A big tech arrived in the country and will compete inch by inch for the business of digital payments with the great local players. Apple Pay had announced its landing in Argentina at the beginning of the year and since this Tuesday, the option to pay directly from the iPhone or Apple Watch is already a reality for Argentine customers.
The company led by Tim Cook enabled its payment option simultaneously in Argentina and Peru. In the coming months it could reach Chile. In this way, the park of and smart watches of the firm of the manzanita available in the country will become a debit or credit card and will be able to pay both in digital and physical stores.
The payment system NFC ( Near Field Communication for its acronym in English) offered by Apple is the same used by cards such as SUBE and will compete with the one made via QR code, which has gained popularity thanks to the penetration of Mercado Pago and which the Central Bank wants to promote in order to banish the use of cash. Anyway, until 2021, the iPhone occupied only the 7th share of the smartphone market in Argentina.
The two most important credit card operators in the country, Visa, through the services of Prisma, and Mastercard, announced its integration with the Apple application. Also the banks Brubank, ICBC, Macro, BBVA, Galicia and Patagonia. In some days, this payment option will also be available for Ualá wallet users.
Apple Pay is a free service; Apple doesn’t charge a fee to use it in stores, on the website, or in apps. All the customer needs to do is hold their iPhone or Apple Watch near a terminal to make a contactless payment. Every Apple Pay purchase is secure as it is Authenticate via Face ID, Touch ID, or device passcode as well as with a unique dynamic security code for each transaction.
At the same time, when credit or debit cards are used with Apple Pay, the card number is not recorded on the device or on Apple servers. Instead, a unique account number is assigned to the device that is encrypted and safely stored in Secure Element, a industry Standard Certified Chip, designed to store payment information securely on your device.