Before we announce the launch of its own payment system, Apple has considered other options. One of them was the acquisition of the financial service Square. It allows the owners of the iPhone and iPad to accept credit cards. However, according to TechCrunch, the company did not agree on the price of the transaction.
Apple offered Square less than half the appraised value of the firm - $ 3 billion. Square refused the offer. It is also noted that Apple employees showed prototypes Square payment solution for the iPhone. It bothered company executives, since Apple became a direct competitor.
Rejected team Tim Cook took up the development of its own payment solution. California has become a partner of the giant company Stripe, working in the field of Internet payments.
With regard to the Square, but today its estimated cost is $ 6 billion. Later, thanks to recent investments, the company plans to enter the IPO.
Square was designed device that connects to smartphones and tablets, and reads data from bank cards. The company charges a fee of 2.75% of the total transaction amount. Square originally focused on medium-sized business owners in the United States, Canada and Japan.
Apple introduced a proprietary payment system at the launch on 9 September. Apple Pay - a symbiosis of technology NFC, fingerprint module Touch ID and chip called "Secure Element".Pay with the iPhone and Apple Watch will be where there is a contactless payment system.Brought the smartphone to the device - and all paid for.
Even today, more than 22,000 American companies have signed a cooperation agreement with Apple under Pay. Among them are: Subway, McDonald's, Uber, Groupon, Sephora and others. When paying institution sees no credit card number, but only a special code assigned to the device.
Apple Pay will be operational in the United States in October of this year. It is planned to launch the service in other regions.