Apple Pay relies on the Near Field Communication technology, which is popularly called NFC to receive payments from a phone to the payment terminal. As the name of the technology suggests, one has to be within a few centimeters of the payment terminal. Radio Frequency Identification(RFID) is used to transfer the payment to the terminal from a phone. Wearable/mobile devices such as Apple Watch can be utilized for the payment. It is quite easy and simple as the payment is completely contactless! There are benefits of Apple Pay which we will discuss in this blog.
Benefits Of Apple Pay For Consumers
1. Enhanced Security
Furthermore, while Apple Pay stores the details of the user’s debit/credit card & bank information, this data is never forwarded to the recipient or the merchant. This eliminates the possibility of transactions being disrupted by cybercriminals.
2. Single-Click Payments
Payment with Apple Pay is fast. One does not need to enter the credit card details & other required information manually— they are all stored safely inside the robust Apple Pay system. This ensures that payments can be carried out with a single click and thus enhances the overall user experience.
3. Recurring Payments
As more consumers favor periodic bill payments to reduce penalties associated with late payments, Apple Pay allows the users to make these monthly payments in a hassle-free way without any need for paperwork, alteration in the account settings, etc.
Using Apple Pay is simply convenient for people using iPhones. As smartphones have become an integral part of our lives, making payments via mobile is easy. In the recent pandemic situation, it makes more sense to make contactless transact than ever!
Benefits Of Apple Pay For Merchants
As a merchant, you might wonder about the benefits you are going to get by incorporating Apple Pay with your business. Well, there are a variety of Apple Pay benefits!
1. Attract The New-Age Customers
Apple Pay benefits merchants by attracting & retaining tech-savvy customers who prefer making payments through mobile. These millennial & Gen Z users are the future of businesses.
By adapting their preferences, a business can improve their overall experience.
2. Faster Fund Transfer
Apple Pay delivers money from the customer to the retailer way faster than the conventional payment methods. This incentive helps in alleviating cash flow problems, which is often a big problem for many enterprises.
3. Lure New Customers
Remaining competitive is an integral part of any business strategy. It influences the way you promote your business. Apple Pay is indeed a way to make your business more competitive. Apple Pay has an impressive 30.3 million user-base in the United States. As you add Apple Pay to the payment options, your business will improve its appeal to this vast pool of smartphone customers.
Your competitors either have or do not have Apple Pay. By introducing Apple Pay, you can stay in competition with your rivals who are offering it!
To end with, there is absolutely zero doubt that Apple Pay has ushered the transaction model in light of the future! With the dual benefit of convenience and security, consumers are increasingly shifting to cashless payments through Apple Pay. Enjoy the advantages offered by Apple Pay with seamless integration to your business! Contact Ksolves now!
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