Confirming rumors and leaks, Apple announced this morning that the new iPhone 6 devices will support mobile payments. The feature, which also uses Apple’s Touch ID, will take advantage of NFC technology. That means users will be able to pay for goods and others services in the real world using the payment information already associated with their iTunes accounts.
That, in fact, is Apple’s biggest advantage in entering the mobile payments market where competitors like PayPal, Google and the mobile operators themselves already offer their own mobile payment solutions, some of which also involve NFC technology.
Today, Apple has over 800 million registered users, some portion of which will upgrade to the iPhone 6 devices. Though that shift may not happen overnight, eventually users will upgrade as their contracts expire and Apple continues to release new features that draw users in.
Apple CEO Tim Cook today said that there are $12 billion in daily U.S. transactions, illustrating the size of this business.
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