Genome’s team is back with yet another article that dives into different types of fraudulent financial situations that people and businesses can face. And this time, card-not-present fraud is on the agenda. Want to know how to avoid scams associated with card-not-present transactions? We gathered some tips below. What is a card-not-present transaction? Before we get to the fraud part, let us first explain what card-not-present transactions are in general. Card-not-present transactions (also known as CNP transactions) are the type of payments a person makes with their debit or credit card. Such payments happen remotely, meaning that the card and
Contactless digital payments were a thing even before a global pandemic caused faster worldwide digitalization. Genome is a financial services provider that is changing and facing all the challenges in a timely manner. Today we’re talking about Apple Pay – one of the two most used digital wallets for making contactless purchases. If you’re still unsure what its benefits are or simply want to know more about how it works, read on.
What is Apple Pay
It’s an e-wallet that allows speedy digital payments and securely stores your banking details (card number, etc.). This digital wallet uses NFC (Near-Field-Communication) technology – the basis for in-store contactless safe transactions and purchases online.
|In-store transactions||Online transactions|
|Instead of taking a physical card out of your pocket or wallet every time, fill in the card details in the Apple Pay application only one time. Setup is almost instant – after your bank confirms this step (usually happens within seconds), you can make contactless digital payments. For this – hold your smartphone next to the reader or POS terminal.||Apple Pay payment method also comes in handy for in-app or website digital payments. You don’t need to look for the bank card every time you order something online and write down the card number, CVV code, and expiration date. Instead, just choose Apple Pay as a payment method, and the necessary information will be filled in automatically. This step decreases both the purchase and transaction processing time significantly.|
Your real card information is not recorded but tokenized when it comes to safety. It means that every time you make a purchase, the token (a randomly generated sequence of digits) is used instead of a card number.
Genome cards in Apple Pay
Our business and personal cards are compatible with Apple Pay digital wallet. Just add our physical or virtual card manually in the application once and pay anywhere on the go. There’s no need to wait for physical card delivery. You can simply order a virtual card with Genome, it will be issued straight away, and you can use it instantly in the Apple Pay application. If you want to set up safe transactions from clients in Europe or USA, have a look at our merchant account offer. With us, you can accept multicurrency (GBP, USD, EUR, etc.) digital payments, including the ones made with Apple or Google Pay.
What cards work on Apple Pay?
This e-wallet supports both debit and credit cards, as well as different coupons, discounts, and gift cards. In general, it works like a digital wallet for storing various types of cards. Apple Pay cooperates with such major card issuers as Visa, Mastercard, and American Express.
Is there a monthly fee for Apple Pay?
This payment system is free of charge for both payers and business owners. However, Apple Pay has a 0.15% fee for credit card issuers for each digital payment made within the wallet. In other words, this is a small charge for a guarantee that card tokenization is safe and secure.
Is it safe to use Apple Pay?
Yes, this payment method has multiple protection levels. First of all, the exact card number is not saved in the digital wallet. It is tokenized so that for all safe transactions within the wallet, a randomly generated token is used – a combination of different digits. Secondly, you can only use Apple Pay on iPhones, Apple Watches, and iPads. All these devices have Face ID or fingerprint technologies, so one cannot pay with a card saved on the smartphone without passing these requirements. Finally, even if your phone gets stolen, thieves won’t be able to get hold of your bank card from the wallet because of the aforementioned fingerprint and Face ID.
What are the disadvantages of Apple Pay?
One major drawback here is that you’re dependent on the iPhone, Apple Watch, or iPad. If you lose any of these gadgets or they run out of battery, you won’t be able to make a purchase. Therefore, it’s always a good idea to prepare additional payment methods beforehand (such as paper money or physical bank cards).
How can I pay with my phone?
The first step is to add your debit or credit card to an Apple Pay wallet. As soon as your bank and card issuer approves this (which usually takes a few seconds), you can start using a smartphone to make purchases in physical stores. NFC (Near Field Communication) technology allows passing information at small distances. In this case, you will be passing card details to complete the digital payment. For this, just hold your device close to the card reader or POS terminal.
Is Apple Pay person to person free?
Yes, it’s a free-of-cost option, but currently available only in the US.
What’s the most you can send through Apple Pay?
There are no limits as such, but you might need to enter your card’s PIN if the sum of your payment hits a certain margin. More on such limits in countries all over the world here.
Why won’t my Apple Pay transfer to my debit card?
You should be able to send funds from Apple Pay or Apple Cash balance to a bank card or a bank account. These safe transactions are free and can be initiated right from your iPhone. If you’re dealing with any problems regarding transfer to a debit card, it’s recommended to contact Apple Pay support or your financial services provider to receive professional assistance.
How do I avoid Apple Pay fees?
This service doesn’t charge any fees from users or business owners. Sending and receiving money with the help of the Apple Cash card is also cost-free. Remember that it’s only working in the USA and is not available in the EU.
Can you Apple Pay yourself?
One can only send funds to other people in Messages through Apple Cash. However, you can still top up your Apple Cash balance by linking your other bank card to an Apple wallet and initiating a safe transaction.
What ATMs use Apple Pay?
Most cashless ATMs support cash withdrawals with Apple Pay. Among these networks: Wells Fargo, Bank of America, and Chase.