What is Apple Pay?
After being launched in the USA in October 2014, Apple Pay finally arrived in the UK almost a month ago, on the 14 July. As a customer or shop owner, you probably still feel lost about this new technology and don’t know if you should use it or integrate it in your store. Here are some answers on why and how to use it!
How Does Apple Pay Work?
With Apple Pay, there is no need to worry about whereabouts of your wallet anymore. Having your phone in your pocket is all you need to go for a shopping day!
Apple Pay lets you pay for your groceries or any other item just by holding your Apple device in front of the card reader with your finger on the Touch ID. It's not even necessary to open a specific app as the phone will detect the Near Field Communication antenna and will automatically process the payment.
What's more, Apple Pay is not just confined to stores, you can also use it to pay for items online.
Just save your credit card information on your device by using the Passbook app and you are ready to go. Also, you can save more than one credit or debit card and these cards can be used from the same device.
Many banks are already participating in this new payment method. You will be able to use Apple Pay if you are a customer of American express, Mbna, First direct, Nationwide, NatWest, HSBC, Royal Bank of Scotland, Santander or Ulster Bank. Moreover, other banks are also supposed to become partners in the near future such as Halifax or TBS.
There are already many shops that receive this kind of payment. Just to cite a few of them, you can use Apple Pay in Lidl, the Post Office, KFC, Subway, New Look or even in the tubes with the Transport for London.
Many applications, such as Topshop or Zalando are already accepting Apple App as a method of payment.
How to Accept Apple Pay in your Store
Apple Pay makes customers’ lives easier and as shop owner, you can also benefit from this new technology.
Apple Pay helps you process the check-out faster and smoother. Your customer’s experience will be improved and using the latest trend could improve your image. Don’t forget to communicate that you have incorporated this feature by displaying the Apple Pay logo!
To accept Apple Pay in your store you need a contactless payment terminal, that might be a feature included in your chip and pin terminal. If you already have this option in your store, you might have nothing else to do but check with your provider what the procedures are to enable Apple Pay.
If you don’t have a contactless terminal you need to double check that your ePOS system can accept Apple Pay, so you should contact your provider and ask them.
What are the Restrictions of Using Apple Pay?
There are a few restrictions in using Apple Pay and the first one is to have a compatible device. Indeed, Apple pay can be used only with iPhone 6, iPhone 6 Plus, iPad Air 2, iPad mini 3 or Apple Watch. However, if you have an iPhone 5 you can connect the Apple Watch to it and your problem will be solved!
The second restriction is the amount of the payment, as you can’t currently pay an item over £20 with Apple Pay. Although, this amount will change in September to £30. Also, stores can upgrade their POS systems with the latest machines in order to recognize fingerprint as an ID-check and allow purchases of any value items with Apple Pay.
Security of Apple Pay
Apple Pay is supposed to be even more secure than having a credit or debit card because of 3 main reasons:
- Firstly, with Apple Pay your information is hidden compared to a credit or debit card where number and identify are visible while paying. To protect your information, Apple Pay is not using your credit or debit card number but instead it assigns a unique Device Account Number.
- Secondly, Apple doesn’t save your transactions’ information and it saves your credit card information on their server, not on your device itself.
- Finally, in case your device gets lost or stolen, Apple has rescue plans. You can use Find My iPhone to put your device in lost mode, which will suspend Apple Pay. You can also connect to your iCloud to access your settings in order to stop Apple Pay.