Friday 19 September 2014

Why Retailers Should Waste Money on Apple’s New Mobile Payment System

No. You shouldn’t waste money if it doesn’t worth for it. But the ongoing hot talk is, “if Apple Pay is a hit, ‘BYOD is dead.’”

Apple CEO Tim Cook was proud to reveal a frictionless reality that makes paying completely seamless unveiling the first step with Apple Pay. Building a payments business is HUGE RISK but then, why payments incumbents and innovators should take chance in installing this new terminals?

Summary: Technology Embarking the New Payment System


The prevailing opinion among analysts and experts in the payments industry is that Apple is turning a Smartphone into an in-store payment device. A crucial enabling wireless technology named Near Field Communication is used that will enable the chip in an iPhone to pass payment card data to a store terminal without needing for a shopper to swipe her card.

Close news from the provider of proximity marketing, loyalty and contactless payment technologies says, “This will ignite the mobile payments market globally, especially in the U.S. where adoption has lagged”.



How Apple Pay Works

Apple Pay can accept transactions through their iTunes credit card details or take a photograph of their card in order to add a credit card. The good news is that the payment information is not stored on the phone but only a 16-digit device identification number is combined with a one-time payment number with a dynamic security code for each payment whilst the consumer’s identity is verified using the Touch ID biometric fingerprint scanner.

The end result is that, Apple Sustains To Be The Secured Way To Pay With A Smartphone In Stores.

Other Benefits Include:

Backed by American Express, Visa and MasterCard and card-issuing banks Apple Pay is incorporated into the Apple Passbook mobile wallet for or 83% of credit card transactions.

NFC- that which mentioned earlier uses the iPhone’s Touch ID biometric fingerprint scanner and encryption to enable in-store payments by holding the iPhone close to a payment terminal.

Also, its finger print scanner let the owners to make purchases inside applications on the iPhone.

Howbeit, winding up, the consumer adoption of Apple Pay will depend on how easy it is to use and with insouciance- the merchants can sure start to commit!!!

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