Name: Is Apple Pay a game changer?
Uploaded: 2014-09-12
Duration: 1 min 56 s
Description: Is Apple Pay a game changer?

Alongside the glitzy debut of Apple's latest phones and it's first watch came Apple Pay, a complimentary software feature for easy mobile payments. Apple Pay uses the NFC chips built in to the latest iPhones, reads user's fingerprints for added security and can link to the existing iTunes. Credit card accounts of Apple customers. Apple says the idea is to make paying for things as easy as waving a phone or tapping a button. No more dealing with a pile of credit cards or filling out online shipping information. Analysts who talked to CNET sited its wide reach and ease- of- use, suggesting Apple Pay could be a game changer for Apple's business, but a writer for the New York Times suggests Apple Pay is a solution to a problem that really isn't a problem. The core challenge Apple faces is that buying things with a credit card isn't nearly as onerous a process as they make it out to be. There's also the hardware. Apple pay is only compatible with the sixth generation of iPhone and the Apple watch. So the barrier to entry is a minimum of $ 199 plus carrier contract fees. Apple will also be competing with other payment solutions. Companies like Square have already taken a crack at streamlining the act of paying for things. But Square at least isn't worried about starting a market share battle with Apple. The CBC quotes Square CEO Jack Dorsey. They're building something that allows a credit card to be used in another place, but they're not building a terminal. We are a terminal. We are a register and we accept payment. So, there's no threat. There's no competition there at all. And Apple might've built in its market advantage. Anyone with one of Apple's new devices is a potential Apply Pay user. There's just a matter of getting one's hands on a new iPhone. Online preorders were still flakey as of Thursday morning. The large screened iPhone 6 plus is already sold out for three to four weeks, and the Apple Watch won't be on the market until sometime next year.