Apple Pay is a digital wallet that aims to replace your physical money. In this article, we’ll discuss the top 10 advantages of Apple Pay in 2022.
With Apple Pay, you don’t need to carry around your payment cards or cash. Everything is handily contained in one app, ready for you to tap and make payments when on the go. Millions of people around the world already use it—With that in mind, here are the advantages of Apple Pay in 2022.
Top 10 benefits of using Apple Pay
Apple Pay offers many benefits for Apple users. Here are some of them:
1. Apple Pay is easy to setup
Setting up Apple Pay is easy and intuitive. Most iPhone and Apple Watch users will find it pre-loaded on their device. Just click the “Wallet” icon, hit the plus sign in the right-hand corner and start adding your favorite credit cards by positioning your card in your camera’s view frame. You can also add a card manually by entering the name, account number, expiration date and CVV code on the back of the card.
You can store numerous types of cards in your Apple Wallet. This includes bank cards, rewards cards, and tickets. This makes it easy and convenient to pay on the go.
2. Apple Pay Is Faster and Easier Than Using Credit Cards
Besides being easy to set up, Apple Pay payments are quick to process. The transaction takes just seconds, which is noticeably faster than transactions on physical cards (especially EMV transactions).
A great advantage of Apple Pay is that the one-step payment process prevents people from needing to dig through a purse or wallet to find credit or debit cards. Because it is built on existing NFC technology, Apple Pay works anywhere NFC-based contactless payments are accepted. Simply unlock your phone screen, scan your phone on a card reader at a store, and you’re done.
If you own a business, Apple Pay helps make checkouts quicker. This contactless payment system processes payments faster than regular credit cards. It enables your audience to check out efficiently in seconds.
This will cut down on your line wait time. It also benefits you, as a merchant, because you can help more customers. When the line moves faster, more consumers are inclined to wait and make a purchase.
This means you’ll earn more conversions for your business. If you use Apple Pay, you’ll make your customers happy with faster checkout and your business happy with more customers.
3. Apple Pay Is More Secure Than Using Credit Cards
Apple Pay utilizes Near Field Communications (NFC) to carry out transactions. NFC technology has been deemed one of the safest ways to make payments as it’s immune to credit card skimming technology (where cyber thieves can collect your account number when you swipe your credit card) and uses sophisticated encryption to protect your account data.
One great advantage of Apple Pay is that a cashier does not see a credit card number, a name, an address, or any other personally identifying information, making it more secure than traditional payment methods. There is no need to take out a credit card or confirm the authenticity of a credit card with a driver’s license or ID card, because all of that information is stored on the iPhone and protected by several built-in security systems, including Touch ID. Plus, Apple’s “Find my iPhone” service enables you to wipe your phone of all its data if it’s ever lost or stolen.
Finally, if you are a merchant, Apple Pay benefits both your consumers and your business. If you offer Apple Pay, your audience will feel more comfortable making a purchase from your business. This will help you earn more conversions for your business.
4. Apple Pay doesn’t require internet connection to work
Apple Pay does not require any form of internet service in order to make a transaction, as your payment details will be saved on your phone’s SE Chip upon setting up your account.
Once you submit your card details to your Apple Pay account, your details will immediately be stored on your phone or watch’s SE chip. An SE chip stands for Secure Element chip, this is an industry-standard, certified chip designed to store your payment information securely. Once your information is stored you will be able to make a transaction without the need for an internet connection.
The information on your phone or watch’s SE chip it will be able to communicate with the store’s card readers through Near Field Communication technology (NFC). you will then need to simply authenticate your payment method using Face ID, Touch ID, or your passcode.
So, you will not need to worry whether or not your phone has service in order to pay. Simply place the backside of your phone on the card reader’s terminal and you will be prompted to confirm your purchase with either your phone’s Pin, face ID, or touch ID. And that’s it, you just bought a doughnut!
5. Apple Pay Is More Private Than Using Credit Cards
One of the major advantages of Apple Pay is privacy. Apple Pay is designed to protect your personal information. Apple doesn’t store or have access to the original credit, debit, or prepaid card numbers that you use with Apple Pay. And when you use Apple Pay with credit, debit, or prepaid cards, Apple doesn’t retain any transaction information that can be tied back to you—your transactions stay between you, the merchant or developer, and your bank or card issuer.
6. Apple Pay is available in over 60 countries
Apple Pay is accepted in more than 60 countries around the globe. It can be used throughout the European Economic Area, and also in the U.S., Canada, the U.K., Australia, Brazil, the United Arab Emirates, Saudi Arabia, Russia, Kazakhstan, New Zealand, Singapore, and other countries and territories.
7. You can use Apple Pay with Apple Watch
Another great advantage of Apple Pay is that it works with Apple Watch, the company’s wrist-worn wearable device. The Apple Watch allows owners of older iPhones, including the iPhone 5, 5c, and 5s, to use Apple Pay in retail stores. Though the Watch needs to be paired with a phone, Apple Pay can be used when the phone is not present.
8. No Additional or Hidden Charges
One of the major advantages of Apple Pay is that does not cost you anything extra to use the service. If you use Apple Pay at the register in stores or restaurants, Apple does not charge any fees. Since merchants consider this a “card present” sale, however, the merchant may charge additional fees, just like they would for physical credit card users. Merchants who offer “cash discounts” may not extend that discount to Apple Pay customers, so be sure to read the signage around the register carefully before you decide how you want to pay.
If you pay with Apple Pay using a debit card, there are no additional fees.
If you transfer money to another Apple Pay user from a debit card linked to Apple Pay, there is no fee. But you will pay a 3% fee if you transfer money to an individual using a credit card linked to Apple Pay.
Finally, if you are a merchant, there is no additional cost to your business to add Apple Pay. This makes it a great option because you can accept more forms of payment at no additional cost. You’ll earn more conversions from people who want to use Apple Pay.
9. You can use Apple pay in stores, in apps, and online.
You can use Apple Pay for in-app purchases on your iPhone and to pay for Apple services from the App Store, the iTunes store, Apple Music, Books, Apple News+, Apple TV+ and iCloud.
In stores, you can use Apple Pay anywhere you see the NFC logo or the Apple Pay logo at a point-of-sale location. This includes millions of stores, restaurants, and entertainment venues worldwide, from ACE Hardware and Albertsons grocery stores to Walt Disney World and Whole Foods. Apple Pay is currently accepted at more than 85% of retailers in the U.S.
You can also use Apple Pay on popular apps and online services, including Lyft, Fandango, Airbnb, GrubHub and Groupon.
Finally, use Apple Pay with the following metropolitan area transit provider apps:
- MTA Metro-North and Long Island
- Railroads (LIRR)
- NJ Transit
- Ventra (CTA, Pace, and Metra)
10. Most banks are Apple Pay compatible
Apple Pay can link to thousands of banks and credit unions across the world, with more being added all the time. All major U.S. credit card providers support the payment system.
That means you can link credit cards from the following providers to your Apple Pay account to pay easily and securely through the platform:
- American Express
- Bank of America
- Capital One
- Synchrony Bank
- U.S. Bank
- Wells Fargo
Smaller banks and credit unions that issue credit cards also support the service, including USAA, PNC Bank, HSBC, Fifth Third Bank, Navy Federal Credit Union, Huntington Bank, Regions Bank, Beneficial Bank, Citizens Bank, KeyBank, SunTrust, PenFed Credit Union and Alliant Credit Union.
These are the benefits of Apple Pay
There are numerous advantages of Apple Pay. With the ability to link to practically any credit card you’re likely to carry, there’s a reason Apple Pay is the most widely used mobile wallet app available today. iPhone and Apple Watch, in particular, users may want to consider making Apple Pay their main payment method going forward since it can help maintain social distancing from cashiers and its contactless operation means it might be more sanitary than other payment options.