Everyone expected that mobile payments would grow rapidly, but technical and business complexities slowed adoption to a crawl. As time progressed, the payments industry recognized that adoption would require a kick start from an industry giant. Google couldn’t move the market, several mobile carriers that banded together to ignite the market were unable to do so, and early efforts by the global brands failed. But when Apple, the global brands, and several large banks announced Apple Pay, low and behold the market opened and a new model for mobile payments based on tokenization appeared. This Mercator Advisory Group white paper explains tokenization technology in general, the Apple Pay implementation unique to Apple, and the new payment industry business arrangements constructed around Apple Pay that may shape the payments landscape well into the future—albeit with consequences.
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