Apple Inc. (NASDAQ:AAPL)’s Apple Pay Could Leverage On PayPal Here For Growth In The SME Segment
There is a strong chance that Apple Inc. (NASDAQ:AAPL) could get over one of the major challenges that have held back widespread adoption of Apple Pay. PayPal Holdings Inc (NASDAQ:PYPL) has come up with what it calls the PayPal Here card reader, which Apple can tap to accelerate adoption of its mobile payments service among small and medium businesses. Many small merchants haven’t introduced Apple Pay in their stores because they lack supportive payment systems, and upgrading is expensive.
Apple Inc. (NASDAQ:AAPL) is on the verge of getting a shot in the arm with its Apple Pay service thanks to the PayPal Here reader. Wider rollout of PayPal Here will enable a large number of SMEs to accept Apple Pay in their stores.
Cheap card reader
PayPal has come up with PayPal Here hardware as an affordable card reader targeting small businesses or those that run seasonal businesses. The PayPal Here card reader has an accompanying app that can be installed on a smartphone or tablet device.
Introduction of the PayPal Here reader comes out of the realization that many vendors haven’t updated their payment terminals. One of the main reasons for that is that vendors feel that updating terminals is an expensive affair that is better delayed as long as existing systems are working.
However, PayPal Here is a low-cost and secure reader that should get vendors of all sizes upgrading their payment systems. In that process, opportunities are opening up for Apple Inc. (NASDAQ:AAPL). The company can have Apple Pay adopted by more small merchants who previously couldn’t do it because they lacked compatible systems.
Accelerating Apple Pay adoption
Apple Inc. (NASDAQ:AAPL)’s Apple Pay has been launched in some 700,000 stores in the U.S., especially those operated by large retailers. However, tapping into PayPal Here readers should help to significantly and rapidly expand Apple Pay adoption among vendors.
Support for Android Pay
PayPal Here readers use NFC and that means that, besides Apple Pay, it can also support Google Inc (NASDAQ:GOOG)’s Android Pay when it launches.
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