Apple Tap to Pay Handles Payments with No Extra Hardware
Michael Hemsworth — February 9, 2022 — Tech
The Apple Tap to Pay feature has been officially announced by the technology brand as its latest payment solution that will provide iPhone users with the ability to seamlessly handle payments using only their mobile device.
The service will enable users to accept contactless payments without the need for any additional hardware, while also enabling others to pay seamlessly with their MasterCard, Visa, American Express and debit cards. The feature is quick to set up and utilizes the same payment protection as Apple Pay with Secure Element encryption for enhanced peace of mind.
VP of Apple Pay and Apple Wallet Jennifer Bailey commented on the new Apple Tap to Pay feature saying, "As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone."
The service will enable users to accept contactless payments without the need for any additional hardware, while also enabling others to pay seamlessly with their MasterCard, Visa, American Express and debit cards. The feature is quick to set up and utilizes the same payment protection as Apple Pay with Secure Element encryption for enhanced peace of mind.
VP of Apple Pay and Apple Wallet Jennifer Bailey commented on the new Apple Tap to Pay feature saying, "As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone."
Trend Themes
1. Contactless Payment Technology - The trend of contactless payment technology allows businesses to enhance consumer checkout experiences by offering secure, contactless payment options through mobile devices.
2. Integrated Mobile Payment Solutions - The trend of integrated mobile payment solutions provides consumers with the ability to manage transactions and payments seamlessly through their mobile device, without the need for additional hardware.
3. Enhanced Payment Protection - The trend of enhanced payment protection offers consumers increased security through encryption features, providing peace of mind when managing financial transactions through mobile devices
Industry Implications
1. Mobile Technology - The mobile technology industry has the opportunity to leverage contactless payment technology trends, along with integrated mobile payment solutions, to provide consumers with convenient and secure payment options.
2. Financial Services - The financial services industry can explore trends in enhanced payment protection to strengthen security measures and improve consumer confidence when managing transactions through mobile devices.
3. Retail - The retail industry can capitalize on the trend of contactless payment technology to optimize consumer checkout experiences, offering customers the convenience of contactless payment options, without requiring additional hardware.
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