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Apple Pay: How it is changing the mobile payments Paradigm

05 Oct. 16
1.28 K VIEWS

We have implemented payment gateway solutions while developing websites and mobile applications for various clients. A payment gateway is a simple application that can securely accept payments from customers on behalf of the online store. But the launch of Apple Pay at WWDC 2015, shone the limelight on Digital Wallets.

Digital Wallet

Digital wallet is a completely different concept. It is basically a virtual account that allows a user to ‘store’ money in it, so as to make any transaction online quick and easy. A digital wallet can pay directly and bypass the need of entering all the debit/credit card details of the user.

There are two basic components of any digital wallet – the software and the device. In the case of Apple Pay – it’s the mobile application and the iPhone. The software stores all your payment data and keeps it safe while the device provides the authentication when you are making the payment.

Effective conversion of Mobile users

There are more than 63% of active mobile users who use it for online transactions. It is sure that with time, this number will rise substantially. Therefore, to capture this large audience that relies on their mobile devices to make payments, Apple Pay can prove to be a great solution.

Apple has more than 23% of market share among the smartphone users. Now with the launch of iPhone 7 & iPhone 7S this number is expected to touch 35%. All this means more traffic coming from Apple devices which provide Apple Pay as default payment feature.

Single Step checkout

Customers no longer need to spend time searching for their wallet and finding the right card. Within apps or websites when using Safari, your customers can check out with a single touch. Apple Pay works seamlessly with both contactless terminal and the traditional payment terminals.

Early Adoption of Apple Pay

Apple knows how to place a product in this competitive market. Therefore, once the Apple Pay  began after WWDC 2015, it got on board some of the top names in the industry to adopt this solution. A few of the big names that embraced Apple Pay are – Airbnb, Walmart, Bestbuy, Target and Wayfair.

As of today, there are more than 2.4 million apps on iTunes. Out of that, around 150 thousand apps do support some or the other payment gateway to make transactions. Now, with Apple Pay many are appending it in their apps to provide a secure payment option to their customers.

Consumer at Advantage

For consumers, Apple Pay is easy to use and much secured than our usual card payment or net banking. Secured because there is no trespassing of the vital information while it is transmitted to the merchant or the store for payment.

Merchant’s Advantage  

With response from customers, merchants are bound to adapt the Apple Pay for their retail and online stores. The substantial benefit for the merchants is reducing the time of transaction between their store to payment gateway. This not only helps in minimising the loss of failed transactions but also helps them gain credibility among the customers.

Till now merchants were only using the traditional payment gateways but with Apple Pay there is a spree to adopt it. All a merchant need is a right iOS developer who can integrate the Apple Pay with their website or mobile application. Someone who has considerable experience in payment gateway integration as well as iOS app development.  

For any feedback or suggestions, please write to us at enquiry@letsnurture.com

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