Apple Pay is a mobile payment and digital wallet service from Apple.

This service was launched on September 9, 2014, which allows users to make payments in person.

With Apple Pay, owners of gadgets from the same company can pay for purchases in stores and shopping centers that have NFC-enabled POS terminals in combination with an Apple Wallet and Touch ID/Face ID. In addition, users have the opportunity to pay for online purchases, in particular via macOS and iPadOS computers.

With this payment service, users can minimize the exchange of their personal data with merchants at a physical or online point of sale, as a unique account number is transmitted and stored encrypted on the device.

Transactions are authorized through payment tokenization, which means that a unique number is used each time. It is generated using the device account number.

Apple Pay settings.

To set up the payment system, you need to add a debit or credit card to the Wallet app on devices such as iPhone and Apple Watch.

So, to get started, the user needs to have:

• a compatible gadget with the latest version of iOS or iPadOS, watchOS, macOS, or visionOS;
• a card issued to you by a partner issuer;
• Apple ID (it is used to log in to your account on Apple devices).

Pros and cons of Apple Pay

The advantages of the payment system include the following:

• usability – allows users to make quick and easy transactions, especially for people who are always on the go;
• security and reliability – tokenization guarantees an additional level of security that reduces the risk of personal data loss and theft;
• integration with Apple devices.

The disadvantages of the payment system include the following:

• a limited number of merchants accepting payments through this payment system;
• dependence on technology – requires a compatible device with active Internet access;
• compatibility issues.

Apple Pay supports the following cards:

• MasterCard,
• Visa,
• China UnionPay,
• AmEx,
• Discover.

The Apple Pay payment system is used in such devices as:

• iPhone 6/ iPhone 6 Plus
• iPhone 5, iPhone 5c, iPhone 5s.
• Apple Watch (all models).
• iPad mini (from the third generation onwards);
• iPad (from the fifth generation and later);
• iPad Air 2;
• iPad Pro.
• Macbook Pro with Touch Bar;
• Macbook Air, starting in 2018.

Apple Pay is used in many countries around the world, including Ukraine. It was launched in 2018 with the support of PrivatBank.

As of 2022, 27 Ukrainian banks use the payment system, namely:

Accent Bank, First Investment Bank, and Accord Bank. JSCB Lviv, Kredobank, Monobank, Motor Bank, Alfa-Bank, Alt Bank, Bank 3/4, MTB Bank, OXI (Sport Bank), Oschadbank, OTP Bank, PrivatBank, Pro Credit Bank, Rada Bank, Raiffeisen Bank Aval, RBC Bank, Bank for Investments and Savings, Forward Bank, Sberbank, Pivdenny Bank, Bank Vostok, TASKOMBANK, Ukreximbank, Ukrgasbank, UKRSIBBANK, Clearing House Bank, CONCORD Bank, Credit Agricole, CRYSTALBANK, Unex Bank, European Industrial Bank, First Investment Bank, FUIB, Globus Bank, IBOX BANK, Idea Bank, Industrialbank, JSC Poltava Bank, JSC PRAVEX Bank. JSC “BANK PORTAL”, JSC “BANK CREDIT DNIPRO”, JSC “BANK GRANT”.

Thus, the Apple Pay payment system has its advantages and disadvantages. However, it should be remembered that it enables people in different parts of the world to make purchases and delight themselves and their loved ones.