewards cards finally come to Apple Pay
Until now Apple Pay has only supported the vast majority of credit and debit cards but hasn’t supported rewards cards. Now Apple Pay will automatically bring up the right rewards card when you pay with the service, so you don’t have to rifle around for the right card in your app.
Closing the Loop with Retailers
Apple Pay's focus on banks upset retailers that wanted their own closed-loop cards to be top-of-wallet among Apple users. Apple Pay is finally opening the door to these cards, putting retailers at the same level as banks within its mobile wallet.
This month in July will be Apple pay landing for first time in the U.K. So far Apple has signed with eight of the country’s major card issuers, and has made significant headway with merchants as well. Also Apple Pay will also be used for transit fare in London, where the turnstiles already accept contactless payment cards. Transit systems are often seen as test beds for new payment technologies. The problem with coming to new markets is they will have to face a new competition which more than ever is trying to get to the market before Apple does. Good example is a challenge which is Apple pay facing from Barclays Contactless Devices.You can find the full list of companies supporting Apple Pay here.
Apple is also among the companies which are supported by the upcoming Pinterest’s Buy button., which will support Apple pay and enable sales of items directly from merchants like Macy’s and Neiman Marcus within the Pinterest app. There is need to add that Pinterest is also working on a deal with PayPal’s Braintree and Stripe.