Apple Pay Case Study Solution
Q1- Why did banks agree to partner with Apple for Apple Pay in the US? Are retailers excited about Apple Pay? Why or why not?
Banks agreed to establish the partnership relation with the Apple Pay in the United States of America, because this program will increase the usage of credit cards and debit cards, which is beneficial for the bank as banks’ sales targets will increase and banks’ goal of diverting the customer towards e-payments will enhance. The second reason is the customer preference for immediate e-payments and prediction of an increase in spending in the coming years.(Gupta, 2016)
However, the banks realize the fact that Apple Pay stops its operations in the market then banks will not be incurring losses; therefore, it was a win-win situation for both ,i.e. banks as well as the Apple Pay. Besides that, banks were positive that by replacing the cash-based transactions; banks could avail the opportunity of reducing the frauds that are good for the economy, and will increase the banks’ revenues in long term.
Retailers were excited for Apple Pay as Apple always hits the niche market and has customer loyalty. Moreover, to make the retailers more excited; Apple pay used a FAQ page where retailers can ask questions and have a ware ness regarding the functions and offers that Apple Pay would provide to the retailers. The FAQ provides details for questions based on: how to start using it, payment functions, how to download the payment mark and hardware requirements. Retailers identified this App as an opportunity to increase the market share and develop good relationships with the Apple Company……………………….
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