Apple Pay: Easy Payment Gateway A. K. A Wallet Without the Wallet
Apple Pay: Easy Payment Gateway A. K. A Wallet Without the Wallet
Apple's mobile system named Apple Pay recently debuted on Monday, 20th October, 2014. Through this new system, the iPhone can be flashed at a checkout line to pay for food as well as retail goods in many retail chains. For using Apple Pay, the iPhone 6 or iPhone 6 Plus is needed with iOS 8.1. The free software update has been released recently.
Some online features can be accessed with iPad Air 2 and iPad Mini 3 later this week. Older devices enabled with the 8.1 update will not work however. Users also need a credit card that works with Apple Pay. Major credit card companies such as Citibank, Bank of America and Wells Fargo accept the Apple Pay system.
According to a statement by Apple quoted in the Hindu, Apple Pay is being supported by more than 500 banks with around 83% of the card volume in the US. TO get this going users need to go via the Passbook app or visit the Passbook & Apple Pay in the settings.
Credit card companies will be the ones covering the fees. The use of fingerprint ID sensor for authorising the transactions will also be there. The fingerprint ID lets passwords become a thing of the past. Apple is marketing this service as “wallet without the wallet” using the latest iPhone for taking this tap and pay contactless payment technology further.
Near field communications have finally been included in the latest smartphone lineup and it also works with Touch ID fingerprint technology. This adds an additional amount of safety and security as well. NFC was not included in latest Apple iPads but the users can still make purchase transaction and payments through Apple Pay.
Apple Pay is only available in the US right now though it will be included in other countries as time passes. Apple has partnered hundreds of banks along with 220,000 participating stores such as Mc Donalds, Whole Foods, Bloomingdale's and Duane Reade. Other stores which will also accept Apple Pay include Nile, Office Depot and many more. Those supporting Apple Pay within apps at launch include Uber, Groupon and Airbnb.
Apple has been facing a lot of competition and legal trails as well. But what is most exciting about this is that Apple Pay is now directly competing with other types of payment gateways such as PayPal. What makes Apple Pay superior is that it works in the real world while other payment options such as PayPal are more oriented towards online systems of transaction.
