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Apple Pay: Everything you Need to Know

Do you want to know everything about Apple’s payment system? Keep on reading!

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Do you want to know everything about Apple’s payment system? Keep on reading!

What is Apple Pay?

It is a new mobile payment system. This nuance is more important than it seems, because what it means is that with Apple Pay we can make our payments in retail and physical establishments of all kinds using our phone, but also other devices.

Let’s say that the payment information is not linked to a specific terminal, but to a user.

How does Apple Pay work?

The first thing that the user must do to use Apple Pay is to link one or several bank cards to his Apple Wallet. From that moment, the payment will be available with your account.

It turns out that, after many years reneging of NFC technology, from Cupertino have decided to incorporate it. But they do it their way and limit their use essentially to this new payment system.

The NFC or Near Field Communication is a technology that allows communication between two devices bringing them closer together. In this case, the phone, tablet or smartwatch and the POS (Point of Sale terminal).

To give you an idea, it is practically the same as what happens with contactless credit cards, which do not require you to enter them in the dataphone in order to use them.

Obviously, it would be quite unreliable that anyone had access to our bank account just by approaching a POS terminal, so a second level of security is established.

Just as contactless bank cards require us to enter the pin to close the transaction, Apple Pay uses the terminal fingerprint reader for confirmation. But it does so automatically when you pass the phone through the point of sale terminal.

Which devices are compatible with Apple Pay?

Basically all iPhone smartphones from model 6, which are those that have an NFC chip.

The tablets are more limited. iPad Mini 3 and iPad Air 2, although they do not have NFC, they do allow In App payments using a chip called SE that secures the transactions.

All Apple Watch models allow the use of Apple Pay by linking to the phone. In fact, they do not require the use of the Touch ID and just press the side button to confirm the operation.

How is Apple Pay configured?

In theory it’s very simple: you only have to access Apple Wallet. There you will see in a prominent way a banner that encourages you to enter the bank card.

If you agree to the verification process, you can simply scan your data by making a simple photo, which will save you typing the numbers, although if you prefer you can type them by hand. After checking that the data is OK, it is only necessary to enter the CVV and that’s it.

At the moment, Apple Pay is not available for all cards or banks, so you can only use it if your card is issued by:

  • American Express
  • Master Card
  • Boon by Wiredcard
  • Carrefour financial services

The forecast is that this list will increase, but the truth is that for the moment is what there is. If you do not want to switch banks to Santander, which is the one with the exclusivity, check out the Boon Wiredcard virtual cards, they can be a good alternative.

How much does Apple Pay charge?

This payment system is free for users, although it charges a fee to banks of 0.15% per transaction, arguing that the payment is much safer and fraud is reduced thanks to biometric controls.

As you can imagine, this does not make banks very happy, which may delay their global penetration in the market.

Can I pay online with Apple Pay?

Yes, you can. But here we also encounter certain restrictions.

We must differentiate between In App purchases, which are those made within an application and that only require using the Touch ID, and those made in a browser.

If we consider adding this means of payment to our eCommerce, you should know that it is only compatible with Safari, the native browser of the Apple operating system.

To pay online with Apple Pay using an iPhone or an iPad, you have to search for the corresponding button and use the fingerprint reader as in purchases within an app.

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