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Apple is Taking Slow and Steady Approach to Mobile Payments

iOS 6 - Passbook - iPhone - Press - 001Apple is in no hurry to jump into the developing NFC market, a Wall Street Report said on Friday. Despite rivals Google and Microsoft either offering or planning to offer a digital-wallet solution, Apple is biding its time before it introduces a service more comprehensive than Passbook, which the company unveiled in June.

Right now, Apple is deliberately taking a wait-and-see approach to the market. But once consumers begin to more widely adopt the technology, Apple will “come out swinging,” WSJ said; many industry watchers believe the business model will be more sound in 18 months or so. When the moment is right, Apple’s more than 200 million iPhone and 400 million credit-card accounts will surely give the company an advantage.

“What [Apple] essentially [has] is everything you would store in a physical wallet apart from the cards,” said Nick Holland of the Yankee Group when commenting about Passbook. “I imagine Apple will layer physical world payments as a future capability.” Just don’t expect it anytime soon.

Google Wallet has been on the market for over a year, and despite the giant’s credentials, the service has yet to make it onto any Verizon, AT&T and T-Mobile devices. That’s because the three carriers are currently developing their own digital-wallet solution, dubbed Isis.

There’s certainly an impasse at the moment, and the prospect of mobile payments is just too nascent of a market to take part of. At least from Apple’s perspective. However, the building blocks are certainly there in the form of Passbook.

[via Wall Street Journal]


Brandon Russell

Brandon Russell enjoys writing about technology and entertainment. When he's not watching Back to the Future, you can find him on a hike or watching...

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