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Apple Inc. (AAPL) Pay Just Got Some New Hardware

Apple Inc NASDAQ:AAPL

Apple Inc. is expanding the scope of its payment service to counter the threat from the potential rivals. The firm entered into a partnership with PayAnywhere for a new NFC card reader capable of being attached to the iOS devices. The reader will help users to make transactions via Apple Pay at any retail location, and will also offer credit card support, says a report from CNBC.

Apple Inc NASDAQ:AAPL

More ease for Apple Pay users

Starting September, the reader will be available at Apple  Stores. The merchants will get a chance to get the first $5000 in Apple Pay transaction fees for free by signing with a new PayAnywhere account. The reader will help small merchants to support mobile payments using Apple Pay without any troubles as there is no confusing set-up or monthly fees needed for doing so, says the report.

PayAnywhere helps merchants to perform all the tasks done by other mobile payment readers such as adding in tips and discounts, emailing or printing the receipts, and most importantly data on “what, where, and when” the product has been purchased at the store.

Apple Pay has been slowly gaining support from the retailers and financial institutions across the nation since its launch in October, last year. It is also backed by a large number of merchants outside the US. Apple Pay head, Jennifer Bailey, told CNBC that Apple Pay is way ahead of the rivals in providing the best customer experience, in a most secured way.

Samsung Pay now in the U.S.

Apple  is not the only one ramping its pay structure, its arch rival Samsung is also working fast to fully launch its service. The first beta for Samsung Pay is now available in the US. The payment system has done well in its home country, and on its first day received 10,000 credit and debit card registration. The figure has now hit almost 80,000, the Korean firm said.

The participants to the beta test program need to fulfill certain criteria. They should own one of the latest Samsung devices; Note 5, Galaxy S6, S6 Edge and the newly-launched S6 Edge+. Samsung Pay is backed by all major carriers in the US except Verizon, so the owned device must not be from that carrier. The third and the last requisite is that the applicant must have a Visa or debit card from the US Bank, or a MasterCard, Visa, or debit card from Bank of America. On Sept 28, the mobile payment platform of the firm will go live for everyone, the firm said.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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