Apple Pay is a convenient, integrated way for iPhone users to pay by simply using their iPhones at compatible terminals. Users register with Apple and load their preferred credit cards. Then they can walk into any merchant location that is Apple Pay-ready and pay for their purchase with a touch of their phone. And it’s easy – there’s no need to wake up the display or even look at the screen. A subtle vibration and beep alerts the user that the payment was accepted.
How does it work?
The iPhone 6 has an innovative “NFC” antenna. NFC simply stands for Near Field Communication. It’s Bluetooth for payments. It allows payment devices close to each other to send and receive signals and complete a credit card sale.
What does this mean for my merchants?
Apple iPhone users today make up nearly half of the smartphone market. Early indicators are that Apple Pay will be no different. Whole Foods, for example, announced that one percent of their total sales were done with Apple Pay within 17 days of having it available. Although many merchants will require a modest equipment upgrade, the potential for increased sales and efficiency may make return on investment easy to achieve.
What does this mean for the Bank?
Financial Institutions that can offer this hot new product have something exciting to offer their merchants. And the additional good news is that the equipment that accepts Apple Pay also supports EMV cards.
How Can UMS Help?
We will work with your branches on marketing this product. Whether you desire posters, flyers, brochures, blurbs for your web sites or social media, we are ready to assist.
Call us today for more information!
Phone: (800) 866-1881