Wealth managers increase Apple Pay adoption, how quickly?

The much awaited Apple Pay service from the giant US firm has started his course into the wealth management sector

The much awaited Apple Pay service from the giant US firm has started his course into the wealth management sector, so how long will it take for other firms (in Europe) to adopt it?

Morgan Stanley Wealth Management has recently announced that its debit card clients will now get access to Apple Pay through their iPhone 6/6Plus for making purchases in stores or within apps.

After the debit card is added to Apple Pay, clients will have to hold their mobile device near the contactless reader and can make payments easily with the touch of a finger.

The check out process during shopping within apps on iPhone 6/6Plus, iPad Air2 and iPad mini3 will be simplified with clients just having to select Apple Pay and place a finger on Touch ID.

Apple Pay also addresses security concerns as it does not share the actual debit card number with the merchants or transmit it with payments. It assigns a unique device account number that is encrypted and stored in the mobile’s secure element.

Apple already has deals inked with the three major credit and debit card providers: Visa, Mastercard, and American Express. In addition, many of America’s leading banks, including Bank of America, Capital One, Chase, Citi, and Wells Fargo have signed up.

According to the recent Capgemini and RBC Wealth Management World Wealth Report 2014, “nearly two-thirds of clients with at least $1 million or more in investable assets expect to manage most of their wealth relationships digitally in five years,” and these clients “would consider leaving their current firm if an ‘integrated channel experience’ is not provided.

Obviously, Apple Pay represents a big part in this “channel integration” and a way for firms to differentiate their offering in today’s very competitive times.