14 November 2014
Apple Pay’s enrollment of 15 goliath financial institutions is causing experts to wonder about the possible impact on excluded banks. “In the short term, nothing will happen to excluded financial institutions,” Michele Orndorff, financial services and retail industry strategist at Kurt Salmon, told TheStreet. Orndorff expects mobile payments to gel in 2015 as many retailers upgrade terminals to be compliant with new standards from Visa and MasterCard regarding EMV. At least some retailers will use that opportunity to also upgrade to NFC-capable terminals, letting them accept Apple Pay, Google Wallet, Softcard and any other near-field communication–driven payments technology. But that timeline gives financial institutions breathing room, by Orndorff’s reckoning.