Apple Reportedly in Talks with Nordstrom about Mobile Payments

by Istvan Fekete on September 3, 2014

Since Apple sent out invites for an event scheduled for September 9, multiple signs have pointed to an NFC chip being built into the forthcoming iPhone, and the media has been hot with reports about Apple stepping into the world of mobile payments.

The latest buzz around Apple and mobile payments is Bank Innovation’s report of Nordstrom being in talks about becoming one of Apple’s early merchant partners when, as sources have suggested, the company unveils its new payment platform.

As you may already know, there are multiple mobile payment methods out there: NFC (used by NFC-capable Android phones), point-of-sale terminals (POS), and mobile point-of-sale terminal providers such as Square, PayPal, etc.

These solutions allow users to pay for goods and services using their phone or credit card: mPOS solutions are mostly used by small and medium-sized businesses that didn’t want to invest in a costly POS terminal, due to their lack of mobility and high maintenance costs.

By opting for any of the above mobile payment solutions, users can pay for goods in-store without the need for a PIN code or signature, but that’s limited to small amounts only – usually up to $25.

So, if we take a look at the mobile payment landscape, we can see that it is fragmented by different solutions offering different type of services for different processing fees, etc.

If the rumours are true, and Apple will indeed launch its own mobile payment system – North America is ready for that, a recent PayPal survey says – it will aim to homogenize that landscape, offering a solution for those using the iOS platform.

We must not forget that iOS has been considered one of the most secure mobile operating systems, which is why most mPOS solutions were optimized for iOS first. So, will Apple launch its own mobile payment platform? We’ll find out soon.

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Written by: Istvan Fekete. Follow by: RSS, Twitter, Facebook, or YouTube.

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