According to Apple™ CEO Tim Cook, since its introduction in October, Apple Pay™ has accounted for two of every three dollars spent through contactless payments on Visa™, MasterCard™, and American Express™.
This is quite a statement considering other forms of contactless payments have been around for years. In my opinion as more and more businesses become able to accept contactless payments this will continue to grow. Apple Pay™ may become the preferred method of payment for consumers. According to the numbers shared by Apple™ about 90 percent of all credit and debit cards now in the hands of consumers can be used with Apple Pay™ technology.
Apple Pay™ may well be the preferred method of payment for consumers in the near future. It can also benefit the savvy business owner who is wise enough to upgrade equipment as soon as they can. Below I’ve listed the three best reasons to make the switch for both business owners and consumers.
First, and undoubtedly the most important reason to a business owner to upgrade to new equipment is increased profits. More money is always good. In our technical society, users of the new technology seem to be seeking out businesses where they can use it. If you are one of the locations where they can use their gadget, guess what, you have a new customer. Thus, the sooner you upgrade the more new customers you may get from this equipment transition.
Second, it is a good idea to get your equipment upgraded to be able to accept chipped cards anyway. On October 1, 2015, liability will shift to you, the business owner, from the banks on fraudulent card transactions. That is only if you have not upgraded to EMV enabled equipment. If you do it wisely, the new equipment will handle both EMV and NFC/Smartphone transactions. If you choose the right processing representative this upgrade is free.
Third, and the most important to society as a whole is security. Each individual transaction when using Apple Pay™ generates a one-time use code. It is the code that is transmitted. Unlike the old technology, no credit card numbers or names are ever exchanged in the transaction. In addition, with Apple Pay™, the phone/card owners thumb print must be used to verify the transaction on the smartphone device. With each transaction having its own code even if it was intercepted the information is useless to a criminal. Additionally, with Apple Pay™, it would be extremely difficult to counterfeit the phone owners’ thumb print!
My opinion is that this is possibly the most secure form of electronic payment yet devised. Get upgraded to the equipment that can process payments with the new technology and become part of the security solution.
We have been in the processing consulting business for 16 years. Please contact us at
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