The talks of this unique mobile payment method and digital wallet circulated the industry for the longest time until at last, in 2013, the team of Apple announced it officially started working on innovative banking technology.
From the very start, the company seemed very determined to get the leading specialists in the financial sphere onboard. Teams of Visa, MasterCard, and American Express were the first to join and put their two cents in on how a single-use digit token system can replate transfers of the personal data during payments. During the year 2013, while Apple was acquiring patents and startups, Visa had 750 of its specialists working on the solution. MasterCard and American Express teams were very busy, too.
In 2014, the official premiere of ApplePay happened in the USA. By the end of 2016, most of the countries throughout North and South America, Europe, Asia, and Oceania joined. The first two to join after America were Australia and Singapore.
Compatible with both Touch ID and Face ID, ApplePay became the first one-touch/glance technology to authorize financial transactions, allowing users to skip filling in long forms and giving away sensitive information about their cards.
The way it works is by the software combining the unique individual number of the device and the unique transaction code, creating a single-use dynamic code that confirms the payment. Under this EMV Payment Tokenisation Specification, there is also no transaction data after the purchase that would identify the buyer.
The payment method works in person, via apps, and online with any of the merchants that indicates compatibility with the ApplePay logo or a contactless sign. The software is compatible with debit and credit cards, as well as with many of the major banks throughout the world.
While this payment method is still a novelty in the world of online gambling, studies show that by 2022, the majority of the transactions will be made via mobile phones and with the help of the e-wallets. When researching the preferred banking methods in the industry, our colleagues at LCB came across data that in 2019, more than 35% of deposits were made with the help of e-wallets. There is no reason to doubt that these numbers will grow with each passing year.
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