In today's increasingly digital world, where mobile shopping has become the norm, we know nothing about payment methods.
Apps like Apple Pay and Google Pay offer more freedom than ever, allowing us to ditch wallets and even debit and credit cards!
After all, most of us are on our phones all the time, making mobile payments a quick and easy way to process transactions. To pay with Apple Pay, all you need is a compatible device connected via Near Field Communication (NFC), right?
Apple Pay provides a convenient digital wallet for contactless payments for in-store, in-app or online purchases. You can even send email list money to family and friends with one simple message!
With that in mind, today, we found out all about Apple Pay. Hopefully, by the end of this blog post, you will have a better idea of whether this service is right for you.
There's a lot to cover, so let's dive right in!
What is Apple Pay? Basic knowledge
What is Apple Pay
Apple Pay came out in 2014 and was designed to work with iPhones after that year. Today, it also works with Apple Watches. Generally speaking, the service is available for iOS devices running iOS 10 or later, and for iPhones starting with the iPhone 6.
You can also use Apple Pay on your iPad; however, this isn't always convenient for brick-and-mortar purchases. However, it is only compatible with iPads with Touch ID, such as iPad mini 3, iPad mini 4, iPad Air 2 and iPad Pro.
According to Statista, Apple Pay enjoys more than 507 million users in 2020. Experts also predict that the service will account for 10% of global card transactions by 2025. So for merchants that don't yet offer Apple Pay as a payment method, this might be worth considering.
As you may already know, Apple Pay is Apple's mobile payment service. It's an easy way to make secure, contactless payments using just your phone. This transaction is supported over an NFC connection.
The benefits of Apple Pay are obvious. It primarily provides more flexibility for consumers who prefer not to carry a wallet or physical cards like Visa or Mastercard. You don't have to remember credit card numbers; all you need is your phone whenever you want to pay.
With Apple Pay, you can set up Apple Pay as a payment method to make one-click purchases within the app. Apple Pay has also supported person-to-person money transfers through the iOS messaging app since 2017. You can also use Apple Cash to spend money with family or friends in the US.
If you're already an Apple Pay user, you can go a step further and get an Apple Card. It has the unique advantage of deep integration with wallet apps and Apple Pay.
With Touch ID or even Face ID, Apple Pay might even be a more secure way to pay. For example, if you lose your phone, strangers won't be able to use your digital wallet. Unfortunately, the same cannot be said for contactless cards.
Pros and Cons of Apple Pay
Avid iPhone users may find it helpful to use Apple Pay for quick and easy transactions. It's an excellent solution for those who don't always carry a wallet with them and want to reduce how many physical cards they keep on their hands.
Apple Pay is widely accepted in the US and the rest of the world and doesn't require downloading or installing from the start. It can also be used with Apple Watches for added convenience.
In theory, Apple Pay doesn't have any obvious downsides. That said, we've rounded up the main pros and cons to help you decide if Apple Pay is the right mobile payment solution for you:
It is a fast and convenient NFC payment system
Anonymous payments keep your data safe
You can use Apple Wallet to manage gift cards, tickets, payment cards, and more.
Merchants can differentiate themselves by accepting Apple Pay
You can pay or request money from friends and family through the Messages app.
Only Apple devices support Apple Pay, while Google Pay, for example, works on all devices.
To pay friends and family, they must also have an Apple device with Apple Pay.
Using facial recognition to pay in-store is reportedly harder than using an Android device.
Apple Pay is still not accepted by all retailers, so you may still need to carry a wallet.
Apple Pay for Consumers: Key Features
Setting up Apple Pay is easy. As a consumer, you simply add your debit or credit card to Apple Wallet. You can also store digital credit cards, debit cards, ID cards, boarding passes, tickets (and more!) here.
Rest assured, you can add almost any Bank of America credit and debit card to your participating card and activate its rewards and benefits. This includes Bank of America, Chase, Citi, American Express, Discover, Capital One, Barclaycard, and more.
Other important features of Apple Pay for consumers include:
Fast, secure and contactless payments in-store
It's accepted in 33 countries, including Japan, Australia, the US, and more.
One-click in-app and app store purchases
You can pay for Apple Music, Apple News+, and Apple Arcade subscriptions.
You can upgrade iCloud storage and other Apple services with Apple Pay payments.
You can send money to friends and family via Messenger. This feature works with debit cards and Apple Cash cards in the Wallet app. It's as simple as tapping the Apple Pay button in the Messenger app and entering the amount you want to send. Apple Pay will then confirm your payment with your Face ID, Touch ID or Security Code! You can also send payment requests this way, making it easy for your friends to pay them back.
You can transfer your Apple Cash balance to your bank account.
Apple Pay is available on public transportation in cities including Chicago, New York, Portland, Tokyo, Shanghai, Beijing, and London.
You can use Apple Pay at any store with an NFC-friendly POS.
There are multiple layers of security measures to prevent fraud.
Apple Pay is free to use. It doesn't charge anything in stores or restaurants. Keep in mind that merchants may choose to charge additional fees as " a regional office set up for card transaction fees , we have also opened an office in the US so that we can provide more support to our local customers."
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However, if you use a credit card in Apple Wallet to transfer money to someone else, there is a 3% fee.