Is Apple Pay the Future Mobile Payments Leader?

Posted by Joe Musitano on Oct 17, 2014 9:10:26 AM

Apple PayMany companies have tried (and failed) at mobile payments. You have so many different competitors in the arena, each trying to grab their market share. Retailers, POS vendors, Visa, Mastercard, mobile operating system makers – they’ve all tried but haven’t succeeded.

So who better than Apple to make it happen?

We’ll see how they do, but these are some of the top features of Apple Pay that could make it the new mobile payment leader:

  1. The Merchant Never Sees Your Private Information
    In standard debit/credit card transactions, they do. With Apple Pay, they don’t. Instead they see a proxy account (meaningless token) the phone generates and a unique verification code. Apple doesn’t store any of your information on its servers. Instead, it’s a dynamic token that is encrypted and stored on a chip in your iPhone. Deal with that, hackers!

  2. Already Works with Major Payment Networks
    Visa, Mastercard, American Express, CapitalOne, Bank of America, and CitiBank are already on board. You can use your iPhone 6 or Apple Watch to pay at large retailers like Macy’s, McDonald’s, and Subway.

  3. Lose Your iPhone? No Problem!
    Now if you lose your wallet, that’s a problem. But if you lose your iPhone, you don’t have to sweat it at all. It has a “Find My iPhone” feature that prevents people from using it for more purchases. Simply put your iPhone in “Lost Mode,” and you’re safe. You can also wipe it clean completely. And don't forget the security of your fingerprint swipe!

  4. It’s Ridiculously Easy to Setup
    You can add your credit or debit card info from your iTunes account to Passbook, which stores your credit and debit card information. If you need to add a new card, you simply use your camera to capture your card information or enter it manually.
Finally, Apple Pay uses NFC technology (near-field communication) to make all this happen. It’s a fancy term that describes the process of allowing two devices placed within a few centimeters of each other to exchange data. Think you should do this using Bluetooth? You can, but NFC uses much less power to do the same thing. And it’s also much easier and more efficient than Bluetooth (more on this in a future post).

Will Apple Pay Take Over?

Someone’s going to – mobile payments are the future. The question is whether Apple, or someone else, ends up being the leader.  Solupay is ready to answer your questions on Apple Pay, or set you up with the ability to start offering Apple Pay at checkout. Fill out our Apple Pay Interest form and we will get you the information you need to get started.

I am interested in learning more about Apple Pay

Topics: Apple Pay