retailcustomerexperience.com
Apple Monday gave the world a more detailed look into its newest product line in the Apple Watch and the device shows the potential to put a new twist on the shopping, payments, and personal financial management experience for consumers.
Apple CEO Tim Cook waited until the end of its "Spring Forward" event to discuss the new device, and even then the company mostly focused on fitness and health features. But Apple did give the gathered audience in San Francisco quick glimpses into how the Apple Watch will work with Apple Pay, airline boarding, and mobile banking.
Apple Pay appears to work on Apple Watch as easily as it does on the new iPhone 6 devices.
When it's time for a consumer to pay for an item at a retailer, he or she will double tap the side button on the Apple Watch to prepare Apple Pay and the preferred payment card will appear on the screen. A consumer then holds the Apple Watch near an NFC reader to pay. Apple Watch notifies the user the transaction is complete with an audible ping, and then proceeds to show some purchase details on the screen.
At first blush, it appears the Apple Watch payments experience reduces the overall time it takes to complete a purchase compared with an iPhone or credit card. But is that enough to increase mobile payments adoption?
"Although this may seem like just five seconds of time improvement, that really matters from an adoption standpoint for mobile payments" Mike Wehrs, head of U.S. operations and global chief marketing officer of Appster, said. "We see this as a fundamental accelerator for the adoption of mobile payment technology overall."
Cook said during the event 2,500 financial institutions now support Apple Pay. Some 700,000 retail locations accept it as well. Cook also mentioned Coca-Cola this year plans to deploy up to 100,000 vending machines that will accept Apple Pay (and by default, other forms of NFC-enabled mobile payments).
Apple during the event also highlighted other Apple Watch capabilities that are not necessarily tied to payments, but appear to enhance the mobile environment.
Starwood Hotel & Resorts developed an Apple Watch app that enables users to unlock a hotel room door without the need for a key. The feature is similar to one on Disney’s MagicBand wearable bracelet. MagicBand is a contactless wristband Disney created for its park and hotel patrons to use as a room key, theme park ticket and payment account.
Target is the only major retailer at the moment with an Apple Watch app. The Target app will track users in a store and will send them a reminder when they're near something on their shopping list, which a consumer creates on their iPhone. The app shows the potential for how beacon technology will interact with the Apple Watch.
"It is much easier to react to a beacon pushed message by looking at your watch, than by taking your phone out of pocket or purse, unlocking it and clicking on the alert in the notification area," Pascal Caillon, general manager of North America for Proxama, said.
American Airlines is on board the Apple Watch with an app that enables travelers to receive notifications and the ability to check in for a flight. Users also can store a QR code on the watch's screen that contains boarding information.
Citi and Mint each developed personal finance management apps for the Apple Watch. Citi's app enables users to get a quick look at checking, savings, and credit card balances and detailed information about the five most recent transactions. Mint's app lets users track monthly spending goals and the ability to receive weekly notifications about personal budgets.
Apple will begin taking preorders for the watch April 10 and it will be available starting April 24.
Apple Watch comes in three distinct editions: Apple Watch Sport, Apple Watch, and Apple Watch Edition, which is the infamous 18-karat gold watch that starts at $10,000. The Apple Watch Sport starts at $349. Prices vary depending on the display size for each edition.
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