The mobile platform is focused on two things: sending and receiving money. By the year 1999, the company was already churning out email-based payments, and by 2006 it had released the first-ever mobile payment app. The mobile payment company was first established in 1988, and it’s the first to flesh out the concept of digital wallets. PayPal is the ultimate pioneer in the field of mobile payments. Remittances head straight to your Apple Pay cash balance, which you can then transfer to your bank account. Users may also transfer cash via a text prompt or by simply asking Siri. Still, Apple Pay’s encryption changes the numbers each time a transaction is made. You get the same type of encryption for services as Android Pay and Samsung Pay. Whenever you make purchases online, this anonymous data is the only information that retailers receive. And to take things even further, Apple Pay obscures your real card data with anonymized digital tokens. The service offers three layers of security: a passcode, Touch ID, or Face ID. All you have to do is to swipe your phone on the NFC counter, key in your password, or means of verification, and the app will handle the rest. Say you want to buy something from American Eagle, Gap, or McDonald’s. Apple Pay is one of the first payment apps to feature advanced integration with select stores. The service is as complex and secure as any app can get, yet it only takes a few simple steps to operate. The only thing you’ll need for subsequent transactions is the security code sent to you via text or other means to validate the transaction.Īpple has always prided itself on simplicity and sophistication, and the very same principles were applied to Apple Pay. This makes subsequent payments easier as you don’t have to keep typing in your details. Most mobile payment services are also able to retain your credit card information within the app. Popular credit card issuers such as Visa, Citi, Mastercard, and American Express follow similar credit card validation formats. The transfer process usually requires a brief verification process to check if you are the legitimate account owner. Most mobile payment apps ask for your bank or credit card information to be able to transfer funds to and from your account. How Do Mobile Payment Apps Work? Photo by sabrangindia Most users were also propelled to make a switch to cashless payments following the global stay-at-home regulations imposed because of the COVID-19 pandemic. Mobile payment services are also deployed to extend financial services to those without access to banks.
Mobile payment apps are being seen as a more efficient, safe, and convenient form of payment. However, it’s only that the technology to support such systems has become widely available. Non-cash payment systems have existed since the 1980s.
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