Apple has a long history of making things work that others have previously tried. With the iPod and the iPad, Apple brought ideas to life that many smart people had been banging away at for a while. The latest attempt to succeed where others have stalled is in the area of the mobile wallet. Almost every company who has a direct relationship with consumers will have to come to terms with Apple’s mobile payment system (called Apple Pay), either adopting it, or rejecting it for a good reason.
This story provides a high level guide to Apple Pay, explaining where the technology will be a good fit and where it will fall short. The bottom line: Using Apple Pay, like using other third party mobile wallets, has one huge flaw: You give up the direct relationship with the customer. If you are seeking to do more than accept money from consumers you must have a way, besides Apple Pay, of creating and maintaining that direct relationship in a mutually beneficial manner.