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Things you need to know about in-app payment with Apple Pay

Yoav Elgrichi, CEO, YuuPay Secure Pte Ltd | Feb. 24, 2015
Yoav Elgrichi of YuuPay talks about the ins and outs of Apple's new mobile payment and digital wallet service, Apple Pay.

Those devices have the Touch ID, which scans your fingerprint and authenticates the identity of the device owner. In the near future Apple Way will work with Apple Watch due in 2015.

You will need a supported credit cards which is stored in your iTunes account. Adding new cards is done via the Passbook application. Apple established relations with key banks in US and in rotations with Visa, MasterCard and American Express.

6.  The golden question, who pays for it and how much?

Apple doesn't charge anybody anything for the use of Apple Pay. They see is as additional feature to iPhone 6 and another component in Apple ecosystem and not as another source of income. Apple is charging the acquiring banks from the fee taking from the merchant. So practically for the merchant and for the end-user the service is free and do not create any overhead cost burden.

What does this mean for the payments industry then?

Apple uses the existing credit cards infrastructure and changed the final mile of the user payment experience. It has made it friendlier and added the "Apple coolness" spice.

Currently, customers still needs to apply for credit cards from their banks and merchants still needs to set their merchant account, however it is possible that Apple will move to disrupt the payments industry over time.

 

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