PayPal Attacks Apple Pay: Why PayPal Reacted That Way

PayPal Attacks Apple Pay: Why PayPal Reacted That Way

Tech giant Apple has just recently launched its payment system Apple Pay which will be available with the newly launched iPhone 6. It only took a week for payment system longtime player PayPal to attack Apple for its new venture. This attack, although intended to be subtle is very clear. It came in the form of a full page ad in the New York Times; and it reads "we the people want our money safer than our selfies. PayPal, protecting the people economy".

This is in reference to the recent event involving a hacking of the iCloud that resulted to leaking of intimate photos of popular women such as Rihanna and Jennifer Lawrence. However, this whole event is a bit ironic given the fact that PayPal has had its share of security issues not so long ago.

To put things in proper perspective, PayPal's actions are not something of a surprise. PayPal has enjoyed, for a long time, an almost monopoly in the online payment industry. Although they have a number of competitions, none have been so much of a threat to them. Apple's announcement changes all that.

Apple Pay has all the right things going for them to be able to fully take over this industry. They have the impeccable reputation, and superior resources. They have all the makings and potentials to be the next preferred online payment platform. In fact, Macrumors.com, a website that deals with rumors, news and updates related to Apple devices, has already reported that major credit card companies, banks, and multiple retailers have already tied up with Apple Pay.

Although it did not come as a surprise that PayPal reacted in this manner, it did not escape criticism from its many users. One very vocal in his criticism is venture capitalist Keith Rubois. Rubois used to be strongly connected with PayPal in the past. According to him, it seems that PayPal is scaring its users to stay with them. He also noted that Apple is a brand that Americans like while PayPal has been hated by Americans in varying degrees because of its "freezing" of money for security reasons, as well as many other issues.

Apple Pay will only be available in iPhone 6 and Apple Watch until next generation technology is launched next year.

 

 

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