Looks like Apple Pay may need to step it up a notch.
For over the years now, Apple Pay has become the main payment platform for iOS users. Now, a new report suggests that the European Union (EU) is set to introduce new digital wallet, that is reportedly more accessible for more users across the globe. Here’s how it works.
What’s this new app?
In 2014, the Apple Pay was first introduced to the market. At the time, a lot of people were still hesitant to use cellphones as their digital bank and payment platform for purchases. Now, almost everyone in the world is using smartphones to buy items online. However, what keeps it dangerous is whether the platform is safe or not for your money.
This is one of the reasons why European Union (EU) plans to make their own digital wallet app. According to 9to5Mac, citing The Financial Times, the political organization wants to have a wallet that is safe and secured. At the same time, a platform that can be used in all 27 member countries in the EU.
They wanted an application that offers all financial services, but can be accessed almost wherever you are in the world– just like a one stop-shop app for digital payments. Unfortunately, Apple Pay cannot do this for now.
Up until today, there are still few banks each countries that do not support Apple Pay, making the EU app more appealing to people who can’t use the Apple app.
Why did they make it?
As described in The Financial Times, the EU wants to allow people all over the world to have a centralized app that can be used anywhere you are, whatever you need, without creating another account. In simple words by EU, this process should just be like renting a car. No troubles, and no issues.
A person hiring a car, for example, could use their digital wallet to do SO remotely through an application that will verify their identity and issue an electronic key so they can take the car immediately without the need to wait in line at the airport.
The digital wallet would securely store payment details and passwords and allow citizens from all 27 countries to log into local government websites or pay utility bills using a single recognized identity, said people with direct knowledge of the plans.
Should Apple Pay be threatened?
As of now, the EU has not yet revealed anymore details about the said application. Although, details are expected to be reviewed on Wednesday, June 2. At the same time, the Cupertino-based company has also not said anything about the possible biggest rival of their digital payment platform.
When it comes to security, Apple insists that Apple Pay has all the protection it needs from any hackers outside the system. As said on their website:
It is designed with security and privacy in mind, making it a simpler and more secure way to pay than using your physical credit, debit, and prepaid cards.
Apple Pay uses security features built-in to the hardware and software of your device to help protect your transactions