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Apple Pay and its Many Benefits for Businesses and Consumers

By September 28, 2016January 21st, 2022No Comments
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Apple Pay‘s cashless transactions allows a more secure option for small and medium-sized businesses.

Apple’s newest innovation allows cashless transactions over the web. With just a tap of your phone and a click of your finger, businesses can deal with their payments anytime, anywhere. Apple Pay help boost conversions on sales as it promotes a more secure way of keeping and spending funds. With the help of Near Field Communication (NFC) antennas on the iPhone 6, 6s, SE, and the Apple Watch, consumers are able to make instant payment at their convenience.

What can it offer consumers that will benefit small and medium enterprises?

We don’t have to be as big as Best Buy or Bloomingdales just to be able to reap the benefits of Apple Pay. At the height of people’s fear and paranoia over fraud and identity theft, Apple has devised a way to keep payments secure, private, and convenient through the following:

  • Leave Your Cards at Home

    – Apple Pay will only need you to register your card (or cards) once along with your biometrics and other credentials. There is no need to carry the physical card thus reducing the chances of them getting lost or stolen. Just register your card to the ‘Touch ID’ option on your phone and then tap away all you want.

  • Appreciating the Need for Real Privacy

    – Apple does not and will not track any transactions done or store any sensitive data. So, there is no chance for any third party to get buyer information. Customer details such as full name, account number, or even their billing address are safe. Each account is assigned a unique device account number that cannot be replicated in any way.

  • Transactions are Unique and Easy

    – Each transaction is assigned its own transaction-specific dynamic security code. When you ring up their purchases, they’ll just need to tap their device on your terminal and confirm it with their biometrics. This way, they will have absolutely no contact with your device, giving them more security and peace of mind.

  • Online Stores Only? No Biggie!

    – This app works on the web and can make any online transaction. So if you’re hosting or offering sales on your site, you can also offer your customers the same convenience without revealing sensitive information. This way, customers can easily pay for their purchases with a few taps for each transaction.

  • Apple Pay is risk-free for both consumers and businesses

    – Should an outsider take a hold of their Apple Pay wallet, user can easily use the ‘find my iPhone’ feature to block the device or wipe it clean. They can even do this over the web by just simply logging in to their apple account. Banks are also in with the system, notifying the customer of their transaction, and keeping a record of their purchases.

More people are slowly embracing the use of smart-device payments. As businesses, we should aspire to adapt and keep up with this technology. The day when cash and credit and debit card payments have become obsolete may come sooner than we thought.

To know more about this cashless transaction, check out our post on Mobile Wallets and the Future of Your Business.