Apple (NASDAQ AAPL) Update: Apple Pay the Next Big Thing?

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Ever since the dawn of the age of computers, computing technology has slowly been integrating its way into our lives. First computers entered into the business sphere and universities, then personal homes, then laptops found their way into our backpacks and brief cases. Most recently, with the smartphone revolution, they moved into our pockets.

Now, Apple Pay is aiming to put smartphones in our wallet, or perhaps more accurately, put our wallets in our smartphones. The Apple Pay system, which looks set for a large nation-wide roll out, will allow iPhone users to essentially use their iPhones as a debit or credit card. This payment-phone integration hints at the increasing integration of smartphones into our lives.

Apple Inc (NASDAQ AAPL) launched the smartphone revolution with its first iPhone model and has remained among the primary trend setters of the industry ever since. Arguably, however, Google may have determined the ultimate future trajectory of the mobile phone market with its Android operating system that is free for users and companies to use, but generates revenues through other fees.

Apple Inc (NASDAQ AAPL): Apple Pay

To be clear, Apple Pay won’t be the first NFC smartphone. Google Inc (NASDAQ GOOG) has already rolled out similar services, but so far adoption rates have been low. Apple, on the other hand, has already secured agreements with over 200,000 different stores, businesses, and restaurants. McDonald’s Corporation (NYSE MCD), Panera Bread Co (NASDAQ PNRA), and Walgreen Company (NYSE WAG) are just some of the biggest names to announce that they’ll accept Apple Pay.

The iPhone 6 may have garnered the most attention, and the Apple Watch may have raised the most eyebrows, but ultimately the biggest announcement was Apple Pay. The payment system will allow iPhone users to use their smartphone in lieu of their debit and credit cards. The system will be set up with ease of use in mind. Simply take a picture of your credit card and confirm that you’re indeed the owner, and your cards will be linked to your phone.

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Importantly, Apple Pay will also offer additional security features, such as requiring biometric scans, and allowing people to avoid the risk of card skimmers (devices that steal info at the point of sale). Given the massive number of security breaches in the last few years, many consumers will be more than amenable to extra security features.

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