How Apple Pay has revolutionised payment processing

Apple is a company that has been at the forefront of technological innovation for decades and is often credited as one of the most forward-thinking companies in the world. 

Whether it be in developing the world’s first truly smartphone or giving people access to thousands of songs in a pocket-sized device, Apple has always been ahead of the curve.

It is no surprise then that the company were one of the first to develop a fully integrated digital payment service. Apple Pay was first launched in October 2014 and since then it has completely revolutionised the digital payment landscape.

Below we’ll explore the many ways that Apple Pay has affected our day-to-day lives and see which industries have benefitted from its implementation the most.

What is Apple Pay?

To start us off on the right foot, let’s answer the most basic question first, what is Apple Pay? Basically, it is digital payment processing software that allows you to make safe and secure payments either online or with your Apple device on contactless payment terminals.

In order to use Apple Pay you need to enter your card details into your Apple device, which it will then use for all of your ongoing transactions.

Why use Apple Pay?

If Apple Pay simply takes your card details and uses them to make payments, what is the benefit of it other than saving you 5-10 seconds on every purchase? Well, here comes the technical part… Every time you use your card to make a purchase the same data is sent from your card to the payment processor.

When you buy something online you have to share your card number, expiry date and CVV with the seller. If, as is sometimes the case, the seller does not have the latest security software then those details that you have shared are not 100% safe.

Fraudsters can then get hold of your details and use them to make fraudulent purchases with your money. If you use Apple Pay, however, none of your personal details are ever shared with the seller as they are encrypted by Apple. 

Instead, Apple sends your payment with a developer specific key that keeps all of your data safe and secure. The same happens when you use Apple Pay on a contactless terminal, and as your details are encrypted in your phone there’s no chance of a fraudster skimming your card details from your device.

All in all, if you want to avoid getting scammed out of your money online or in-person, you should be using Apple Pay.

Which industries have benefitted from Apple Pay?

There are a number of industries that have experienced a boost in transactions and customer trust from the implementation of Apple Pay. There are two specific industries though that are really reaping the benefits of the payment processing system:

Online gambling: The online gambling industry in this country has been on the rise for the better part of a decade. There are literally hundreds of online casino sites out there all bidding for the same customers, and there is relatively little to differentiate them from one another in games offering.

Where there is a difference though is in customer security. In the past decade there have been a number of high-profile cases where online gambling companies have been lax in their handling of customers sensitive financial data.

Fortunately, Apple Pay has helped to eradicate a lot of these problems and has restored the trust of a lot of paying punters. If you want to find out the top Apple Pay online casinos you can find a comprehensive list on this website.

Independent businesses: If you’ve never ran your own business you may not be aware of the crippling fees imposed on small companies by payment processing providers such as Visa. When you go into a small shop and see a minimum card spend sign, that’s there for a reason.

Businesses have to pay a standard rental for their card terminals as well as a percentage of all of their card sales to the provider, meaning on small card transactions they are often eradicating their profits or even losing money.

Apple Pay has helped to reduce these costs for small businesses and especially for those that operate online. It also means that business owners can have more confidence in the safety of their sales and financial interactions.

There is also no financial limit to a contactless Apple Pay transaction so small companies, especially restaurants, can take the hassle out of settling a customer bill.

Summing up

Apple Pay has lowkey been one of the most influential technological advancements of the past decade, improving our online safety and security as well as turbo-charging many small businesses. 

Indirectly, it has also kickstarted the development of other independent digital wallets, which is a good thing for consumers and businesses alike.

Away from the technical nitty-gritty, Apple Pay simply makes buying products far easier and safer than it was before. So if you’re not using it already, what’s stopping you?