Articles It takes patience to get timing right. Apple waited for the right time, which is more important than being first.
With Apple Pay, a Push Into Mobile Payments by Mike Isaac, The New York Times
The timing may be right, too. Merchants are up against a mandate to swap out their payment terminal infrastructure to accept a more secure chip form of transaction by the end of next year. If enough people want to use Apple Pay, merchants could have the incentive to install hardware to process mobile transactions, long one of the hurdles to the rise of paying with phones.
Apple Pay naysayers are not only missing the point of Apple Pay as it stands today, but also that it's likely one piece in a larger vision.
Apple Payments and Smart Watches: Just the Beginning by Ben Bajarin, Tech.pinions
I’ve been saying for a while we are on the cusp of the era of digital identity. We will increasingly move our analog banking, payments, identification, and more into the digital realm...Apple took the first step in this direction with Touch ID last year with the launch of the iPhone 5s. They have taken another step now with Apple Pay.
- TechCrunch as a video of Apple Pay in action that is well worth watching.
- Per Bloomberg, Apple will reportedly earn fees from banks when customers use Apple Pay.
Benedict Evans has some good thoughts on Apple Pay on the September 9th edition of the a16z podcast (Apple Pay discussion starts at the 5:30 mark).