Apple Pay is the name of the mobile payment system developed by the tech giant that operates without the use of cards or cash. Using contactless technology, app users are able to make purchases both on the app’s host website and within the app itself (iOS). This is the greatest payment site available for companies of any size, and it is compatible with Windows.App
The Pros and Cons of Apple Pay
Using the large number of iPhone users that Apple has built up over the years, the mobile payment software makes it easier for businesses to do business with iPhone users. Large online stores that sell goods through e-commerce will benefit from adding Apple Pay to their payment options. Customers are more likely to keep buying from you if they have a number of payment options to choose from.
Sometime customers ask does 711 take apple pay? Then the answer is “yes”. If customer want to purchase something from 711 store then apple pay is the useful option.
Customers who own Apple products can download the iOS software at no cost, but there is no charge levied against businesses for its processing. When it comes to user friendliness, the most valuable brand in the world takes precautions to ensure that sensitive information regarding payment cards is shielded from prying eyes. Even customers who use the stores or the app are unable to access this information.
Here is a list of all the pros and cons of using Apple Pay:
Pros of Apple Pay
1. Funding
When a consumer has their credit card saved on their iPhone, all they need to do to make a purchase is bring their phone close to an NFC scanner, verify their identity with Touch ID, and the transaction will be finished in a matter of seconds. This method is simpler than the conventional method of swiping a credit card, which typically entails swiping the card and then selecting debit or credit, presenting another form of identification, and signing. This method only requires swiping the card.
2. Easy To Use
If you offer a variety of payment methods to your clients, it will be simpler for them to transact business with you. Using Apple devices to transact business will get simpler thanks to Apple Pay. This will make the process of purchasing items easier.
They wouldn’t have to enter their full credit card information, so the Apple Pay checkout process is much quicker for them. This is something else that they would appreciate.
3. Reliable
The possibility of a stolen number is lower because a credit card is not necessary. In contrast, Apple employs a token known as the “device account number” to complete the transaction rather than the credit card number, reducing the risk of credit card information being stolen even more.
The EMVCo standard, which many industry insiders consider the most dependable payment system, provides the basis for Apple Pay.
4. You Don’t Need the Internet
There is no requirement that you be connected to the internet in order to use Apple Pay. You are able to use it everywhere, and you shouldn’t be charged any roaming fees for doing so. You are able to continue using your phone even when it is currently in the “aeroplane mode.”
5. There Are No Extra Costs
Apple’s newest service won’t charge users or retailers a dime for their participation. On the other hand, it makes use of the overwhelming bulk of the already available credit card transaction rates. Apple has spent the better part of the past two years collaborating with the industry’s most prominent financial institutions and credit card providers to ensure that this procedure is as streamlined as feasible.
6. Privacy
Apple does not monitor or keep a record of the products that its customers purchase. This affords you a greater degree of privacy. When making a purchase, it is often preferable to use the device account number rather than a credit card. This is because the retailer does not see the customer’s name or any other details, such as the billing address, when the customer pays with a device account number.
7. Not Risky
In recent months, customer credit card information has been taken from a number of significant retailers, including Target and Home Depot. Because Apple Pay does not need you to enter your credit card information during the transaction, this scenario does not arise while using Apple Pay.
The transaction is handled by a system account number and a transaction-specific dynamic authentication token when using Apple Pay. Therefore, Apple never shares or discusses actual credit card or debit card numbers with its retail partners.
Cons of Apple Pay
1. A Software Failure
It’s possible that the most recent version of the product has a bug that commonly causes issues with the payment service, or there could be another problem with the application that’s been installed on the device in question.
2. Being Steady
Apple Pay seems great now, but will it improve as more people use it? Will an Apply Pay transaction process be as easy to use in real life as in the demos? If not, adoption will still have an effect. Customers will not likely wait around while the iPhone tries to confirm the purchase.
3. Pop-up Texts
Because not all stores offer a mechanism for customers to pay using their phones, you will need to maintain your wallet with you at all times when you are shopping. After you have completed the transaction, there is a possibility that an embarrassing text message will appear on the screen of your phone.
4. Adoption
It would be difficult to persuade customers and business owners to use the programme because it requires customers to have an iPhone 6 as well as NFC terminals for businesses. This makes it difficult to attract customers and business owners.
5. Costly
Now, the service is being given away for free. Will this, though, never end? Some analysts wonder if credit card companies won’t split the payments with Apple since doing so could raise merchant rates and make people less likely to use credit cards.
6. No Support for Online Shopping
Apple Pay doesn’t work for buying things online, but you can use it to buy apps and other things that work with apps. Since a lot of iPhone 6 users probably won’t shop online, the service is severely limited until Apple either makes it easier to shop on smartphones or adds online shopping in the near future.
Does Apple Pay Help Businesses?
We strongly suggest that you make use of Apple Pay. Making a purchase with your credit card at an online store is considerably safer than making a purchase in a physical store due to the fact that your identity will be protected. Apple Pay is an excellent method to shop securely while maintaining your privacy in this day and age, when online fraud is so prevalent.
Conclusion
Apple Pay is a great way to make payments safer and more convenient. It can be used at more than 2 million sites around the world, but only on the iPhone 6, iPhone 6 Plus, and Apple Watch.
People think that the technology is still in its early stages, but its popularity has grown since it came out three years ago. So, if you want a faster way to pay without pulling out your wallet or credit card every time, this is it.
Even though there are many bad things about using Apple Pay, remember that they don’t outweigh how great this technology is.
