Thanks to the Apple Pay service, you can make purchases without directly using a bank card, you only need a gadget (iPhone, Apple Watch or iPad). The service is easy to use and the level of security during a transaction is considered the highest.
- The Apple Pay payment system allows fingerprint or password protection to protect your funds.
- In the online payment market, Apple Pay almost shares 14% worldwide.
- More … than 40,000 shops and businesses in the United States, accept Apple Pay.
This is due to the fact that the card data is inaccessible to attackers since it is not stored in the smartphone and is not sent to the supplier upon purchase. In this article, you’ll learn about the pros and cons of using Apple Pay. You can also improve your financial control with https://rates.fm.
What is Apple Pay?
In 2023, there were over 1.46 billion iPhone users worldwide. If you have an iPhone, you probably want to know more about possible ways to pay for services or goods using a smartphone. Let’s take a look at the pros and cons of using the most popular solution: Apple Pay.
The process of buying goods becomes fast and comfortable with Apple Pay. Instead of a plastic card or cash, a mobile device came. Payment is made when the buyer touches the terminal with his smartphone. After a few seconds, the screen lights up, indicating a proposal to perform the operation.
In the global market, Apple Pay has managed to capture the 14% of audiences who pay for their products online.
To accept, you must present your finger to the fingerprint scanner or use a password. Payment is confirmed immediately. This is confirmed by a notification about the successful completion of the transaction.
Not all points of sale are equipped with an adaptive system. In order to determine the possibility of using the phone, you need to pay attention to the terminal. If it supports contactless payment, you will see a special sign indicating the availability of the service.
Apple Pay protection is multi-layered:
- Gadget’s unique identity;
- Quickly generated security codes for a single operation;
- Biometric data.
At the same time, all elements are designed to ensure the security of finances and personal data, more reliable than a magnetic stripe and a chip on a banking product. Unlike phones with the Android operating system, the iPhone is initially equipped with the Wallet application, which is a repository of Visa or Mastercard bank cards.
In the application you need to find the item to add a card. If a credit card has already been used in iTunes, the system will automatically prompt the user to add it. If not, then you can scan the card data or enter it yourself. In addition, the bank confirms the request by means of an SMS notification or a call.
Apple Pay interacts with bank cards and reward cards, it is possible to connect up to 8 coins. The user can transfer funds to other owners, provided that this service is also installed.
Advantages and disadvantages of Apple Pay
Using an iPhone to pay for services or goods has advantages and disadvantages. But if you follow security rules and use them correctly, paying by phone can be very convenient and safe. Let’s take a closer look at the pros and cons of Apple Pay.
Among the Benefits of the Service:
- You don’t always have to carry a card or cash.
- All operations are performed using the gadget.
- All purchases can be grouped together in a single report, even if they were made with different bank cards.
- In the near future, the service will open access to the loan.
- The ability to track all costs in order to optimize them.
- If the phone is lost, the service data will be inaccessible to intruders.
- Making payments is simplified, no complex transactions required.
- Purchasing through Apple Pay speeds up the queue, since the buyer only has to press the gadget against the terminal. No need to wait for the change, enter a PIN.
- A mobile device makes life easier, because the card can be lost and its recovery is difficult and time-consuming.
Disadvantages of the service:
- Trademark restrictions. The system is only available to owners of Apple products.
- It is a well-known fact that devices often discharge when the user needs them. Also, the gadget may be lost, which will cause it to rebind with the updated smartphone.
- Obsolete or refurbished models often experience system performance issues.
- Not all terminals are equipped with a contactless payment function, so the purchase can be disrupted if a bank card is not at hand.
- Some people tend to be conservative in terms of innovation, which leads to a slow growth in the popularity of the service.
- The amount of expenses increases due to the fact that a person, paying with a gadget, sees on the screen only the amount of the purchase in digital form. Psychologically, this causes a rapid separation of finances, which is not typical for the cash method.
Apple Pay security system
Apple Pay uses a specially created data exchange protocol between payment participants. The system is built on multi-level protection:
- unique identifier of the device.
- security codes generated for each payment.
- Additional protection is organized using biometric information, which includes the fingerprint of the device owner.
Together, these conditions protect your funds more reliably than a chip and magnetic strip on a bank card. When devices connect, unique, unique tokens are created. They are deleted immediately after payment.
The token replaces the card number, which is encrypted using a special system. It is almost impossible to decipher it. Apple Pay’s security system is similar to the security of cryptocurrencies, including Bitcoin. Apple Pay is freely used by customers of giant companies such as Binance, Aetna, Wells Fargo & Company and others.
wrap it all up
Using Apple Pay on iPhone is a smart and secure choice for making purchases. Due to its high level of security and ease of use, the service is popular among Apple users. If you want to improve the experience of using Apple Pay, we recommend using the Rates service to track the exchange rate (dollars, euros, etc.) in different Ukrainian financial institutions. You can access the service at any time of the day from any city in the United States, be it Chicago (Illinois) or Houston (Texas).
Read more Author: Alex Jones Alex has experience as an entrepreneur and real estate investor. He helps various business owners grow their businesses and guides them towards the success they desire. He also writes to help all aspiring entrepreneurs in any industry ranging from real estate to healthcare to information and technology.