Commenting on Apple Pay entering the UK market, Ernest Doku, technology expert at Uswitch.com, says: “When the world’s biggest company wades into mobile payments, you know it’s going to be a game changer. Apple has the brand power to bring the ethereal concept of a mobile wallet into the mainstream. The support of some of the UK’s best known retailers, from Marks & Spencer to the Post Office, doesn’t hurt either.
“Much like iTunes revolutionised music, Apple Pay could become the de facto standard in payments, and not just for small transactions. Sophisticated security features – fingerprints to authorise payments and encrypted ID numbers instead of credit and debit card details – should alleviate fears that paying by mobile isn’t secure.
“Much has been made of the fact that no credit or debit card data is stored on Apple servers, shared with merchants, or transmitted with payments. All this means details are less likely to be stolen and misused. In short, Apple Pay is actually a safer way to pay than using cards and cash in your wallet or purse.
“But to convince the sceptics and win over UK shoppers, Apple needs to shout even louder about its security features. Fears of theft and fraud are the biggest barriers to mobile payments going mainstream this side of the Pond. Just a fifth (20%) of Brits have made mobile payments using existing technologies, but 37% said fingerprint technology as a security feature makes them more likely to use Apple Pay.
“For now, one of Apple Pay’s biggest limitations is that it can only be used by owners of new Apple devices, such as the iPhone 6, 6 Plus and Apple Watch – the early adopters. For that reason we may have to wait years for Apple Pay-ready devices to percolate down the market into cheaper territory before the tech giant truly changes the way the UK pays.
“That said, contactless is already a mature and established payment method in the UK, so Apple may find that we’re a far more receptive audience than in the US, where the entry of Pay has had a relatively low impact.”
For more information visit www.uswitch.com or call 0800 093 0607
FOR MORE INFORMATION
Lucy Smart
Phone: 020 7148 4663
Email: lucy.smart@uswitch.com
Twitter: @UswitchPR
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