Commentary and Insights from Fujitsu on Apple Pay

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Anthony Duffy, Director of Retail Banking, UK and Ireland at Fujitsu:

“Apple’s assertion that more than half of all British payment terminals can now accept Apple Pay transactions is the latest advance in mobile payments. By facilitating payments which exceed the £30 per contactless transaction ceiling, Apple Pay is seeking to attract new payment business to its platform. The decision will also serve to differentiate Apple Pay from other payment wallets and comes a matter of days after Samsung announced that it would be launched its payment service in the UK.

“The decision also reinforces the importance of fee-generating services, such as payments, for Apple and its competitors. Such services offer potentially significant income streams that technology-led companies are loath to ignore.

“The existence of an individual payment ceiling undoubtedly helped build consumer familiarity in, and acceptance of, the payment vehicle in its early years. Its primary purpose was to address the fear of potential losses among the wary, at a time when consumer understanding of the mechanism had still to be built. As the number and value of contactless transactions has grown in recent years, so has the transaction ceiling and consumer confidence in the payment vehicle. Now that the limit has, effectively, been removed by Apple Pay, it will be interesting to observe how users react and whether they become just as comfortable in using the technology for larger payments as they are in using it for lower value transactions.”

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