Apple Pay Payment Processing
Apple Pay is a mobile wallet application for all iPhone models after the iPhone 6 and for the Apple Watch. It utilizes the iPhone’s NFC capability in conjunction with a built-in fingerprint scanner to enable customers to pay for products with their phones at physical retail locations and within various iPhone and iPad apps. In September 2018, Apple also added the ability to send money to other Apple Pay users in the Messages app (known as “Apple Pay Cash”), similar to Venmo or Square Cash.
On August 20, 2019 Apple launched the Apple Card. The card integrates into Apple Pay users’ digital wallets. The card also provides users with similar benefits to conventional credit cards. Those benefits include 3% cashback for purchases from Apple, and 2% for any purchase made using Apple Pay.
Competes with Samsung and Google
Before they can use the service, Apple Pay users are first required to enter their card information into each device’s Wallet application, where the card information is tokenized and stored. They can then use Apple Pay to make purchases at all NFC-enabled credit card terminals with just a tap of their phones. Apple Pay’s primary competitors are Samsung Pay and Google Pay. Tim Cook is the CEO of Apple, whose headquarters are located at 1 Infinite Loop, Cupertino, California.
Apple Pay Review Table of Contents
- Costs & Contract: Apple Pay is free for users.
- Complaints & Service: Apple Pay has received generally positive reviews from experts and users.
- BBB Rating: Apple Pay does not have a profile with the Better Business Bureau at this time.
- Sales & Marketing: Apple Pay comes pre-installed on iPhone 6 and later models as well as on the Apple Watch.
- Rates & Fees: How Merchants Can Get The Most Out Of Apple Pay