So another week goes by in the world of TMT. Hang on; it was not just any week but an Apple keynote event week! An Apple keynote often draws a fine line comparison with religious fanaticism with the now routine internet build up and media reporting on the event, like it’s the Superbowl or World Cup final (depending on what shape of ball you follow).
Amongst all of the announcements, many (including me) believe that the Apple Pay will be the one with the longest and greatest financial impact to the world of Apple Inc. Apple Pay allows (assuming you have the newest iPhone of course) for your iPhone to act as a payment device for either contactless payment at tills or through easy verification when making mobile transactions.
What is the big deal you may ask? Apple has taken a concept that is widely known but little used, wrapped it into its own magic packaging, and opened it up to the masses. It will take some time but rest assured many of us will literally be ringing the tills with our ever clever smartphones.
The mobile payments and security segments are already red hot. It will be fascinating to see how the other players react, not least the other mobile OS’. For now, hold on (even more) tightly to your smartphones.
By Alper Dervish, 11-09-2014