To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex: just a tool to send and receive funds. But then, you face a plethora of terms like bank transfers, wire transfers, electronic payments, online transfers, and so on. And you start to wonder – “is there a difference between all of these?” and “what should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ and compare wire payments to other transfer options as well. Wire transfer:
Apple Pay was introduced a few years ago and, since that time, has literally taken over the world. Coupled with Google Pay, these are the two most widely used mobile wallets globally. This Genome article will discuss the pros of Apple Pay for private clients and businesses. Read on!
What is Apple Pay, and how does it work?
It’s an innovative solution that enables safe transactions and NFC contactless payments on iOS. Apple Wallet was designed to securely store one’s card information tokenized and make safe purchases using different devices, including an iPhone. It works the same way in all the countries, including Europe and the USA, and supports different currencies: USD, GBP, EUR, etc.
To make a purchase, unlock your smartphone and hoover it over the card reader. It is that simple, but what actually happens behind the scenes? Both a card reader and a smartphone are enabled with special technology for processing NFC contactless payments. A new code is generated for each unique transaction – you hear a beep sound when the payment is approved. Due to the tokenization of card details, a merchant does not receive the buyer’s name or any other information.
Apple Pay for private clients
Apple Wallet is a complex solution that solves the problem of secure and quick payments. This digital wallet operates on iOS and is supported on multiple devices such as iPhones, MacBooks, and Apple watches. So, what makes this payment method so appealing? In fact, a few things are worth our attention here:
|Simplicity||Paying for something has never been easier. You only add your best debit cards to the digital wallet and use it daily on the Apple device of your choice. There’s no need to carry around a real wallet full of physical cards. To make a purchase, you just unlock your smartphone and put it closer to the reader (because the maximum distance for the NFC technology is 4 cm). Thus, your device gets a new function – it works as a payment method.|
|Security||NFC technology and card details tokenizations guarantee the highest level of protection for your funds, personal, and financial information. As we’ve mentioned before, each transaction requires a new code generated in-between the card reader and a device with an Apple Wallet. This code cannot be used for the next transaction, for example, – it will be canceled. What’s more, no other gadget can intercept the payment or steal any details.|
|Timing||Probably, the best thing about Apple Wallet is that all the processes ensure safe transactions happen within seconds. If the payment is canceled or approved, you will be notified right away. In such a way, you can try for the second time immediately or start resolving an issue with your bank.|
Apple Pay for businesses
Payments made via an Apple Wallet have numerous benefits for company owners of all sizes. First of all, this payment method is frequently used for online purchases. Regardless of whether a client is shopping online or in a physical store, they can use an Apple Wallet. Secondly, this digital wallet guarantees safe transactions due to the tokenization of card details. It means that no real card number or expiration date is used for transaction processing.
If you want to accept payments via Apple Wallet, you will need some hardware: a card reader or POS (Point of Sale) terminal. Plenty of financial services providers offer these, but you should pay careful attention to pricing and fees. With Genome, you can easily open both merchant and online business accounts. We support NFC contactless payments with Apple Wallet on cards for owners of our business and personal cards. Genome also offers multiple access to a business wallet and merchant analytics – a tool for tracking and analyzing all customer payments. Visit our website to find out more about our financial services.
Can Apple Pay be used for business?
Apple Pay is a mobile wallet that works perfectly well for both private clients and businesses. Companies accepting NFC contactless payments are more appealing to customers because the majority of people nowadays, especially youngsters, prefer this payment method. One more benefit is additional security, privacy, and high transaction processing speed for the clients.
Can you pay a private person with Apple Pay?
Yes, this function is called Apple Cash and currently is only available in the US. If you want to send or receive money with Apple Pay, you can use an Apple virtual card in your mobile wallet. For this, you need to set up Apple Cash and have an active debit card linked to your Apple Wallet. To move funds, go either to iMessages or directly to the digital wallet.
How do I add a corporate card to Apple Wallet?
The process is the same for personal and corporate cards. First, you should go to your Apple Pay mobile wallet and add card details manually. Some banks already have an in-built feature to link a card right from the mobile application. In the next step, your financial services provider will need to verify this – it takes no more than a few seconds. And, you’re all set up – start making purchases with just your device right away. Remember that Apple Pay is completely free of charge.
How do I create a custom Apple Wallet?
Anyone can tailor their Apple Pay mobile wallet according to their needs. This solution was not only made for online payments. Indeed, you can even add transportation tickets, gift cards, and discounts to your wallet. Just add all the cards you are using most often and enjoy easy access to all of them right on your smartphone. In Europe and the USA, people use different bank cards. However, Apple Wallet allows you to customize it depending on your needs.