What is Apple Pay?
It’s a convenient way for iPhone 6 users to pay with their iPhone. To get set up, users register with Apple and load their preferred credit cards. Then they can walk into any merchant location that is Apple Pay ready and pay with a touch of their phone. And it’s easy – there is no need to wake up the display or look at the screen. A subtle vibration and beep lets them know the payment was accepted.
How does it work?
The iPhone 6 has an innovative “NFC” antenna. NFC simply stands for Near Field Communication. It’s Bluetooth for payments. It allows payment devices close to each other to send and receive signals and complete a credit card sale.
What does this mean for my merchants?
Apple iPhone users today make up 42% of the smart phone market. Early indicators are that Apple Pay will be no different. Whole Foods just announced that 1% of their total sales were done with Apple Pay within 17 days of having it available. Although many merchants will require a modest equipment upgrade, the potential for increased sales and efficiency offers a significant revenue increase for them.
What does this mean for the Bank?
Financial Institutions that can offer this hot new product have something exciting to offer their merchants. When the buzz hits your bank, you can be one of those rare banks that can say “we have this” to your merchants. And the additional good news is that the equipment that takes Apple Pay also supports EMV cards, so once they upgrade, they are good to go on both.
How UMS Can Help?
UMS has successfully completed all beta testing on Apple Pay and we are ready to roll this out to your customers.
We will work with your Branches on marketing this product. Whether you desire posters, flyers, brochures, blurbs for your web sites or social media, we are ready to assist.
Call us today for more information!
Phone: (800) 866-1881