Simplicity, Security, Intuitiveness.
From crypto-currencies to peer-topper payments and one-click checkouts, modern innovations are shifting the necessary payment infrastructure of our economy. The gadgets we carry in our pockets are becoming more than ever thought possible. And the wallet is its next target. In 2020, approximately 90% of smartphone users will have made a mobile payment.
By 2030, those surveyed expect digital wallets to be the primary source of payments.
Mobile payment via smartphone is not much different from using bank or credit cards. Holding a card or holding a phone in front of a near field communication device is basically the same action — and many retailers and banks offer this option today. Also, online shopping in apps and on websites accepting Apple Pay is simple. There’s no need to manually fill out lengthy account forms or repeatedly type in shipping and billing information with Apple Pay.
Still, the most underrated feature of Apple Pay is its security. People don’t talk about it at all. Security and privacy is at the core of Apple Pay. One of the significant advantages of Apple Pay is tokenization. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor Apple servers. Each transaction is authorized with a one-time unique dynamic security code. Digital payment methods remain more secure than physical cards. They can’t be stolen, for one.