In these mobile times in which we now live, it is no surprise that in a recent study, more people stated that if running late after leaving home, they would turn back home to grab their cell phones as compared to their wallets. Now, with the recent introduction of ApplePay that enables making purchases DIRECTLY from your mobile phone without the hassle of whipping out cash or credit card, the wallet is on its way to being obsolete.
I kid, of course, kinda, sorta but this type of technology, if widely adopted, has disruptive potential to shake up old industries and revolutionize business as usual across very many industries.
As with all technologies that disrupt business as usual and shake up how things used to be, there will be tremendous challenges on the road to the wide-scale adoption of mobile pay in general and ApplePay in particular. The adoption rate will likely be slow at first as there must be the right mix of industry leading and influential brands on board as well as a high enough number of their customers demanding the convenience and security of mobile payments to throw out the old and introduce a new way of doing things. As businesses and customers dip their toes into the mobile pay waters, if the water is not too hot and not too cold but “just right” and the process is virtually seamless for both customer and business, then expect that adoption rate to grow linearly at first then rapid exponential growth as time goes by. Very few like to be first in anything, to go against the grain and against convention. For both businesses and consumers, the vast majority are followers. Only the innovators and the top influencers are seated at the mobile pay table today, as all the kinks are being worked out in real time. Expect a flood of businesses and customers to rush to the table, like last call at an “all you can eat” buffet, once it becomes clear the tremendous benefits, convenience, and savings that are enabled minus the primary concerns, with security being at the top of that list.
Certainly we are a LOOOOOOOOOOONG way away from burning our wallets and more than likely that day will never come. Mobile Pay will be added to the list of cash, credit cards, debit cards, checks (assuming you can still find someone who still takes check) as valid forms of payment. The more convenient mechanisms that businesses make available for them to be paid by consumers, the more likely that consumers will make a purchase. Adding Apple Pay to the list of acceptable forms of payment, will ultimately be a win for businesses. You remember that famous American Express slogan, “Don’t leave home without it” ? Who would’ve known when that slogan first hit the airwaves decades ago, that “it” would instead be referring to these things called “mobile phones”, which had not yet existed in any form of widespread acceptance in those times ? Today, virtually none of us ever leave home without our mobile phones. Thanks now to ApplePay among many other must-haves, the likelihood that we in fact will NEVER leave home without our mobiles, is pretty much ONE HUNDRED THOUSAND PERCENT !!