Apple Pay
Apple Pay is a digital wallet service that enables users to make secure, contactless payments using Apple devices. It uses tokenisation to replace sensitive card details with a unique encrypted identifier, enhancing security. Apple Pay is widely accepted across retail, travel, and e-commerce platforms and is a key example of the evolving customer payment preference for cashless transactions in many markets.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
