ForexMinute.com – It has been only two weeks since Apple Pay’s launch, and the market reports are already negative towards this much awaited near-field communication system for mobile payments. Reportedly, retailers believe this new technology to be unfriendly which is subsequently making them go for other options in the market, like CurrentC.
Adding more fuel to this war-of-the-NFC-world is BitPay, which recently announced to launch Bitcoin Checkout – a distant cousin of Apple Pay, though Bitcoin-centric. The Bitcoin payment processing company unveiled a demo version of this tool at Money2020 event in Las Vegas. BitPay further announced the availability of the ‘Bitcoin Checkout’ app on Android devices, while the iOS app will be launched later. This point-of-sale app also features multi-employee checkout and tipping features.
As we can notice, the only similarity between Apple Pay and Bitcoin Checkout is the use of the near-field technology (NFC). In terms of dissimilarities, we will be required to write a separate book to explain each one of it. (Pun intended!)
There was already speculation saying how Apple Pay’s powerful brand value can push Bitcoin technology down to the bin. The former has attached itself with the world’s biggest retailers like McDonald’s, Whole Foods, etc., while the latter is still in its infant stage. But wait, is BitPay NFC app also targeting the same big giants? Apparently no!
Bitcoin Checkout is an app created mostly for the regular Joes – those with medium or small scale businesses, as Tony Gallippi quoted himself. In the end, Apple Pay is not facilitating what Bitcoin technology itself is offering since the day of its inception – a cheap transaction medium with negligible fees. If the former’s adoption increases in the future, its boss Apple will be asking for a portion of these small-scale industries’ income. McDonald’s can afford that, not Joe’s Hot Hotdogs. A cryptocurrency like Bitcoin thus comes handy for a majority of merchants.
In the meantime, Apple can go on covering the big players and might even steal BitPay’s chances to rise towards another level. In the end, their market seems different. Try comparing Jurassic Park and Titanic, you’ll know what I am speaking about.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org