Although Apple Pay was designed to work exclusively with U.S. credit cards, it can be used to pay for goods and services in other countries. Just two days ago, the Cupertino-based tech giant launched Apple Pay via the iOS 8.1 update.
Apple Pay to transform the future
This means the new iPhone 6 and iPhone 6 Plus can now be used to replace plastic cards at the checkout. It also makes online shopping simpler. Apple Inc. (NASDAQ:AAPL) says there are about 220,000 retail stores and restaurants that have NFC terminals in the United States. Apple Pay is limited to the new iPhones because these devices contain the new NFC tech. Users still have to set up their credit card or debit card information before using it.
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Some users in the United Arab Emirates and other places claim they have been able to use Apple Pay with success. This has worked for people who live in foreign countries as well as U.S. citizens traveling abroad. Sometime in the not-so distant future, Apple Pay will launch in Europe.
Steve Perry, Visa Europe’s chief digital officer, explained “We are working closely with Apple and with our member banks to bring the new service to market in Europe.”
Apple Pay could launch in China soon
Apple Pay may even launch in China. Last month there was a report China state-backed bank association UnionPay already made an agreement to support Apple Pay. If the Cupertino-based tech giant really wants Apple Pay to succeed, it is necessary to launch the service in more countries. Of course, this will probably take awhile as Apple needs to work with banks and other financial institutions. Retailers would also have to set up NFC terminals for Apple Pay.
This could be a huge opportunity for Apple and the entire financial industry. Mobile phones have already shaped society and transformed many technologies.