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Creditfix LB 03-2017

Apple Pay Payments Go Limitless

A landmark has been reached by Apple in their Apple Pay contactless payment system.

Head of Apple?s payments business, Jennifer Bailey has confirmed that over half of all contactless payment terminals in the UK can now take Apple Pay transactions of any value.

Previously most transactions had been limited to the standard default upper limit for contactless card transactions of ?30, with only a few machines accepting higher value payments.

The acceptance of higher value payments via Apple Pay is seen as a significant advantage for the company over the competition of contactless cards.

Contactless card payments are limited to ?30 to prevent fraud, since they do not require shoppers to enter a PIN.

Apple Pay transactions however, are made by holding an iPhone or Apple Watch against a card reader, and are approved using the iPhone fingerprint scanner or watch?s biometric sensors. This extra security allows Apple Pay to make payments of any value.

Retailers have had to upgrade terminals in order to support the higher payments, meaning it has taken the company two years since the UK launch of Apple Pay in 2015 to reach this halfway mark.

Apple Pay transactions in the UK have grown by 300pc in the last year, with 23 banks now supporting the service.

Ms Bailey commented: ‘We think the majority of the contactless terminals [in the UK] are now limitless. Our momentum has been fantastic. We?re really excited about the progress.’

She also implied that more products were in the pipeline, saying: ‘If you think about all the things in your wallet, we’re thinking about all those things, we’re probably actively working on most of them. We?re starting with payments. Some are longer term, we see this as a long-term journey rather than something we can solve in the next 12 months.’

Although a new?fingerprint payment card?was announced by Mastercard last month, Apple certainly seem to be in the lead when it comes to limitless contactless payments.

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