The Apple Pay payment service allows consumers to pay contactless and in-app, as frictionless and secure a payment can be. Consumers are able to securely store credit and debit card details into their Apple Pay wallet and confirm payment by simply scanning their fingerprint with Apple's Touch ID or by using Face ID. Apple Pay transactions are in fact still MasterCard, Visa or American Express card transactions (it is their card that 'sits' in the wallet). Existing card processing connections and merchant acquiring connections could support these Apple Pay payments. The service has been introduced in October 2014 in the US. Several Payment Service Providers are already participating in the service or have announced to support the acceptance of Apple Pay payments.
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E-wallets will equal cards as the most popular payment method globally.
In 2012, $295 billion was processed through e-wallet payments. This is set to rise to $1,656 billion by 2017.
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The Apple Pay payment service allows consumers to pay contactless and in-app, as frictionless and secure a payment can be. Consumers are able to securely store credit and debit card details into their Apple Pay wallet and confirm payment by simply scanning their fingerprint with Apple's Touch ID or by using Face ID. Apple Pay transactions are in fact still MasterCard, Visa or American Express card transactions (it is their card that 'sits' in the wallet). Existing card processing connections and merchant acquiring connections could support these Apple Pay payments. The service has been introduced in October 2014 in the US. Several Payment Service Providers are already participating in the service or have announced to support the acceptance of Apple Pay payments.
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