Apple Pay: Manage Your Excitement

So what does this mean? The iPhone's mobile payment capabilities will change retail as we know it … eventually. Here's how I think it will do it.

1. Convenience: It all boils down to convenience. Apple Pay's combination of Touch ID and NFC capabilities not only eliminates the need for consumers to open their physical wallet and swipe a credit card, it also removes the need for payment details, user names and passwords to be manually entered at the point of sale. Retailers that have embraced advanced payment methods (e.g., early adopters of chip-and-PIN, biometrics or NFC capabilities in Android devices) have been known to accelerate the checkout process, potentially leading to higher store productivity and increased profits.