The payment industry has been waiting for Apple to make a move when it comes to mobile payments. While the company didn’t officially unveil a new application or hardware at last week’s annual Worldwide Development Conference, there were some features that point to them finally pulling the trigger.
The biggest news that the company announced is that it will be opening up the Touch ID technology to third party developers. This is the fingerprint scanner that is built into the iPhone 5s. It will allow designers to create new applications that have the added security of the scanner when it comes to authorizing payments. If Apple is to add an NFC chip into the hardware in the fall, a whole new avenue will be opened up.
The reason that the payments industry keeps its eyes on Apple is that the company has been a leading voice in the marketplace. Many industries have been forced to change because of innovations that Apple has brought to market. Just think about the way that we listen to music and consume media. While the company may not have created the idea of digital media, it helped perfect and present it to consumers in a such way that they wanted to invest their time, energy and dollars into it.
Many tech companies are trying to create a digital payment solution that will require merchants to upgrade their point of sale computer systems to effectively use the system. This kind of technology is coming and retailers need to make sure they are paying attention to the latest news.