There is a lot of buzz about Apple Pay and its potential applications and implications. Personally, I wish they had called it "iPay," but unfortunately they didn't consult me about the name.
Many speculate that Apple Pay will revolutionize the payments industry and may even replace traditional wallets. However, others report on potential security and business implications that could hinder its success.
As one of many early-adopters who pre-ordered an iPhone 6, I decided to dig deeper into the news and rumors about the soon-to-be-released Apple Pay. Overall, the outlook for Apple Pay seems promising, but will it live up to the expectations and actually catch on?
To me, it sounds great—I could ditch my traditional wallet and free up some space in my purse? Sign me up! But, in recent years, plenty of other mobile payment methods have come and gone—think of the credit cards that only require a "tap" on card readers, key chain sized cards, Google Wallet, and others. If none of those novel, convenient payment methods took hold, what makes Apple Pay different? The jury is still out.
Read on to learn more about how Apple Pay will impact DC businesses, including security benefits and concerns, as well as implications for BYOD.