Apple expected to face tough competition in mobile payments

This Friday the Apple
iPhone 6 is set to hit the shelves in Europe amid much fanfare and media
attention. As Apple’s share of the smartphone market faces stiff competition
from the likes of Android and Samsung, the company has decided to enter the
final frontier of eCommerce, which is mobile commerce, with Apple Pay. This
bold move to enter an already crowded mobile payments market has met with
scepticism from some industry observers.

The eCommerce landscape in mobile payments is expected to be
worth more than £721 billion by 2017. The sector is already saturated by a
variety of different players including banks, retailers, and technology
companies all offering their own solutions, leaving companies and merchants
with a bewildering array of options.

Dan Wagner, eCommerce veteran, CEO and founder of Powa
Technologies, comments: “Consumers are finding themselves increasingly swamped
by mobile payment apps. They don’t want thousands of different apps that can
each be used in a couple of different places – they want one universal app they
know they can use anywhere. Just as wallets are stuffed with store cards, users
are being asked to fill their smartphones with individual payment apps they
will rarely use.”

“Retailers are likewise faced with the difficult decision of
which mobile payment service to choose, with no assurance that the system will
go the distance and be worth the investment. Without a clear and universal
choice, how can they be sure they have picked a VHS and not a Betamax?”

Dan concludes, “Consumers will be seduced by the ease and
convenience of using one app across all platforms and the winner will be the
app that secures universal adoption right across the retail landscape.”

Powa Technologies’ PowaTag app offers a union of different
technologies fused into one application – consumers need to only download one
app and the service requires no infrastructure costs on the part of retailers,
and allows for seamless adoption into current retailer
infrastructure. Such mass market potential has already resulted in the
PowaTag working with over 800 international retailers and brands who are laying
the foundations for the next wave of the retail revolution.

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