More than 7,000 entrepreneurs, money experts, technology enthusiasts and digital currency experts are attending Money 20/20 conference in the US. As expected, Apple Inc. (NASDAQ:AAPL) is the talk of the conference. Experts are predicting that Apple payment system can change the future of payments. Apple Inc. (NASDAQ:AAPL)’s mobile payment system revolves around NFC technology. User can just pay from his iPhone by placing his phone in front of detection equipment.
A program on CNBC reported about Apple Inc. (NASDAQ:AAPL) Pay and the fame it got in Money 20/20 conference. The program showed some excerpts from the interview of American Express Company (NYSE:AXP) CEO, Ken Chenault. Chenault emphasized on the importance of innovation. He thinks that if a company is not innovating, it is bound to be ended sooner or later because the dynamic world of today is teeming with demands of new and innovative products and services.
More than 80% of the transactions are done in the form of cash worldwide. It is worthwhile to mention that companies like Apple Inc. (NASDAQ:AAPL) and American Express Company (NYSE:AXP) are still unable to leave a formidable mark on emerging markets. Visa President Ryan Mcinerney said that this is a fact that most of the transactions are done in cash but in the future, trends will be different. The demand of alternatives is burgeoning. People are tantalized by the problem of cash security.
Apple Inc. (NASDAQ:AAPL) and American Express Company (NYSE:AXP) have brought multifarious options for its users on the table. The source also said that the need of conventional means will also be diminished in the future. Passwords will be replaced by biometric system. There is a Swedish startup which removes the need of paying at the spot. It bills the amount later and lets the user buy as much things as he wants. Apple Inc. (NASDAQ:AAPL) and American Express Company (NYSE:AXP) still have a long way to go in the emerging markets.
Carl Icahn‘s Icahn Capital hold around 52.8 million shares of Apple Inc. (NASDAQ:AAPL).