Mobile app developer, b2cloud, characterises the introduction of Apple Pay as a "huge wake-up call" for the Australian payment market.
In a world of secure smartphones and wearables that allows people to pay digitally, founder and managing director, Josh Guest, said Apple Pay demonstrates traditional methods of payment are becoming obsolete. "Unlike the US, where the technology is already being rolled out and companies are trying to catch-up, the Australian market now has the opportunity to prepare for its introduction," he said.
"This means banks and other financial institutions can start educating retailers and customers on the new payment system and help them transition into the card-less economy." When a new technology enters the market, Guest said it is companies that adopt and innovate first that reap the benefits.
"With Apple Pay, we are expecting the pattern to repeat itself," he said.
Opportunity to prepare
When Apple Pay reaches Australia sometime in the future, Guest expects local retailers with existing PayWave terminals and technology to accept payments.
However, he warns against using this as an excuse to "sit idly and do nothing," and instead use the time to ensure point-of-sales system are up to date.
"Those with smartphone applications need to properly integrate Apple Pay capabilities into their apps so they continue to be relevant and worth-while," Guest said.
The way retailers integrate the technology, especially in a way that genuinely provides value to the customer, is also expected to influence local adoption of mobile payments.
"It is hard to imagine retailers not wanting to make themselves Apple Pay ready, considering mobile and wearable payment systems provide invaluable data and insight into their customers and how they actually do their shopping," Guest said.
By leveraging this data, Guest said the opportunity for retailers is in offering more personalised products and services, as well as forging stronger relationships with their customers.
Patrick Budmar covers consumer and enterprise technology breaking news for IDG Communications. Follow Patrick on Twitter at @patrick_budmar.