Apple Pay is going to be added in browsers, which means people can use Apple Pay through Safari on iPhone and iPad. Shopping on mobile is actually complicated and slow, which turns off users. Users do most of their shopping within a browser even though they spend more time on apps when on their smartphones. According to Google, 48% of consumers start their shopping research on search engines compared to 33% on brands' websites and 26% in apps.
As the development of technology, electronic payment methods largely reduce the money demand. People intend to shop in using different methods rather than in cash. In this case, I believe that the Apple Pay in-browser function would attract more users to start use it. People could shop immediately when they find something they want on smartphone. They don't need to turn off their smartphone and turn on laptops to purchase.
http://www.businessinsider.com/apple-pay-in-browsers-could-boost-us-adoption-2016-3
I agree that Apple Pay will entice more consumers to shop while using their smartphones. I think it will be interesting the magnitude this change will have on the proportion of consumers that utilize electronic payment. Do you think this will have a significant affect on the money demand on its own, or do you think it speaks more so to a growing trend in our economy for the future?
ReplyDeleteApple Pay and other forms of mobile payments are becoming more popular among consumers. It is a quicker and more efficient way of paying and many companies already accept it. United Dairy Farms is actually planning on accepting Apple Pay within the next year. It will be interesting to see how this trend plays out and the effects it has on our economy.
ReplyDeleteGoing off what Will said, I think this just the next step in a long running trend moving away from physical cash. I find it interesting that Apply Pay is moving forward to a more open platform during a time where government access to our electronic information is becoming a major topic and point of discussion in polotics with the recent case that has the government asking for a backdoor into all iphone models.
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I can see this trend where consumers move away to a more digital currencey hitting major speedbumps until information about security increases, as we saw how a drop in consumer confidence caused by identity fruad had a noticeable effect on the economy, the same can happen in the secuirty of our phones comes into question, especiually if now our debit and credit cards are one them. If anything, with the amount of important and personal information we know have on cell phones, security and encryption should be increasing to keep up with peoples demand for privacy.
I agree that as we increase use of digital currency we need to also look into security concerns as well. I definitely think identity fraud and theft could become a major issue that might put consumer confidence at risk. Apple pay coming to smartphones has the potential to increase the use of digital currency and make it even more of a target for theft, so security measures should be increased with popularity and usage.
ReplyDeleteWith what Munir said, I think that this won't really change the money demand that much. I have gone to UDF a lot here at Owu and I think that many people use their credit card or debit card anyways that it won't have an effect on money demand. I also think that for the people that use cash still, it won't cause them to turn to pay with their smartphone. I think this will help people shop for clothing and make it easier to buy things on the move.
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