Published: 01/04/2016 - Updated: 23/06/2016 - Tags: Payment Methods
Apple Pay is a mobile payment and e-wallet service created and owned by Apple Inc. The product is available exclusively on Apple products and their web browser Safari.
A large number of vendors and retailers now support Apple Pay at their points of sale and iOS apps also support payment using Apple Pay. Recent updates to iOS have supported user to user payments via the device’s near field communication (NFC) technology.
Apple Pay Security
Apple Pay uses a unique security code for each transaction to ensure maximum payment security. The software also prevents the point of sale from collecting any information that could personally identify the purchaser. In the event that an iOS device is lost or stolen, the user can deactivate Apple Pay functionality on the device via Apple’s “Find My Phone” feature.
How To Use Apple Pay
Using Apple Pay is incredibly simple. The user simply holds the device up to a point of sale that is NFC enabled. The purchaser then uses their fingerprint to authenticate the purchase via their phone’s fingerprint pad. Apple Watch users can verify a purchase by double clicking a button that appears on the watch’s face.
Apple Pay users can add a payment method via iTunes, taking a picture of their card or by manually entering their card’s information into the app.
Apple Pay History
Apple launched their payment service in September of 2014. Apple formed partnerships with American credit card companies such as American Express, Mastercard and Visa. These initial partnerships allowed the payment system to support transactions in the United States.
Apple Pay is continuing the make progress as an internationally available payment method. UK-based accounts were first supported in July 2015 and Chinese banks began working with Apple in February of 2016. Apple hopes to add Singapore and Hong Kong as supported economies later in 2016.
Adoption of Apple Pay
At the time of this writing, Apple Pay users have registered over one million individual credit cards. As of the first quarter in 2016, Apple has reported an increasing level of interest in Apple Pay among iPhone users.
Reception & Public Opinion of Apple Pay
Early critics of Apple Pay admitted that the service was easy to use, but doubted that the technology would gain widespread use. Neil Irwin of the New York Times wrote that while Apple Pay significantly reduced the time required to complete a purchase at the point of sale, Apple may have exaggerated the inconvenience of credit card usage as a means of demonstrating the usefulness of Apple Pay technology.