In September 2014, Apple announced its own mobile payment and digital wallet service. The company has already launched Apple Pay in USA, UK, Canada and Australia. Also, the company plans to launch Apple Pay in China, Hong Kong, Singapore and Spain in early 2016. Apple has been partnering with large financial institutions to boost the accessibility and popularity of its digital wallet service. So many users will soon have option to make a variety of payments using Apple Pay on their iPhone, iPad and Apple Watch. With Apple lunching its mobile payment service in several countries in 2016, it becomes essential for iOS app developers to focus on Apple Pay.
7 Reasons why iOS App Developers Must Focus on Apple Pay
1) Mobile Commerce and In-app Purchases
A number of studies have highlighted that the people using iPhones and iPads are more likely to indulge in mobile commerce transactions and in-app purchases in comparison to the people using Android devices. Also, the iOS apps are considered to be more profitable than Android apps. Apple Pay enables users to make payments in a convenient and secure way. So the iOS apps must allow users to make a variety of payments and carry on mobile commerce transactions using the mobile payment service.
2) Option to Store Several Credit Cards
Apple aims to replace current credit card system with Apple Pay. The mobile payment service allows users to store multiple credit cards and reward cards. Each time a user sets up Apple Pay the system automatically adds his default cards in iTunes based on his Apple ID. At the same time, the user also has option to add all his credit cards and reward cards. So the user can make payment for various transactions instantaneously without searching for his wallet. He can further choose the right card and make payment quickly.
3) Credit Card Details Remain Hidden
Often users have to explore ways to keep their credit card details secure and inaccessible while using a mobile payment system. Apple Pay allows users to store details of all his credit cards and reward cards in a single place. But it does not share the card details with any third-party. So the card details stored in Apple Pay remain hidden and inaccessible.
4) Secure Data Exchange
Apple has designed the Passport App with near-field communication (NFC) support. The users can store details of all their cards securely in Passport App. The application keeps the transfer of data between the customer and merchant secure. Also, it uses Touch ID which is the fingerprint scanner from Apple. Apple is further using a secure element to store the encrypted data locally and generate unique ID for each transaction.
5) Simplifies the Registration Process and Transactions
In addition to storing details of user’s credit cards and reward cards, Apple Pay also included his email address. Likewise, it captures the preferred shipping address of users through the he iOS Settings applications. So the iOS app developers can take advantage of the additional information stored in Apple Pay to simplify the registration process and make the transactions fasters. There are a number of apps which use the mobile payment system efficiently to simplify mobile commerce transactions.
6) Option to Suspend
Often users find it daunting to keep their mobile wallets secure in case the mobile device is lost. But Apple makes it easier for users to suspend their Apple Pay account immediately by keeping the device in Lost Mode. Also, the users have option to erase all data stored on the device, and wipe their Apple Pay accounts to avoid unauthorized use of sensitive data.
7) Available at Over Two Million Retail Locations
The recent data released by Apple indicate the rapidly growing popularity and adaptability of its mobile payment system. According to Fortune.com, “Shoppers can use Apple’s mobile-payment service, Apple Pay, at more than 2 million retail stores, highlighting its growing acceptance by merchants as an alternative to cash and credit card swiping.” The popularity of Apple Pay further encourages many retailers to integrate the mobile payment system into their in-store terminals. However, Apple Pay is currently available to users residing in specific countries.
On the whole, Apple Pay is expected to replace the debit/credit payment system in the longer run. But the mobile payment service is currently only to users residing in particular countries. So it is important for developers to consider using Apple Pay based on the location and target audience of each iOS application.