Apple Pay Landed This Month: Are You Ready?
Apple Pay arrived in the UK this month and already expectations are high that the technology giant will help to revolutionise mobile payments. Apple may have a relatively small slice of the UK smartphone market, but we think the sheer brand power of the Cupertino firm will bring new energy and create new interest in the market. That’s why I’m pleased to say Miura Systems are Apple Pay ready right from the start.
It really is a fantastic opportunity for UK businesses of all sizes to maximise their earnings by offering customers an even greater breadth of payment choices.
What is Apple Pay?
Apple has been criticised in some quarters because its mobile payment system isn’t “innovative” enough. This is kind of missing the point. What Apple does brilliantly, is take an existing technology and wrap it up in an absurdly user-friendly, sleek package. Everything that Apple produces a) “just works” and b) looks cool. That’s not a bad start for any technology.
Effectively, Apple Pay is a variation on contactless payments, using the NFC capabilities of the iPhone 6, 6 Plus and Apple Watch. Users hold their device next to an NFC-enabled reader – the Muira M007 or M010, for example – and authenticate via their fingerprint on the handset/smartwatch. It’s fast, simple and secure.
For businesses the benefits are numerous:
Extra secure: Not only has Apple integrated biometric authentication into the platform, but also tokenisation. This means that no card data is shared with the merchant – significantly reducing their risk exposure.
Play with the big boys: For smaller businesses it’s an opportunity to offer the kind of slick payment experience more commonly associated with larger brands – which will help raise their profile with customers.
More choice, more revenue: By offering customers a greater breadth of payment choices, you’re maximising your potential takings.
Happy Shoppers: It’s fast and simple to transact with Apple Pay, meaning fewer queues at the till and happier shoppers. And happy shoppers are more likely to return.
Join the crowd
Some critics have claimed that Apple Pay has had a lukewarm reception in the US since its launch last year. But we have a secret weapon in the UK: contactless payments. Contactless is already well established and gaining increased adoption over here. Big name retailers and service providers like TfL support it, and consumers are getting comfortable with the idea of “wave and pay” for smaller sums. It’s a crucial difference which should see Apple Pay take hold a lot quicker. In fact, according to a SagePay report, 26% of UK businesses were considering adoption even before the roll-out date was announced.
As if that weren’t enough, Apple Pay already has the backing of big name brands including Marks and Spencer, the Post Office, McDonald’s, the entire Transport for London network and most of the major banks.
As an innovator ourselves in the mobile payments space, Miura Systems is Apple Pay ready for the big switch on this month. And partner iZettle, which uses Miura technology in its card reader, is also on board. Now it’s time for you to take a look.