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Apple Pay™ is an extension of Apple’s® Passbook app into a digital wallet. Consumers can import eligible payment cards from their iTunes® account or use the phone’s camera with a card in hand to pay. The app now incorporates a Touch ID™ fingerprint reader that is embedded in the device’s home button and a Near Field Communication (NFC) transmitter designed to encrypt each user’s payment information. The solution can be employed in store locations and embedded in iPhone® apps.
Apple Pay lets users link bank issued credit or debit cards (issued via a participating bank) with their Apple Pay-enabled device for easy, secure payments. While consumers have been relatively indifferent to mobile payments to this point, Apple’s entry into mobile payments could change that. Apple’s market share is roughly 40 percent of the smartphone market and they have proven success to move their customer base to the latest technology over time.
As consumers move to new Apple devices, they will begin to leverage a seamless mobile payment experience that could help standardize how mobile payments work across the physical store, Internet, and mobile environments. With Apple Pay, a new and potentially large segment of the smartphone population can try mobile payments.
Apple will not have access to the product data, any information about your business or the transaction amount. When your customer makes a purchase, Apple Pay does not transmit the customer’s card data to your business. Instead, it uses a security code system that transmits a different code for each payment so stolen transaction data can't be used to make additional purchases
Apple is working with American Express®, MasterCard® and Visa®, as well as many national banks, including U.S. Bank, JP Morgan Chase, Bank of America, Wells Fargo, Citibank, Capital One. Apple estimates hundreds of thousands of locations take contactless payments today. That means that consumers who have credit or debit cards issued by one of the partner banks will be able to pay with Apple Pay.
On the retail side, Macy’s, Starbucks, Disney, McDonalds, Nike, Staples, Walgreen’s and others have been announced as supporting the platform, while e-commerce and app supporters include Target, MLB.com, Uber, Open Table, Tickets.com, and Groupon. That means that these retailers are ready to accept Apple Pay as soon as an Apple Pay user is ready to pay. Apple Pay will be using Visa Paywave, MasterCard Paypass and American Express Express Pay.
Customers with NFC capable terminals may already have Apple Pay acceptance capability. We are working to validate Apple’s new payment platform with our technology and will share more as we learn more. We have and will continue to work to enable Apple Pay consumer transactions.
If you do not see your terminal listed on the NFC capable terminals list, you may need to purchase a PIN pad or upgrade your terminal to new hardware that is NFC capable.
Customers hold their Apple Pay-enabled device up to a contactless point-of-sale device (NFC reader) and confirm the purchase with the device’s Touch ID™ fingerprint reader embedded in their device's home button. This ensures thieves can't use Apple Pay on a stolen phone. By holding the Apple Pay-enabled device up to a contactless point-of-sale device at the point of sale, the customer can make an easy, secure payment. A simple touch can be quicker than typing in a PIN for a debit card, or signing a receipt for a credit card. Business owners who want to accept Apple Pay will have to incorporate NFC readers into their point of sale systems.