The country is the latest one to adopt Apple Pay, after the payment method was made available in Moldova in April 2022, and has suspended its operations in Russia, amid the Russian-Ukrainian war. Apple Pay is a secure, easy, and private way to make online payments directly from iOS mobile devices, including iPhones, iPads, Apple Watches, and Mac OS computers.
Malaysian users can bring more speed and convenience into their daily lives, as they can choose Apple Pay to purchase goods both in brick-and-mortar stores or online.
Starting off the beginning of August 2022, thousands of retailers across the country will accept Apple Pay as an alternative payment method, receiving support from certain Malaysian banks and credit and debit card networks. Apple customers in Malaysia will benefit from using Apple Pay with the support from popular banks, merchants, and apps to deliver a safe, secure, and seamless contactless payment experience.
Apple has tackled the market of digital payments and contactless payment methods, aiming to deliver a seamless integrated experience for its customers whenever shopping for online or in-store goods. The payment method became increasingly popular amid the COVID-19 pandemic when people were looking for safe contactless payment solutions to limit the use of cash and, therefore, the virus’ spread.
Security and privacy are the two selling points that make Apple Pay a great alternative when shopping. The payment method benefits from the latest industry technologies when it comes to protection of personal information, transaction data, and credit or debit card information.
According to the company, instead of storing a client’s debit or credit card numbers, Apple transforms the data into a unique Device Account Number which is stored on its servers and mobile terminals.
Whenever a client signs up for Apple Pay, they will be assigned a Device Account Number which will be encrypted and securely stored in the Secure Element on the mobile device. Each transaction is authorised using a one-time unique dynamic security code to prevent fraud attempts and increase acceptance rate.
Apple claims it doesn’t not retain transaction information which can later be tied back to its customers, meaning transactions are a three-way between the payer, the merchant, and the card issuer or the user’s bank. If the mobile device is stolen, customers can use the Find My iPhone feature to locate, lock, or suspend any future payments made from the device.
Currently, the mobile wallet is accepted in over 70 countries worldwide, gaining over 66 million new users just in 2020. Across the world, the e-wallet gathered over 500 million users but has failed to successfully enter one of the biggest markets, China.
According to statistics, six out of ten people in the UK used Apple Pay for POS transactions in 2021, while in the US, the payment method has a 43.9% mobile payment market share. Moreover, it accounted for a staggering 92% of the mobile debit wallet market in the US, in 2020.
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