By Charles Perrin
Apple has been far from an enigmatic presence in the technology industry. A behemoth in its own right, Apple has always looked for ways to challenge conventional attitudes while simultaneously flexing its financial muscle. It is fair to assert that Apple has been a bit of a visionary in terms of taking on all newcomers, and more often than not, coming out on top.
A prime example of this has been Apple Pay which has shredded all traditional notions of how card payments should be enacted, facilitating a more seamless way for consumers to carry out transactions for personal and business purposes. Apple has always targeted huge growth during its lifespan, and that is unlikely to change anytime soon.
In this guide, we will shed the spotlight on Apple Pay, exploring its early origins, and look at how it has transcended the consumer experience. Read on to discover more.
Exploring the early origins
Apple mirrors the same characteristics as other technological giants, such as Amazon who have conquered each sector with panache, and the payment industry was just another classic example of that. Although Apple exploded into the world of payments in 2014, it had carefully been preparing for its grand entrance for years.
Just a year before, Apple teamed up with three of the biggest names in the payment industry — MasterCard, VISA, and AmEx — to look at novel ways to replace a traditional information-sharing transaction system with one that was more streamlined.
Apple had enormous pulling power, and it approached some of the biggest banks to get on board with the venture and it managed to woo JP Morgan. In September 2014, Apple CEO Tim Cook launched Apple Pay, and the move to “tokenization” enabled Apple to resonate with consumers and businesses alike through a more secure payment process.
Simplifying digital payments
Apple Pay represented a seminal moment in the company industry, and by all accounts, the initiative was a game-changer. FaceID, for example, allowed those who wished to make payments in-store seamlessly by showing their phone to the reader and double-clicking at the side of their phone to authorize payment. Setting up FaceID on your phone may have been alien to people at the time of its launch, but now, it is something that we give little thought to.
On top of that Touch ID was incorporated, so you could enter your passcode to finish off a payment, and like other global payment providers, such as PayPal, it became easier for friends to send money to each other. Through the messages app on your iPhone, all you are required to do is tap on the + icon then tap Apple Cash, and adjust the value as necessary.
While Apple Pay is something that is ubiquitous in terms of its use for spending money on groceries, clothes, or traveling, other industries have begun to appreciate the impact. iGaming, in particular, has thrown its weight behind Apple Pay, and it has enjoyed an inexorable rise over the past few years.
You only need to check out this list of top rated pay-by-phone casinos in the UK to see that most accept Apple Pay as a form of payment for making deposits and withdrawals. With robust measures put in place to afford gamblers an extra layer of security, players can bankroll their accounts with minimal fuss, and it is quite a convenient option.
Incorporating other measures
We may have been accustomed to this with other payment providers at online retail outlets, but Apple Pay has only recently embraced the Buy Now, Pay Later scheme. Although it may have been portrayed as a marketing gimmick aimed at millennials or Gen-Z individuals, there is perhaps more substance to it than it is given credit for.
In essence, it gives individuals more power over their spending habits, especially when it comes to higher-ticket items, such as iPads, and the purpose of this tool is to give consumers a clearer idea of how to budget.
By splitting payments into manageable monthly installments, Apple has cottoned onto and understood the significance of such measures to give its customers more confidence when it comes to financing expensive purchases.
The road ahead
Over the past 12 months, Apple Pay has continued to permeate its influence, with Vietnam and Chile being the latest countries to have jumped on board the bandwagon.
Always at the vanguard of the technological revolution, Apple is well equipped to deal with the rigors of operating in what is fast becoming a highly saturated environment, and it will be fascinating to see how they recalibrate or try to shake things up in the months and years to follow.
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