Mobile technology is rendering many utilities obsolete and it would appear the next target is your wallet. Apple's new products announcement last week included two phones – the iPhone 6 and iPhone 6 Plus – that are capable of making payments through Near Field Communication (NFC), according to Venture Beat. Though NFC has existed for some time it has failed to gain widespread use. Apple Pay is looking to change that.
Apple CEO Tim Cook claimed that "Apple Pay will forever change the way we buy." While that statement may be somewhat hyperbolic, the new system could very well have far-reaching impact, including adoption by small businesses. If successful, Apple Pay would make transactions easier and faster, beneficial for both consumer and company. That's why it may be a good idea for some small businesses to latch onto the concept and stay ahead of their competitors.
Using or adopting existing infrastructure
Many retailers already have an NFC-enabled checkout system, as the technology has existed on Android phones but never reached critical mass. But that means that companies with that feature enabled will immediately be able to tout compatibility with Apply Pay, because the system works through the same platform.
For companies that choose to adopt NFC, the rewards will not only be a streamlined exchange but also an enhanced brand image. These businesses can say that they are embracing Apple's move, putting forth an image of progressive and trendy thinking.
Keep up with regulations
Many credit card networks are requiring merchants to install payment platforms that can read cards containing a chip, according to the Wall Street Journal. Beginning in October 2015, companies that neglect to do so will be responsible for any credit card fraud resulting from an outdated terminal. As a result, some retailers are opting to kill two birds with one stone by installing both a chip-reading platform and an NFC-capable payment terminal.
While some are skeptical that the trend will take off, others point out that the technology has not been implemented by a company as widely influential as Apple until now.
"You start to build the habit and then that's what builds the tipping point," Silvio Tavares, chief executive of the CardLinx Association, a payments industry group, told the Wall Street Journal. "If anyone can do it, Apple can."
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