Apple Pay is a mobile payment service by Apple Inc. that all Apple users may be familiar with; It allows payments on the web and in iOS apps. Needless to say, it is supported by iPhone, Apple Watch, iPad, Mac, and Vision Pro.
Apple Pay was initially released on October 20, 2014, nine years ago. It is compatible with iPhone 6, iPad Air 2 and newer, Macs with touch ID, and Apple Watch Series 1 and later. The security of these initially depended on the device and could be confirmed only after determining the number of cards that could be added to the service.
Apple Pay keeps the customer payment information private from the retailer by replacing the customer’s credit or debit card information. Now, Apple Pay is available in 78 markets used by hundreds of millions worldwide, and is supported by more than 11,000 banks.
Starting from iOS 18, Apple supports installment loans and payments. This means that consumers can purchase items using short-term credit from Affirm or Kalrna when customers check out with Apple Pay online and in the app. The only restriction of Apple Pay is that these features are not available in all countries yet.
It has also introduced installment payment options through partnerships with Affirm, a visa debit card issued by Evolve Bank & Trust in the U.S. and U.K. This lets customers split their purchases into smaller, scheduled payments at checkout, both online and within apps.
It also has plans to collaborate with Klarna, a pay-in-four option all-in-one online shopping app, to make it easier for customers along with other benefits of the application. Apple Savings is another Fintech tool that enables users to park cash and earn interest at a rate higher than many big banks; the only thing missing is a full-stack investment platform which will definitely be in the future plans of Apple Pay.
With Apple celebrating its tenth anniversary, Apple Pay has no plans to back down as this application still works as well as new. It is a major convenience as users do not have to carry any physical card.
What’s Next?
Apple recently revealed that it would broaden its services by allowing users to redeem rewards and access installment loans from Apple Pay enabled issuers and lenders after checkout with Apple Pay online and in-app.
The company has also been working on its Apple Wallet where users can add their payment cards and transport tickets, keys, coupons, reward cards, and more. The concept of Apple Pay spiked some controversy at first, where users commented on how locked-down everything in Apple is but many others acknowledged how useful Apple wallet is as people do not have to download fifty other apps of the respective banks in which they hold their account.
From now on, Apple will be using external lenders so that users have access to split payments through familiar financial channels other than this platform.
In the future, other financial providers like Synchrony and FIS in the United States and DBS in Singapore will also activate reward redemption through Apple Pay. This change will help customers use their credit card benefits without complications. Next year, PayPal debit cards will also be available in Apple Pay.
Today, with the world being more and more digitalized, it is more vital than ever for Apple to succeed in its mission to protect user privacy and security while also offering personal convenience.
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