Cold, hard cash and magnetic-strip credit/debit cards took on a more antiquated look in November as Apple Pay instantly out-performed all other mobile wallet services and positioned itself as the Pied Piper of wireless point-of-sale payments. Meanwhile, in less than a year, credit/debit cards will be “dipped” or “tapped” instead of “swiped” because they will have built-in computer chips and wireless antennas. The immediate future of in-store payments appears to be electromagnetic waves.
For several years, near-field communication (NFC) terminals have all but gathered dust on retailers’ counters as services like Google Wallet and Softcard (f/k/a ISIS) failed to win consumer confidence. On Oct. 20, 2014, Apple Pay debuted and took the market by storm, racking up unprecedented mobile wallet transaction counts at retailers like McDonalds, Whole Foods, and Walgreens.
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