Apple Pay ignites the last fire of mobile payment in Taiwan
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#Apple Pay frees credit cards from paper
Apple Pay is a mobile payment and electronic cash service launched by Apple in the United States. It was first announced at the iPhone 6 event held on September 9, 2014. Consumers can pay through mobile devices such as iPhone, Apple Watch and iPad to enhance the shopping experience. As of March 29, 2017, Apple Pay is available in the United States, United Kingdom, Canada, Australia, China, Hong Kong, France, Russia, Singapore, Japan, Spain, Ireland and Taiwan.
Many people mistakenly believe that Apple Pay is another type of Third-Party Payment. In fact, this is a wrong concept. Simply put, Apple Pay is a digital credit card. According to According to Mr. Xu Shijie who has long been concerned about the development of Taiwan’s electronic payment industry (https://www.facebook.com/notes/david-hsu/%E9%97%9C%E6%96%BCapple -pay-%E4%BD%A0%E9%9C%80%E8%A6%81%E7%9F%A5%E9%81%93%E7%9A%84%E5%B9%BE%E4%BB%B6%E4%BA%8B/10154454017455769?__mref=message_bubble), Apple Pay helps consumers solve the two major problems of having to report lost physical credit cards, or fearing that the card number will be leaked when swiping cards online. In other words, Apple Pay puts the token on the iPhone. Even if the phone is stolen, the fingerprint of the original holder cannot be stolen, thus ensuring transaction security. Since each online store or online shopping app does not actually access the card number, there is no problem of information leakage.
The amount of credit card swiped exceeded 300 million within 8 days after going online
Li Ruicang, chairman of the Financial Supervisory Commission, also revealed in response to legislators’ questions that Apple Pay set a record of binding 415,000 credit cards in just two days after it was opened, which can be said to be very aggressive. In addition, according to private estimates by bankers, the total number of cards bound by the seven banks within ten days should have exceeded 500,000, and the overall amount of card swiping has reached more than NT$300 million. It is not difficult to see that people who have bound their cards have gradually developed a habit of using them.
Analyzing the reasons why Apple Pay has been promoted so smoothly, in addition to the charm of Apple’s own brand, the company’s security and convenience are also its main features. Liu Yicheng, CEO of Credit Finance of China Trust Commercial Bank (https://www.facebook.com/icheng.liu), bluntly stated that convenience, substitution and subsidies can be said to be the key to the success of Apple Pay.
Apple Pay is easy to use and works with your everyday devices. Pay with your credit card with just one touch. When you use Apple Pay, your card information will never be disclosed. Therefore, using Apple Pay on your iPhone, Apple Watch, iPad and Mac is a safer and more private payment method.
Imagine a future shopping scene. We only need to pick up the iPhone and click the fingerprint scanner to complete the purchase. It is really convenient. In the future, Apple Pay will do it for you, and it can gradually replace cash. As for the last point, banks and stores are offering various discounts and cash rebates in order to grab the market share. This not only benefits the public, but also naturally increases the public’s willingness to use Apple Pay.
According to previous estimates by The Demand Institute, there will be an additional US$30 trillion in global consumer spending on non-cash payments over the next ten years. Although banknotes, copper coins and other currencies will not be swept into the black hole of history so quickly, it is conceivable that more and more payment tools or services will want to replace them.
Eliminate Taiwanese’s doubts about mobile shopping
What’s so magical about Apple Pay? Why will its introduction have such a huge impact on mobile shopping in Taiwan? If you think about it calmly, you can realize that although mobile shopping has been around for many years, it is not yet popular enough in Taiwan due to limited payment tools. According to a market survey conducted by Nielsen in March 2016, only 31% of Chinese people used mobile devices to shop in the past six months. This figure is not only far lower than 50% in China, but also lower than 49% in India, 47% in South Korea and 46% in Vietnam.
With the debut of Apple Pay, it seems to have lit up a bright light for the consumer market. As Zheng Youqin, deputy general manager of the Credit Card and Emerging Finance General Management Office of Cathay Pacific Bank, said, using Apple Pay is not only a trend, but also a fire that ignites mobile payment among Chinese people.
According to Nielsen data, 55% of Taiwanese people generally use mobile devices to compare prices, 51% of people check discount coupons or offers, and 50% of people check product information. In addition, 46% of people use mobile devices to make the shopping process faster or more efficient, and 29% of people say that mobile devices can help them make better shopping decisions. As for using your smartphone as a shopping assistant, that’s out of the question.
Interpreting these data, it is obvious that everyone is no stranger to the application of mobile shopping, but when it comes to advancing the last mile, it feels like a finishing touch is missing. In order to overcome this bottleneck, many manufacturers have invested a lot of manpower and material resources in research. When the industry better understands how consumers shop and transact when connected to the Internet, and clearly understands their needs, they will naturally be able to develop various digital tools and services that are more in line with human nature and user experience.
Not only Apple Pay, but also Android Pay and Samsung Pay and other digital payment tools have been launched one after another, coupled with the cooperation between banks and electronic stores, it is expected to reduce consumers’ security concerns and psychological barriers when shopping online, and should also help my country accelerate the development of mobile shopping. Imagine the prosperity built by mobile shopping, as if it is right before your eyes.
★ Photo Credit: unsplash.com
★ Article source: This article was originally published in the May 2017 issue of “English Island” magazine
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