The Importance of Apple Pay

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Ever since its debut five years ago, Apple Pay has pushed the envelope of the payments industry and offered benefits to both consumer and merchant. These days, it’s an essential part of modern life and a cornerstone of commercial transactions in the digital age. Consumers love the ease and convenience of being able to pay instantly with a smartphone.

Apple Pay is really quite simple by design. It digitizes your credit/debit card information, then uses it to pay at any contactless payment terminal. The Apple device communicates the information wirelessly to point-of-sale systems using a near-field communication (NFC) antenna. All payment information is encrypted for additional security, and users can choose from multiple methods of two-factor authentication, like Touch ID and Face ID. Apple Pay is compatible with any contactless payment terminal; it doesn’t have to be an Apple Pay-specific machine.

“We know the team at Apple Pay well,” said Jim Harris, President of Sales and Marketing at UMS Banking. “Everyone in the payments industry focuses on reducing and eliminating friction for the merchant and consumer, and the folks at Apple Pay have designed a near-perfect contactless solution.”

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Apple Pay saw rapid success following its release to consumers, and it’s easy to understand why when you consider the benefits it offers over traditional credit cards:

·      Consumers have the ability to complete their purchase without clicking a single button or entering a single piece of information. It’s hard to say who loves the ease of experience more – merchants or their customers.

·      It’s the fastest way to process payments, with transactions taking just a few seconds on average.

·      It’s significantly more secure than magnetic-strip and chip-embedded cards. The typical card thief can’t succeed on Apple Pay because they can’t provide the fingerprint, passcode, or face ID required to use it.

·      The consumer’s data – including name, address, and card number – remains private. Apple Pay is encrypted by tokenization – all transactions are made with “tokens” rather than your actual credit card data, so merchants don’t have access to it.

·      There is no threat of having your card number written down or scanned.

·      If you lose your phone, disabling Apple Pay is super easy and requires just a few clicks. This is in contrast to the headache of losing a credit card and having to get in touch with the company.

·      It’s among the easiest software to integrate. Initial iOS integration takes just a few days, while introducing Apple Pay for Web is even faster.

Apple Pay is now used on 383 million iPhones worldwide and has been adopted by 43% of all iPhone users. Many consumers see it as the future of payments – something that you try once and just can’t go back. Meanwhile, merchants are rushing to make the service available to customers, because every smart merchant knows the importance of catering to their needs.

“Working with Apple Pay helps UMS stay on the leading edge of payment technologies,” said Harris, a 20-year veteran of the payments industry. “We know that they are among the very best in our industry at always trying to think about what’s next, and to think from the merchant’s point of view, as well as the cardholder’s perspective. That kind of thinking results in great products to offer UMS bank partners and their merchant customers.” 

Are you a merchant or a bank who supports your commercial customers with processing solutions? Visit https://www.umsbanking.com/ to learn about the UMS Apple Pay Program, which integrates this modern service seamlessly into existing infrastructure. As always, you’ll also gain access to our 24/7 expert help desk. Contact UMS Banking today to get started!