Get # Apple Pay Evolves: Embrace the Future of Payments with Installment and Reward Features

Whether it’s leveraging loyalty rewards, transferring cash or splitting the cost of a meal, we have come to rely on our digital wallets. For as long as there have been credit cards, consumers have been able to pay for most things in the developed world with the swipe of plastic. And phone payments have proven popular, too. APPLE, for example, continues to innovate with its mobile wallet service and recently revealed an upgrade at its WWDC conference in June 2024. APPLE Pay will soon provide installment payment loan services as well as helping us climb the loyalty ladder by redeeming rewards inside iPhone and iPad apps. I use my APPLE Card all the time and I’m excited about the additional options that will become available when the new features are rolled out.

APPLE Pay: A New Era of Installment Payments

The Rise of "Pay Later" Options

It’s not just about having your card on the device; the card becomes electronic money stored virtually on the cloud. With this latest iteration, APPLE suggests you now have the option of paying in instalments at the checkout, creating an extra ‘fare option’ – or perhaps layaway – for the consumer to fit the experience into her budget, and APPLE into another new market ‘APPLE Pay lets you pay like you pay with this — and with that.’ Their premise is that consumers want flexibility in their payment options.

A Global Rollout with a Local Touch

Starting in Australia, Spain, the UK and the US, it tries to bring the local experience to a global audience. Working with banks including ANZ, CaixaBank, HSBC, Monzo, Citi and Synchrony, it makes sure the installment options are as widely available as possible.

Rewarding Every Tap: Enhanced Reward Redemption

Enriching the Shopping Experience

As a merchant with an iPhone or iPad app, imagine selling something and then having your customer be able to immediately redeem those rewards within your mobile application by using APPLE Pay. This was a dream come true for US users when APPLE announced it as part of its APPLE Pay service – with Discover, Synchrony and other APPLE Pay issuers by way of Fiserv solutions. It reflects APPLE’s vision of having an easier, richer, more rewarding shopping experience for merchants and their customers.

APPLE Pay Beyond Your iPhone

The Cross-Platform Leap

There has also been exciting news from APPLE: it has expanded the features of APPLE Pay to third-party web browsers and computers. Just scan a code with an iPhone and make the payments with a signature on the card. Reality is leaking into cyberspace and vice versa. A trip to a shopping mall no longer means leaving the realm of digital shopping.

Impulse Buying: A Note of Caution

On the one hand, the user gets convenient and speedy access to a cashless, streamlined cashierless experience, which encourages many of the above benefits. But it also makes it easier to do extra, last-minute purchases.The new ease of making a purchase, with just a couple of taps, might encourage us to spend more, more frivolously. So, while taking advantage of the new features might be fun and convenient, we should keep control of this new system.

Tap to Provision and Tap to Cash: Simplifying Transactions

Effortless Addition to APPLE Wallet

Adding a card to APPLE Wallet, which previously required entering the number manually or getting through an awkward camera scan, can now be done by simply tapping a card on the phone.

Peer-to-Peer Payments Made Simple

Tap to Cash, on the other hand, is the feature of APPLE Pay that takes peer-to-peer transactions to the next level: from sharing the dinner bill with friends to buying tickets to your local festival.

Embracing the Convenience and Innovation of APPLE Pay

If APPLE Pay shows what the future of payments looks like, then APPLE is not following trends, it is creating them. With these new features, APPLE Pay moves past just payments: it provides a holistic tool that enriches the digital payment experience and adds flexibility, security and incentive.

About APPLE: A Legacy of Innovation

At the core of APPLE is a commitment to innovation and design that is unsurpassed: from the very first iPhone to APPLE Pay, this relentless drive to raise the bar in technology, lifestyle and convenience is constant. As we look ahead with APPLE Pay, everything they do appears to help us live better for being a technology-filled world today. With each update and creation, APPLE is reinforcing its commitment to its users to make the world a better place to do life.