Mobile payment options have met with much resistance but eventually everyone will realize it will soon become a standard. The two major players in mobile payments are Google and Apple. The #1 and #2 mobile device market share holders literally have millions of users who can take advantage of mobile payments. Australian banks have finally inked a deal that will allow their customers to use Android Pay and it comes ahead of any deal made with Apple for Apple Pay. With the banks making this deal with Google first, it gives them a bit of leverage over the deal with Apple. Apple is notorious for hard-nosed negotiations and squeezing as much as they can from an agreement. With Google in the door, it’s likely Apple will modify their approach.
Android Pay will support both MasterCard and Visa credit and debit cards, Pali Bhat, director of product management at Google wrote in a blog post Wednesday. Consumer favorites like McDonald’s Corp (MCD.N) and Domino’s Pizza (DMP.AX) have also signed up, Google said, enhancing Android Pay’s appeal.
Mobile payments are still low on the scale of payment methods used in the US, a survey by Verifone and Wakefield Research published in January 2015 says mobile payments accounted for 4% of the retail market. So while that number is still low, Google and Apple both know that the future is in mobile payment methods and are working to position their brands for optimal success when it happens.
Do you use a mobile payment method? Let us know in the comments below or on Google+, Facebook and Twitter.Source: Reuters