Apple, want to take advantage of the millions of credit cards data from iTunes and App Store customers to create its own mobile wallet.
In this perspective, The tech giant is partnering with American Express, Visa & MasterCard.
Apple’s new iPhone payments system will allow iPhone 6 owners to use their phones in place of credit cards, debit cards or cash to pay for goods in brick-and-mortar stores.
Many other companies have tried to a launch a mobile wallet and failed to get the needed traction … including Google that introduced Google wallet in 2011.
But Apple have some advantages over the others, that might make the iPhone wallet work, these advantages are mainly:
1-The iPhone market share in the U.S. which is bigger than the other smartphones market share.
2- Apple already has millions of financial data associated with it’s users accounts.
3- The iPhone 5 and newer iPhones come with Touch ID fingerprint Scanner, making transactions secure by confirming authenticity of owner.