Ubagh added that should Apple fail to unite the payments market in the shift to mobile, where other tech giants such as Google have had limited success, it could have significant repercussions.
"One big issue I think worth pointing out is if this doesn't work," he said.
"If Apple Pay is a big flop, this has the potential to knock back mobile payments by many years. The industry has been waiting for Apple for a long time now, so it it all went a bit pear shaped, I think mobile payments at the point of sale would take a pretty big knock altogether."
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