Published on July 17th, 2015 | by admin
Apple Pay Available At All Post Office Branches
As of this week, anyone in the UK with an iPhone 6, 6 Plus, or Apple Watch will be able to use them to pay for things via Apple Pay. The Post Office is just one of the retail partners that are on board to accept this contactless payment system method.
Indeed, more than 250,000 shops in total across the UK can now accept payment through Apple Pay alongside Transport for London (TFL) on its Tube, bus and rail networks.
Growth in contactless payments
Opportunities to use contactless payments have risen sharply in recent times. According to the UK Cards Association £2.32billion of spending was conducted via this method in last year alone. This spend is set to increase rapidly as more and more of us seize the opportunity to pay via contactless which takes less than a second per transaction compared to seven seconds to pay by chip and pin.
Indeed, according to a recent report published by Visa, it is estimated that £1.2bn will be made per week via mobile payments by the year 2020 as six in ten Britons use their mobile devices for making payments.
Utilising near-field communication chips technology
All thanks to near-field communication chips (NFC), payment via a compatible phone can effortlessly be made simply by using the Passbook app which will automatically open, then vibrate and beep to confirm the payment has been processed successfully.
The majority of UK banks are working with Apple to enable consumers to use Apple Pay which can be used to purchase items up to the value of £20 as does apply currently with other contactless services though this figure is set to increase to £30 as of September.
Security using Apple Pay
Allaying fears that Apple Pay might put users at risk of fraud, we learn that credit or debit card numbers added to this new NFC payment method are not actually stored on the device, nor on Apple servers. Instead, a unique security code is generated to authorise and process each transaction thus negating potential fraudulent activity.