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Denee Carrington of Forrester Research weighs in on the future of the mobile payment market.
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Payment industry is growing rapidly -- apple is inching closer to getting into that market him and next guest says that when that happens it'll be a game changer joining me now from Forrester Research.
Is senior analyst.
Did -- Carrington thank you for joining us today and -- -- so give us what's the evidence say your picking up on that Apple's gonna throw its hat in the ring against competitors like PayPal and square in so many others.
Sure when nobody really knows what apple is going to do that we have some hints from recent patent filings.
That's show us that apple is really thinking about -- payments platform.
To enable payments as well as a mobile -- of sale device that could compete with the likes of squared -- house.
What are we talking -- here what does this mean for users is it's just going to be solely for Apple iPhone in and apple customers and cadets eat it.
Well what we know is that -- their payment platform would be centered around high -- -- iTunes accounts and and and certainly enable other types of payments as well.
But you know we can glean a few things that yes it would be really for -- phone users.
It's impossible to know whether or not to apple is thinking of extending.
I'm applicability beyond that but certainly for I think so does this mean I go to Starbucks coffee and I could use my iTunes to pay for a cup of copied that's kind of the concept we're talking about here that's exactly the concept that you could use that point of sale.
You might also be able to use it to pay a friend back.
So for peer to peer payments as well now that's fascinating -- a lot of people are playing in this space you know it's interesting note.
I did a is that a lot of people don't have any problems paying with their credit card I like using my credit partner in my control and it's separate from my phone I light as sort of separation.
And they distinction net adds a feeling of safety that if I half step that's in my phone and I lose it I'm not gonna lose everything along with that.
RP solutions kind of a little too early lead for where we're at debt and what we're comfortable with -- consumer -- So I think that's a great point asking consumers over time will become more comfortable what we're seeing -- -- consumers are using their mobile phones through their shopping experience today and as their phone becomes more integrated and their becomes a reason to use it.
At point of sale such as automatic redemption of coupons and deals.
Automatic.
County have your loyalty and tracking every loyalty reports -- there will be more her reason for people.
And that I think is where the real value proposition I have on my teaching my CDS -- -- really -- chart my aggressive start will or words garden and I show up and I forget my coupons at.
Wherever it is I'm I'm shopping at Bloomingdale's or whatever.
This would allow you -- aggregate everything in one place making life easier and -- also -- you to -- the same time precisely and that really is the value and that that -- is for consumers as well as retailers have.
They can enable -- richer shopping Experian do we think this is possibly part of the iPhone 5 rollout we know that it's possibly coming in June it did 2012 definitely delivery.
I'm could we -- the -- wall it that the government's calling out this year.
It it really could come out this year out of there are lots of speculation that the last version of iPhone what happened and that's the chip in it and it did not rate so certainly we could speculate that I while it may come out -- that iPhone 5.
That we will have to wait and see -- it's a big moneymaker for apple.
I think has the potential could be I think it really depends upon how they deliver it via I'm are looking -- Delivering a payment platform at least based on a patent filings I think there's certainly opportunities and having a small sliver of what their -- bad bread and butter is selling hardware it's certainly not going to replace our right -- Herrington of Forrester Research thank you.
