ApplePay and many other mobile payment schemes – commonly referred to as mobile wallets – are simply another method by which consumers can make payments using their credit or debit card account.
In addition to the consumer carrying a plastic card, the card account data is loaded into an “app” on the consumer’s smartphone, which can then be used to facilitate a payment at the point-of-sale. ApplePay uses near field communications (NFC) where the smart phone communicates with the point-of-sale device without touching versus a standard card which is “swiped”.
ApplePay transactions are considered card-present and receive the same MasterCard/Visa interchange rates as a swiped sale. However, only certain point-of-sale devices and applications are designed to accept NFC transactions.
Most businesses enable their consumers to pay how they want and many younger and tech-savvy consumers have started using mobile wallets such as ApplePay. If you are interested in modifying your payment system to accept ApplePay, give us a call today.