Apple Pay receives a most unexpected endorsement

One of Apple’s most recent products already has an
unexpected fan from the competition, who is counting on
Apple Pay to help the still-struggling NFC wireless payments
business become popular with more and more smartphone
users across platforms.
In an interview with Bloomberg, Microsoft cofounder Bill
Gates acknowledged that Apple Pay is a “fantastic” idea for
the smartphone business, saying that Apple will indirectly
help its rivals further grow their own contactless payment
products.
“Apple Pay’s a great example of how a cell phone that
identifies its user in a pretty strong way lets you make a
transaction that should be very, very inexpensive,” Gates
said. “So the fact that in any application I can buy something,
that’s fantastic. The fact I don’t need a physical card
anymore, I just do that transaction and you’re going to be
quite sure about who it is on the other end, that is a real
contribution.”
“And all the platforms, whether it’s Apple’s or Google’s or
Microsoft, you’ll see this payment capability get built in.
That’s built on industry standard protocols, NFC,” he
continued. “And these companies have all participated in
getting those going. Apple will help make sure it gets to
critical mass for all the devices.”
At the same time, Microsoft’s co-founder also said he’s
working on bringing mobile banking solutions for small
amounts of money to developing nations, an endeavor for
which Apple Pay is not exactly a great fit yet.
“No, [Tim Cook’s help isn’t needed].” Gates said. “The – the
kind of basic things underneath aren’t the things that Apple
Pay was involved in.Apple Pay will take anybody they’ve
signed up for the payment instrument. So they’re not
involved in driving the efficiency and the super, super low
fees for low amounts of money. Now of course when we get
these things as they branch out into other countries, having
interoperability for people who happen to buy their devices
will be worth doing.”
The full video interview follows below.
VIA:
BUSINESS INSIDER
SOURCE:
BLOOMBERG

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