The problem with some of the mobile payment solutions out there is that they require that retailers and vendors adopt new hardware or software. It might not necessarily be an issue for larger retailers, but for smaller companies, it could be an additional cost that they might want to pay.
However, the good news for Apple Pay customers is that it seems that Apple has acquired a startup called Mobeewave. If you’re unfamiliar with Mobeewave, they are a startup that has developed technology that allows a mobile device like an iPhone to double up as a mobile payments terminal through the use of NFC.
This means that smaller retailers can use existing mobile devices like their iPhones to turn it into a payment terminal for Apple Pay. It also means that more retailers could support Apple Pay, potentially even roadside vendors who can use their iPhones to accept mobile payments. This is actually not a new concept as Square has in the past created similar solutions.
However, it did require retailers to have additional hardware, whereas Mobeewave’s tech would not. It could also make it easy to make P2P payments, thus making meetups more secure when purchasing from sellers on platforms Craigslist or Facebook, or making it easier to transfer money to your friends.