Mobile Payments are Here

I wrote a blog about the Business of Mobile payments two years ago. Yesterday, on 24.10.2017 Nordea Banking Group, in cooperation with the energy company ST1, introduced the Apple Pay service to the Finnish market. So far, there is no information on whether other banks in Finland are going to support the Apple Pay mobile payment. For example, Danske Bank has its own MobilePay service while OP Bank is developing its own mobile payment technology and does not yet intend to offer Apple Pay service to its customers.

The mobile app Apple Pay allows direct payment from the Apple devices. The mobile phone thus becomes a bank card: for example, in a grocery store, a customer can pay for purchases by tapping a cell phone to a cashier’s reader. Customers can also use Apple Pay on many applications and for on-line shopping. The difference between the Apple Pay and a bank card payment is that it can also pay big sums with phone fingerprint authentication or face recognition. So, it’s a safer payment method than traditional payment because payment can only be made by the owner of the phone.

 

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