Apple Pay has gotten a lot of press lately. The new payment platform by Apple, allows for consumers to pay for products just by holding their phone up to a merchant terminal and clicking ok. Equipped with an intuitive interface and the ability to be used with multiple devices (Apple Pay is available on iPhone 6, iPhone 6s, and iWatch) even many U.S. banks have rallied behind the platform, hoping that Apple’s strong brand recognition makes consumers perform more credit transactions. Yet the technology behind Apple Pay is not nearly as new and shiny as the platform, but it is still turning heads.
Near Field Communications (NFC) technology is what drives Apple Pay. NFC is a contactless, Wi-Fi like technology that identifies the user and the user’s bank account to a specific terminal. This short range frequency transfers small amounts of data between devices like a smartphone and retail terminal, by only being a few centimeters away from each other.
A recent poll by The Wall Street Journal shows that 37% of U.S. adults who use mobile payments, favor NFC. Apple is hoping to exploit that trend and use the power of its brand to encourage others who do not use mobile payments to select NFC as well. Still Apple faces a basic problem, despite all the hype that Apple Pay has received over the past year. The majority of Americans still don’t trust making payments using their mobile devices, citing security concerns. And only 10% of merchants have adopted NFC despite a majority of them being aware that the technology exists.
Perhaps the brand recognition and pure allure of Apple Pay will be enough to get Americans, and the world, behind the idea of the “digital wallet.” A recent Nielsen report asked Americans if they would use a device to shop at a physical store, and 41% said that they would, a few points higher than those that answered no. Apple is scheduled to release Apple Pay at the end of the year.
Vitamin Supplement Merchant Account with eMerchantBroker.com
Apple Pay may accelerate the adoption of the digital wallet. High risk businesses like vitamin supplement merchants, can benefit from the convenience of fast NFC payments in vitamin shops across the country. However, they will still need a competent payment processor to enable those payments.
Choose eMerchantBroker.com to start your vitamin supplement merchant account