Familiarity and Security Lead to Trust

There are lots of factors that separate a successful payment method from an unsuccessful one. Ease of use, the right industry support, the buzz of social media, all play their part, but none are as important as trust.

Money itself is predicated on trust, it’s a promise. Take the common banknote, for example. It has no intrinsic value in itself; it is a form of negotiable instrument known as a promissory note whereby the bank will pay the value of the note if so demanded. Even the value of money itself is entirely abstract, it’s what you can do with the value that’s important, and everyone has to agree to participate in the same way for it to work.

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A Welcome for Apple Pay

Apple Pay is here. From today, iPhone 6 and Apple Watch users will be able to upload their card details to their phone and use the handset to make contactless payments.

It’s been heavily trailed and expected since the iPhone 6 was launched last year with NFC technology installed. After all, having NFC technology installed on handsets, something Apple had long held out against, surely means payments are an important end goal.

So, the launch is something that hasn’t surprised anyone in the payments sphere. Yet what might have surprised people is how widespread its adoption seems to be. Every major bank in the UK is supporting Apple. Equally, 250,000 retail outlets (anywhere that currently offers NFC payments) will accept it and consumers will be able to use it online too.

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