Mobile payments are getting a lot of mainstream attention, as they allow everyday consumers to make payments in a far more convenient manner. Despite the early adoption of solutions such as Apple Pay, very few people are effectively using mobile payments right now. When even one of the biggest companies in the world can’t make consumers appreciate mobile payment solutions, things are looking quite good for Bitcoin.
One of the major misconceptions regarding Apple Pay is how this is not a new form of payments by any means. Apple Pay uses old, defunct payment systems such as plastic cards, and combines it with [somewhat] new technology. While this combination is a slightly more convenient way of paying, the same restrictions apply regarding participating banks and upgraded payment terminals.
By storing such sensitive financial data on a mobile device, the question became whether or not Apple was doing enough to encrypt payment details. For quite some time, the company refused to comment on how they were protecting financial data, which caused a lot of concern and frustration among Apple Pay users in the early days.
But that is not the only issue Apple Pay is facing, as the service still doesn’t accept every individual plastic card in the US. Part of this depends on participating banks, and whether or not the card is officially listed as “compatible”. Despite all of that, users are regularly faced with cards that can’t be added to the mobile payment solution for some unknown reason.
Solutions like Apple Pay will stand or fall based on retailer adoption. Before a merchant can accept Apple Pay, they will need to upgrade the payment terminals, which brings forth an additional cost. For smaller businesses, this cost cannot be justified, and even larger businesses are not seeing the value in Apple Pay in its current state.
Last but not last, Apple Pay transactions can get declined randomly without any proper indication as to why this is happening. Swiping the physical card during checkout will work in most cases, only adding to the mysterious workings of Apple Pay itself. As a result, a fair few consumers will stop using this buggy mobile payment solution altogether, and stick to plastic cards for the time being.
Unlike Apple Pay, Bitcoin offers a completely different experience. Since there is no meddling by banks nor any payment terminals to upgrade, Bitcoin is an open ecosystem anyone can enter without additional costs. However, just like Apple Pay, Bitcoin adoption is rather slow, and it will take some time before it becomes a mainstream form of payment.
However, from the look of things, Bitcoin has a better chance of being embraced by mainstream consumers, compared to Apple Pay or any other mobile payment alternative. Because digital currency does not rely on banks or central institutions, it can be used anywhere in the world at any given time, without exchange rates or different fee structures to worry about.
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