Over the years we’ve seen new and innovative tools and technology developed in order to enable people to pay for their shopping with simplicity and security. Long gone are the days of cheques, which were never the most reliable form of currency to begin with, and we’re all used to the idea of Chip and Pin these days.
Of course, we’re now seeing a shift in payment methods. Popular online payment methods like Pay Pal and Bitcoin have changed the way transactions are done, and the rise of contactless payments suggests we’re about to enter a new era, one that Apple has anticipated with this app. What does Apple Pay mean for businesses and customers?
What is Apple Pay?
Apple Pay works like a virtual wallet of sorts. So long as you have card information stored on your phone, you have a way to pay no matter what. It doesn’t matter if your wallet’s at the bottom of your purse or that you left your credit card on the kitchen table.
The app to manage this is, appropriately, called Wallet. By using Wallet, you can easily store your most important cards, including boarding passes and tickets. There are no limits; your phone is already an incredibly powerful tool, and now you can make purchases with just the top of a button.
Is it Safe?
Companies like PayPal have attempted to cast doubts over Apple Pay, especially considering the Cloud hack of last year which resulted in the release of private information and images of celebrities.
However, it’s important to be aware that Wallet doesn’t carry your card information and there are no third parties involved. Customers add their card by tapping in the security code on the back, and that’s all that’s needed to make payments. The data is stored securely on a dedicated chip,
The technological aspects of the payment process eliminates many of the risks revolving around fraud, and the requirement for passcodes and fingerprints (it scans them when you swipe) means that only you will be able to manage your Wallet and handle your finances as needed.
On the whole, this new form of payment will be hugely beneficial to customers and businesses. Businesses can begin to reduce their costs on outmoded forms of payment and begin streamlining the process of managing the company finances. Apple Pay will improve the strength of relations between customers and businesses, whilst preventing major issues like fraud and delays. The whole process is simplified, security and quicker than ever, which can only be good for businesses across the country.
As time goes on, methods like Apple Pay will become the standard choice for payments, so perhaps it’s time for businesses and customers alike to join the revolution.