“Don’t leave home without the mobile phone”. This is now the mantra for modern living, where the mobile phone has replaced the wallet in making payment for daily living expenses – in the supermarkets, convenience stores, restaurants, retail stores, transportation, medical treatments, etc. With the decreasing need and use of cash to make payments, ‘cashless payment by credit card and other forms of mobile payment are slowly becoming the norm for the future. This new normal, coupled with the proliferation and widespread use of the smartphone, is fueling the rapid development of mobile payment solutions. Recent statistics reported by Global Web Index indicate that, globally, 74% of internet users make purchases online and that 51% of these users transacted via mobile devices instead of through their computers. As of June 2019, there were 633 million internet users, amounting to 74.1% of China’s total base of internet users, who had made payments online and of these, 621 million users had paid for their transactions using their mobile devices. According to the 2019 mobile payments report, this cohort of mobile payment users is largely made up of middle-aged and younger consumers, indicating that mobile payment has become a key driver promoting consumerism.
Leveraging the iPhone’s extensive reach across the globe, Apple Pay has become a ubiquitous tool in tens of millions of stores. Presently, Apple Pay is available in 53 countries with a global user base of up to 383 million. How does Apple Pay compare with other payment methods? Using APP as an example:
- Simple and Quick: Just a soft touch with no interface switch. Simply authenticate your fingerprint/face via the pop-up at the bottom of the seller’s APP to complete your payment.
- Increased Order-to-Pay Rate: Seamless and convenient payment drives more orders and revenue.
- Ease of Set-up, Excellent User Experience: Being fully integrated into the Apple software suite, users can simply register with the authorized bank partners and use Apple Pay without needing to install a third-party payment tool.
- Stringent security measures to safeguard transaction risks and data privacy: Transactions are 3Ds authenticated. No transaction details are stored by Apple.
- In addition to the seamless integration and efficient payment flow, security, and privacy are the core benefits of using Apple Pay. Upon activating payment, the user must register their credit card with Apple Pay, where a masked credit card number will be generated to be used to pay for the transaction. The cardholder’s credit card number and details will neither be shared with the seller nor stored on the device, thereby safeguarding the user’s account.
In addition to the seamless integration and efficient payment flow, security, and privacy are the core benefits of using Apple Pay. Upon activating payment, the user must register their credit card with Apple Pay, where a masked credit card number will be generated to be used to pay for the transaction. The cardholder’s credit card number and details will neither be shared with the seller nor stored on the device, thereby safeguarding the user’s account.
To ensure compliance with its world-class security and privacy standards, Apple Pay conducts stringent assessments of all their payment service providers. Oceanpayment’s technology team, having participated in a series of technological exchanges and rigorous online assessments, has been officially certified as an Apple Pay PSP (Payment Service Provider). This certification enables Oceanpayment to offer Apple Pay payment services to our merchants, providing our online merchants and a wide variety of In-App consumer ecosystems with a one-stop solution that is fast and secure, enhancing the customer experience with fast and secure payment services.
With the advancements in technology transforming the flow of money, innovative payment solutions, deeply enriching the payment ecosystem. In the past six years, Oceanpayment has leveraged our core strengths of continuous technological innovation and service upgrade to further develop our offerings of payment solutions. To-date, Oceanpayment has provided payment services to tens of thousands of sellers worldwide and is an authorized PFAC or acquirer for the top six card associations in the world. As a professional payments solution and services provider, we are focused on continuously improving our technological and operational capabilities as we strive to be a trailblazer in cross-border payments with innovative solutions.