Since Apple released Apple Pay, its payment platform based entirely out of the iPhone and Apple Watch, pundits have debated how it would impact the market. Many said that Apple Pay would immediately revolutionize the market, as millions of iPhone users would instantly switch over to using their phones or watches to make payments at the convenience store or while getting groceries. It turns out that hasn’t happened. While Apple has been successful in getting many merchants to add Apple Pay stations to their existing terminals, getting people to stop using plastic and start trusting Apple Pay has proved a bit more daunting. That’s in part because Apple Pay has suffered under a high level of fraud, and at one point this year the fraud rate was at an incredible $6 per $100 worth of transaction. While it is impossible to know the exact rates of fraud coming from Apple Pay, it has happened enough for merchants and users alike to be worried. Nobody wants to put their payment information on a vulnerable system, and there are some issues with banks not validating a user’s identity once their payment information has been added to Apple Pay.
Instead of revolutionizing how people pay for goods, Apple Pay is likely to be another option for consumers, in addition to helping credit card companies get their cards onto mobile devices for further use. Merchants with high risk merchant accounts from payment processors such as eMerchantBroker.com can use Apple Pay in order to allow customers another form of payment. Customers love multiple options, and having the option to pay via mobile if you choose is one that consumers have been drawn to. While many aren’t using Apple Pay, tighter security protections and physical use at more terminals across the country could potentially help more people adapt Apple Pay as their primary form of payment. For the foreseeable future, Apple isn’t going to be dictating how people pay physically or online. But it can play a big part in making things more convenient for consumers.