Companies are tripping over each other to adopt Apple Pay

Apple Pay is Apple’s latest service in which they will allow iPhone 6 and Apple Watch owners pay for their purchases at retail stores using their phone or their watch. Apple is definitely not the first to the scene with a mobile payment solution, but apparently Apple’s entrance has managed to stir up a lot of interest in the industry. According to a report from Reuters, it seems that many companies and banks out there are rushing to try and out-do each other in terms of promoting their support for Apple Pay. When the service was announced, Apple revealed that they had managed to get several big names on board, but now according to the report, more companies are rushing to the table so as not to be left behind.

In the hype-fueled technology industry, “revolutionary” is a word in danger of losing its meaning. But Apple Inc’s (AAPL.O) new mobile payments system – unveiled just ten days ago – is already winning over the heavyweights of the financial industry and signaling the likely demise of lesser payment alternatives. Its secret? Apple Pay preserves many existing relationships while inserting a new dominant player – itself – as kingmaker. Its potential audience? The 800 million Apple users who have already connected credit and debit cards to iTunes accounts. “Apple’s approach appears to be collaborative with traditional payment networks, instead of competitive, and it’s much less disruptive,” says Nathalie Reinelt, a payments expert with banking consultancy Aite Group. Apple Pay allows consumers using new Apple phones or soon-to-be-released tablets and smartwatches to buy things by simply holding the device up to readers installed by store merchants. Launched on Friday in the new iPhone 6s, it was first unveiled on Sept 9, when the giants of the credit card industry – Visa (V.N), MasterCard (MA.N) and American Express (AXP.N) – declared their commitment to making the Apple service work.