When a customer makes a purchase from your ecommerce, it is commonly expected that the customer will be requiring multiple payment options for making payment, such as debit cards, credit cards, UPI, internet banking, etc. But since a huge chunk of users is coming to ecommerce stores through mobile devices, there is a shift towards mobile-friendly payments.
Among all the mobile-friendly payment gateways, Apply Pay is a very popular and opted payment solution. Apple Pay allows customers to don’t even enter their personal details and card details. Many Apple Pay owners have used Apple in the last 4 months – a quite high conversion rate than the 50% rate (approx) shown for other payment wallets.
In this article, we will be delving into all different aspects of Apple Pay, including its advantages for your ecommerce store and how you can integrate Apple Pay into your Magento store.
Apple Pay
In October 2014, Apple Pay was successfully launched. It became one of the most popular payment gateways in terms of digital and contactless payment which the Apple products owners like iPhone, Apple Watch iPad, Macs, etc, can easily use. Apple Pay owners can do online shopping and in brick-and-mortar stores, however, the store should have a contactless reader. You can increase the functionality and easily manage payments on your ecommerce store by adding Apple Pay as a payment option. Many popular credit cards & debit cards companies such as American Express, Visa, Mastercard, Union Pay, etc are supportable by Apple Pay.
Do you know there are more than 250 million users of Apple across the world? With that many potential customers globally, why not use Apple Pay to expand your business online?
Apple Pay Support these devices :
- iPhone 6, 6+, 6S, 6S+
- Apple Watch compatible devices including the iPhone 5
- iPad Air 2 and newer models
- iPad Mini 3 and newer models
Using Apple Pay, it is easy to send money to your friends and family instantly. You send and receive funds through Messages, and then they are added to an Apple Cash card. As an ecommerce retailer, you can easily add Apple Pay as a payment option in your store. You just need to contact your payment provider and tell them that you want to give Apple Pay payment option. They will immediately set it up for you. Also, you can download the Apple Pay symbol from their official website so you can showcase it on your ecommerce store and in your register terminal. Thus, the customers will easily notice that they can make payments through Apple Pay. You don’t need to pay any extra cost for adding the Apple Pay payment option. In short, you are getting an extra & popular payment option without any additional cost.
Security Of Apple Pay
In every ecommerce, the customers will make payments only if they found that the gateway is secure and there will be no data breach. Apple is renowned for its security and data privacy. It uses a multi-layered approach to alleviate merchant fears of security. Let’s know about these layers in detail…
a. Near Field Communication (NFC) Technology
Near field communication or NFC technology allows for contactless payments in a physical store. It just requires a smartphone (that the user will carry) and a POS terminal (which the shop owner will provide). Apple uses this technology for contactless payments. This technology is having a strong presence in the USA, Europe, and some parts of Asia. Now the latest Apple products come with NFC chips and Touch ID fingerprint identity sensors.
b. Multiple Security Levels (Tokenization)
The credit card data get stored in the Passbook iOS software app, then the customer identities will be verified using the Touch ID sensor. Either a few beeps, vibrations, or pulses will signify that the payment was successful.
As we mentioned above, Apple Pay uses NFC technology for the connection of merchant cash registers wirelessly. It will generate a security token for authentication purposes. The merchants will never get any data related to customer identity or credit card number. So the customers don’t need to worry about losing their precious data because they will never possess it in the first place. It is applicable for both online and offline transactions.
Benefits Of Integrating Apple Pay In Your Magento Store
After delving into Apple Pay, you must be wondering how Apple Pay can help your business in a direct or indirect manner. There will be many benefits for both customers and merchants using Apple Pay.
1. Improved Security
Every year, we witness several incidents when thousands of customers lose their financial information as it got hacked from an ecommerce store and the credit card information of thousands of customers gets stolen. So now, every customer first checks whether the ecommerce store is authentic or not, and then the payment option is secure or not. With Magento, you don’t need to worry about the security of your ecommerce store and with Apple Pay, the credit card data of your customers is completely safe. Apple Pay completely encrypts and protects financial transactions data.
There is a Device Account Number (DAN) associated with each credit card. This DAN is encrypted and stored safely in the Secure Element like a chip in the Apple devices such as iPhones, iPads, and Apple watches.
In short, the actual number of your credit card or debit card will never be shared with the payment recipient. So it minimizes the risk of data theft. Also, every merchant is verified before making a transaction. Whenever a customer clicks on the “Buy with Apple Pay”, then Apple will first check whether you are a valid merchant for making a transaction.
2. Fast & Quicker Checkouts
As we mentioned above, the users don’t need to enter the details of their credit card on Apple Pay. Even they need to enter shipping, billing, or payment information (if already saved). They just need to click on the “Apple Pay” payment option and it will authorize the user by fingerprint or face identification. Thus, it becomes one of the fastest and smoothest ways to make a payment on an iPhone.
Also, you don’t need to confuse every customer with the Apple Pay option. It will be displayed to a user who is either using an Apple device or browsing through Safari.
3. Supports Greater Privacy
Apple doesn’t monitor customer transactions. Also, using the DAN instead of credit card information makes the transaction even more private as merchants don’t get any personal or card details. When a customer uses Apple Pay, information is stored only for troubleshooting, fraud prevention, and regulatory processes.
4. Maximize Sales Potential
Last but not the least, by improving the checkout experience you can definitely increase the sales on your ecommerce store. As per a study by Baymard Institute, you can increase sales by 35% through a better checkout experience. Apple Pay is one of the easiest and most efficient ways to make the mobile checkout experience as smooth as possible.
How To Integrate Apple Pay As A Payment Option In Your Magento Store?
Many popular payment gateways such as Stripe, Authorize.net, Braintree, etc. accept the Apple Pay payment option. Also, you can use 3rd party Magento extensions for integrating the Apple Pay payment option. We have given an example of integrating Apple Pay through the Stripe payment gateway:
- Sign up with Stripe Apple Pay for the web
- Install the extension of Stripe in your Magento database
- Log in to the Magento backend admin panel
- Choose Apple Pay from different payment options.
- Connect the extension with the Stripe account
- Save the settings.
Now you can accept payments through Apple Pay on your Magento store.
Wrapping Up
Providing a smooth checkout and secure payment gateway is essential while running an ecommerce store. In this article, we have gone through the importance of Apple Pay, how it is beneficial for your Magento store, and how you can integrate it into your Magento store. At Emizentech, the best Magento development company, we are having expertise in implementing such custom features & functionalities and developing ecommerce stores from scratch. Let us know your requirements.
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