Apple Pay is the new and upcoming payment system which is all set to revolutionaries the way we see the world of payments. If you’re a store-owner, be it a brick-and-mortar based store or an online e-commerce store or, website or an e-commerce mobile app, no matter how big or small it is, Apple Pay Integration is something you must consider.
A Sneak-Peek into Mobile Payments Growth Prospectus:
Accepting payments is the bedrock of any business and with the help of Mobile Payment integration; a store owner can boost the sales manifold.
According to a report from BI Intelligence, mobile payment will reach $75 billion this year and will surpass $500 billion marks by 2020. This means the compounded annual growth rate (CAGR) will be 80%! Another survey has claimed that the mobile wallet adoption will increase from 16% in 2017 to over 41% in the next 5 years.
The technology hasn’t seen a ubiquitous use as of now but is all set to move in the direction where it will. One can predict this from the markets which are very similar to ours i.e. U.K. and Australia. In these markets, 80% of the people surveyed agreed to have made payments with one or more mobile payment methods. These include methods like Apple pay, Samsung Pay, Android Pay, tapping or holding a credit card near a terminal etc.
Because there is a huge growth potential in this form of payment method, a merchant can leverage this by providing such methods on their stores which are safer and easier for the consumers too. As much as 70% of merchants have realized this and are committed to rolling out mobile wallets in the next 5 years.
What is Apple Pay and why should you adopt it?
Apple Pay is a mobile purchasing experience for customers with supported iOS and macOS devices. Apple Pay works at 2 million locations in the USA alone.
Apple Pay: It’s Easy and Convenient
Apple Pay is a mobile wallet introduced by Apple Inc. for its iPhone, iPad and Apple watch users. It is a comprehensive mobile payment method which helps a user in making payments not just on a physical store but also, on an online store through a web browser and on the store’s mobile app. All they need to have it is an Apple Wallet account and register their credit cards.
Apple Pay for secure mobile payment: It’s Safe and Fast
Recent changes in the card security have slowed down the payment process through the traditional credit cards. This is because EMV cards have a chip on them which needs to be inserted in the terminal to make the payment which takes more time than the old MRT cards which we could swipe. But we cannot fall back to the cards that used Magnetic Strip Transmission (MRT) since they were found to be highly insecure and easy to clone.
Apple Pay: It’s preferred by Most
Apple has the highest share in the mobile payment market. Another thing worth noticing is, no matter what age group your consumer belongs; Apple Pay is preferred more by them as against its leading competitors – Android Pay and Samsung Pay.
Apple Pay Wallet Advantage for Merchants
People usually prefer to go to a store that gives them a payment option that is fast, convenient, and secure. A study conducted by USAT revealed that the availability of Apple Pay at point-of-sale resulted in 135.2% increase in overall mobile payment usage and a whopping 36.5% increase in overall sales!
Another study conducted by Urban Airship revealed that for every mobile wallet a customer installs, it is added to 3.3 other mobile devices. This is beneficial especially for a small business since it becomes a lot cheaper to incentivize and promote themselves and their products. For a small business owner, the cost of a traditional plastic card 10 – 25 times the cost of implementing mobile wallet passes. The study also shows that a customer loyalty card is shared 5.3x when it is on a digital wallet rather than 3.9x – which is the average.
Apple Pay Countries:
Apple Pay is available in 10 countries including United States, United Kingdom, China, Australia, Canada, Switzerland, Hong Kong, France, and Singapore. The company is “working rapidly” to expand the service to additional countries in Asia and Europe.
Setting up Apple Pay
Apple Pay Setup
To set up the environment for Apple Pay, merchants are required to follow three simple steps to use Apple Pay in stores, within apps and websites. These are:
1. Create a merchant ID
2. Create a Payment Processing certificate
3. Configure Apple Pay capabilities in Xcode
There are many kinds of integrations that you will need to do to ensure Apple pay is successfully added to your existing payment methods. For this, you will require having some basic developer’s knowledge.
Also, if you have got new contactless POS terminals for your store, you might need to integrate them with your existing platforms in order to get let the POS data flow seamlessly. Thus, it is highly recommended that you hire an expert developer company for this task.
How Can i-Verve Help?
i-Verve will help you with all sorts of integrations that you will need to adopt Apple Pay payment service for your e-commerce website and/or your mobile app.
We have highly skilled iOS app developers who have 9+ years of experience in developing products for Apple devices helping retailers and online stores with secure apple pay integration in the website, online store, with POS, and in apps.