There have been attempts in the past to create mobile payment services. For example we know that Google has Google Wallet, some of the carriers have teamed up with credit card companies to create Softcard (formerly known as Isis), and now Apple has entered the fray with Apple Pay.
With so many options available, could there be one system that will prevail over the rest? We guess we will just have to wait and see as more consumers are starting to adopt the technology, but in the meantime it seems that Microsoft’s co-founder Bill Gates has nothing but good things to say about Apple Pay.
Speaking to the folks at Bloomberg, Gates was quoted as saying, “Apple Pay is a great example of how a cell phone that identifies its user in a pretty strong way lets you make a transaction that should be very, very inexpensive.”
He also adds, “So the fact that in any application I can buy something, that’s fantastic. The fact I don’t need a physical card anymore, I just do that transaction and you’re going to be quite sure about who it is on the other end, that is a real contribution.” Of course not everyone is as thrilled about Apple Pay.
PayPal had recently released an ad that questioned the security of Apple Pay, but like we said, only time will tell if whether one of these systems will end up prevailing over the competition and set a new standard.