FinTech in Five: Apple Pay

By Matt High
Following the announcement that Curve's card can now be added to ApplePay, our latest FinTech in Five looks more closely at Apple's mobile payments serv...

Following the announcement that Curve's card can now be added to Apple Pay, our latest FinTech in Five looks more closely at Apple's mobile payments service

Curve - a UK-based challenger banking platform that consolidates all of a customer's cards onto one smart card - is bringing its European customers Apple Pay. Curve's "badass 100 cards in one" service is, in itself, is an innovative play in the banking sector; the company even offers 'time travel' to its users. Yes, really. 

But then again, Apple Pay, the US tech behemoth's mobile payments and digital wallet service is no slouch either. The product, initially launched in 2014 in the US, allows users to make payments in person, through their various iOS apps and on the web.

These can be completed on iPhones, Apple Watch's, iPads and iMacs, along with whichever new product Apple decides to place an 'i' in front of. 

Apple Pay: five features

In the spirit of our weekly FinTech in Five feature, we take a closer look at five of the core capabilities of Apple Pay, courtesy of the official website

1. Cashless made effortless: simply put, there's no cash needed. As already mentioned, Apply Pay works through apple devices, and it allows purchases to be made above the £30 contactless limit in UK stores. 

2. Pay within apps: cards aren't needed. Users enter their respective payment card details and, subsequently, use the Apply Pay app on whichever device they choose to pay for all and any purchases.

3. Security is key: Apple Pay is safe, offers smooth and secure transactions and keeps purchases private . The app uses a device specific number and unique transaction code that means actual card numbers are never stored on the associated device - those numbers are never shared with merchants, either. Other security features include face and touch ID for two-factor authentication. 

4. It's in your wallet: Apple Pay works with major credit and debit cards from national banks. All of these, as well as stores cards, boarding passes and tickets are stored in the Apple Wallet, which Apply Pay syncs with.

5. Pay on the web: Apple Pay works with Safari, so any purchases made online through that browser can be made by Apple pay without having to create accounts, fill in personal information of enter credit card details. The service is accepted by millions of online merchants. 

Read the full story on Curve and Apple Pay here.

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For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

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