At Westmoreland Payment Services, we offer a number of payment processing options for our partners. In this blog, we're shining a light on just one of the payment methods that we offer: Apple Pay.
Currently, we’re seeing a large number of our restaurants and businesses using this mobile payment service. In fact, statistics show that broadly 75% of retail businesses and restaurants are now accepting Apple Pay, and it’s on track to account for 10% of all global card transactions in the world by 2025.
So what is Apple Pay and how does it work? Let’s dive in.
What is Apple Pay?
Apple Pay is a mobile payment service offered by Apple Inc. Anyone with an iPhone, Apple Watch, iPad or Mac can use Apple Pay to make one-tap payments in person, in iOS apps or on the web.
Apple Pay works wherever NFC-based contactless payments are accepted.
The allure of Apple Pay, in a nutshell, is that it replaces the traditional use of a debit or credit card by using Face ID, Touch ID or by double clicking your Apple Watch.
Apple Pay Transaction Security and Privacy
Not having to hunt through your wallet for a credit card is just one of the benefits of Apple Pay. It also has built-in security features and uses a method known as tokenization to prevent actual credit card numbers from being shared. Apple Pay’s security and privacy features include:
- Every transaction on a customer’s iPhone or iPad requires Face ID, Touch ID or a passcode.
- If a customer uses Apple Watch to pay, authentication is done via skin contact. When the watch is removed, the ability to pay is paused until a passcode is entered to reactivate Apple Pay.
- No credit card or debit card numbers are shared when customers use Apple Pay due to the tokenization process.
- If an Apple product is lost, the owner can enable the “Find My iPhone” feature to suspend all payments from the device.
- Apple does not store or monitor the transactions that are made with Apple Pay.
What does Apple Pay gain?
Apple Pay acquires a fee from banks per the consumer's use of the service. This equates to approximately 0.15% of each purchase.
Is Apple Pay for everyone?
While Apple Pay may be the way of the future, there will always be individuals who prefer to keep their card in their wallet and their information close to home. Though many people do, not everybody has an Apple device, and some may prefer other mobile payment options.
Have questions about Apple Pay or any of our payment processing systems? Don’t hesitate to reach out to our friendly team at Westmoreland Payment Services.