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What is Apple Pay?

in Additional Services, Blog Post, Card Machines, Contactless Card Machine, Industry Trends, New Technology, Seasonal Business, Security, Risk & Fraud, Small Business 27th July 2018

In our latest blog, we discuss Apple Pay. Since its launch a few years ago, Apple Pay has become one of the go-to payment options in today’s changing payments landscape and is now widely available around the world for making quicker payments.

What is Apple Pay?

Apple Pay is a way of making payments using contactless technology by putting a chip in your iPhone and other Apple devices.

This works by setting up different payment cards on your device as well as a default card that is used as a standard for payments. Currently, this is only for transactions of £30 or less, the same as a contactless card.

Where can I use Apple Pay?

Apple Pay can be used at any retailer that has a contactless card machine available as it works in the same way as a contactless payment.

You will normally see the contactless logo which indicates that the retailer accepts contactless payments which are now widely available around the world.

Is Apple Pay secure?

Yes, Apple Pay is more secure than using your credit or debit card and below are the reasons why;

  • No card numbers are used or visible during the transaction as the card is tokenized using a unique device account number instead.
  • Additionally, you never share your card security code or a name like you would if you used a plastic credit or debit card.
  • This unique device account number is stored in the secure element which is a dedicated chip in the device.
  • When using the iPhone or related device you need to scan your fingerprint on the device to authorise the transaction adding another layer of security.
  • If your device is lost or stolen, you can block it from making payments and you don’t need to cancel your card as you will simply create a new unique device account number when you add the card to your new device.

How much does Apple Pay cost me as a retailer?

Apple Pay is classified as a contactless payment, so you will be charged the same as it currently costs you to process a contactless payment. If you don’t have specific pricing for contactless it will be the same cost as a debit card transaction. Here at Card Cutters, this is widely available on our great range of card machines.

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