Future of Apple Pay Market Emerging

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Future of Apple Pay Market Emerging Opportunities, Key
Trends, Size, Drivers, Outlook, Strategies, Products and
Competitive Landscape
Apple Pay is a major milestone in the evolution of mobile payments, partly as it bears what Forbes lists
as the world's most valuable brand. Apple Pay is seen by many as an inflection point, and its
development over the next three to five years has the potential to shape the payments industry for
decades to come. According to Apple CEO Tim Cook, Apple only ventures into areas where it can control
the primary technology, which perhaps hints at Apple's plans in the payment industry.
Apple's current business model follows a cooperative approach, with almost all major card networks,
issuers and acquirers supporting the launch of Apple Pay. EMV migration in the US plays a pivotal role in
Apple Pay's adoption. Merchants are in the process of upgrading their POS terminals to EMV, which in
most cases will also comprise NFC hardware (NFC-capable terminals). These terminals only require a
simple software upgrade to be activated (NFC-enabled terminals). POS vendors and acquirers are
expected to offer bundled deals for merchants to simultaneously upgrade their terminals to EMV and
NFC, resulting in an accelerated expansion of NFC acceptance.
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Key Highlights
Apple Pay has attracted the interest of the payments industry and the public in mobile payments and
NFC technology. Although it has not introduced a genuinely new technology, it has been successful in
combining existing technology such as Secure Element (SE), tokens and biometric authentication to
develop a new payment solution. From a marketing and distribution perspective, Apple Pay benefits
greatly from Apple's brand and technology platform.
Table Of Content
1 Executive Summary
2 Demystifying Apple Pay
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2.1 Driving Factors and Challenges
2.2 Is Apple Pay an Innovation or Permeation?
3 Impact on Payment Security
3.1 The State of Card Fraud in the US
3.2 Apple Pay's Impact on Card Security
4 The Secure Element vs Host Card Emulation Conundrum
5 Competitive Landscape in the US and Beyond
5.1 The US
5.2 Penetration and Competition outside the US
5.2.1 Potential markets for Apple Pay
5.2.2 Competition to Apple Pay outside the US
6 Are Consumers and Merchants Ready to Accept Apple Pay?
7 Apple Pay - Impact on Key Market Participants
7.1 International Card Networks
7.2 Card Issuers
7.3 POS and Technology Vendors
7.4 Main Competitors in Mobile Payments
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