In a program on Bloomberg, William Lee, research head of North American economics at Citigroup talked about Swedish markets and how the country is innovating its mobile payment methods to make lives easier for the people. He said that there is vast penetration of internet in Sweden. People have a lot of web and phone apps at their disposal. He said that if two friends want to exchange money, there is no need to pay any fees. Transaction can be done within minutes on mobile phones, without any fee. This is because of a joint venture of 6 banks in Sweden. Apple Inc. (NASDAQ:AAPL)’s payment system Apple Pay is currently not accepted in Sweden.
Carl Weinberg, chief economist at High Frequency Economics said that when he was in Sweden, American card didn’t work anywhere and Swedish people don’t accept anything that charges fees. People exchange payment from their phones. Apple Inc. (NASDAQ:AAPL)’s mobile payment system has a lot of potential to embark upon a journey of success inside Swedish markets. But currently, Apple Inc. (NASDAQ:AAPL)’s new payment system is not accepted in Sweden.
Weinberg shared his experience in Sweden where he wanted to use Apple Inc. (NASDAQ:AAPL)’s new iPhone 6 for paying at coffee shops, sandwich bars and tractor stores. But no store accepts iPhone 6 in Sweden. The reason might be the lack of NFC infrastructure of alienation from a new product.
Swedish youth uses mobile phones to pay. If Apple Inc. (NASDAQ:AAPL) gets success in installation of its new mobile payment terminals in famous stores in Sweden, the company can make a huge progress in terms of capturing new market because there are a few companies in the race of mobile payments in Sweden.
Carl Icahn‘s Icahn Capital hold around 52.8 million shares of Apple Inc. (NASDAQ:AAPL).