While mobile payments and digital wallets have been in use for some time now, industry experts believe that the tipping point has not yet arrived. Apple’s entry into the mobile payments space using Near Field Communications (NFC) technology has generated a lot of debate. Considering the introduction of tokenization guidelines by EMVCo in early 2014, Apple Pay’s entry into the payment landscape in September 2014 seems quite well timed. With some US banks and three major payment networks driving this initiative, industry stakeholders are speculating on its likely success and its impact on the payment industry.
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