Solupay with NetSuite SuiteCommerce Advanced is now supporting Apple Pay. What was once a small portion of the payments industry is slowly becoming a preferred payment method. Although mobile payments make up less than 1% of debit card transactions, they are quickly increasing in popularity among users and merchants. Mobile payment frequency increased 75% over the last year, and its usage is only expected to rise.
The tech giant, Apple, launched their digital wallet back in 2014. At the time of its launch, Apple Pay was accepted at just 3% of US stores. By the end of this year, Apple estimates over 60% of US retail stores will accept Apple Pay. As the most user-friendly digital wallet, Apple remains confident that it will be widely accepted over the next 3-5 years. At its inception Apple Pay was designed to improve the user experience of making a payment, and now that Apple Pay is gaining momentum in the payments industry, they are looking at other features to integrate.
Apple Pay is on the road to becoming a true digital wallet through partnerships with city metros and transit stations, college campuses, and sports stadiums. Apple is already working with organizations like Walgreens and Starbucks to integrate Apple Pay with their loyalty programs. Through these partnerships, Apple users will be able to pay for their morning coffee and board the train to work, all without their wallet. The use of a digital wallet is more convenient for users, and in some ways, more secure. It eliminates the chances of dropping a credit card or leaving a wallet at the checkout counter because it’s safely tucked away in a purse or backpack. And of course, the security of unlocking an Apple iPhone is always improving, with Face ID and other biometric security technology.
While merchants were slow to embrace Apple Pay, mobile payments allow for faster checkouts and smoother customer experiences. For merchants looking to adopt Apple Pay, Solupay has the solution to help. With NetSuite SuiteCommerce Advanced, the integration of alternative payments like Apple Pay will help merchants to increase revenue and drive incremental sales while decreasing manual processes and card processing costs.