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Rivals dash to support Apple Pay for fear of losing out

20
Sep
2014

By Eric Auchard FRANKFURT (Reuters) – In the hype-fueled technology industry, revolutionary is a word in danger of losing its meaning. But Apple Incs 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. …

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