Apple is much more than a hardware company. Although it is well known and popular for its different devices, in recent years it has promoted its services division that not only includes access to streaming movies, series, music, and video games, it also wants to be an important participant in the financial industry and For this, it has options such as Apple Pay, which has been available since February of this year in our country and will now be available to a greater number of people.
Visa announced today that the cardholders of Banorte, Banregio, Hey Banco, HSBC, Inbursa, RappiCard, and Rappi Pay by Accendo, in Mexico will have access to the Apple Pay solution, a payment alternative that helps customers avoid handing over their card to another person, touching physical buttons or exchanging cash, as it allows you to use your iPhone to complete a transaction.
The company explained that, as of today, millions of cardholders in Mexico can simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment.
Regarding the security of the transactions, they ensured that each purchase with Apple Pay is protected because it requires authentication through Face ID, Touch ID, or an access code on the device, as well as with a unique dynamic security code of single-use.
Likewise, all transactions are protected with multiple layers of security, including the Visa Token Service (VTS) system that every time a customer uses a Visa credit or debit card with Apple Pay, replaces the card numbers with a digital identifier, an account that is encrypted and securely stored on users' devices. In this way, the real numbers of the cards are never exposed.
"We are excited to bring Apple Pay to our cardholders in Mexico as part of our commitment to accelerate the shift from cash to digital payments and expand consumer access to fast, secure, convenient, and transformative payment experiences," said Luz Adriana Ramírez, general director of Visa Mexico.
The company also sees this announcement as a key step in efforts to deploy easily adopted contactless technologies, "which are the foundation of the next generation of payments and essential to remain competitive in an increasingly digital economy," said Ramírez.
Visa also shared that contactless payments are fast becoming the preferred way to pay around the world, especially for everyday items. More than 65% of Visa transactions outside of the United States are made by bringing the card closer to paying, and the penetration of contactless payments grew to 43% of all face-to-face transactions globally. And Latin America is no exception to this trend since the adoption of contactless payments has reached 25%, with one in four face-to-face transactions being contactless, as of June 2021.
According to Visa data, more than 55% of all point of sale terminals in the country are prepared to handle these contactless transactions. Visa's goal is to expand this solution to more issuing banks locally in the coming months.
How is it used and where is it accepted?
Apple Pay is easy to set up. On the iPhone, you need to open the Wallet application, touch the + sign and follow the steps to add Visa credit or debit cards issued by Banorte, Banregio, Hey Banco, HSBC, Inbursa, RappiCard, and Rappi Pay by Accendo.
Once the customer adds a card to their iPhone and Apple Watch, they can start using Apple Pay on that device right away.
Additionally, customers can make contactless payments immediately by holding their iPhone or Apple Watch near the payment terminal.
Customers can also use Apple Pay on their iPhone to make faster and more convenient in-app purchases without having to create accounts or repeatedly enter shipping and billing information.
Apple Pay is accepted at convenience stores, pharmacies, taxis, restaurants, coffee shops, retail stores, apps, and many more places.