There are many in the payment industry that believe Apple is the linchpin to the future of mobile payments. As one of the most influential technology companies in the world, the business landscape has shifted several times because of new devices and services that the company has introduced, and if it were to bring a mobile payment solution to market, it could change everything.
At this year's Worldwide Developers Conversation, the eyes of the payment industry were on CEO Tim Cook, hoping that some kind of digital wallet would be announced as part of iOS 8. Unfortunately, like many events through the years, that was not to be the case, but there were some announcements that could point to the future plans of the company when it comes to mobile payments.
The biggest and most direct one is the fact that Apple has finally allowed third party developers access to the Touch ID fingerprint scanner so they can incorporate it into their apps. That means a mobile wallet application can now be authenticated through a swipe of the finger instead of signing in and entering passcodes, which can be time consuming when standing at the register.
This is a major step for creating some kind of mobile payment platform. It would help improve mobile payment processing software by creating a secure way to access funds and transfer them when at the point of sale terminal. Processing companies will also need to be aware of what is going so they can offer the kinds of solutions that businesses will be seeking.