Apple has a new prize in its sights: iPhone users. The tech giant is looking to introduce a number of new features and tie-ups in an effort to enhance payments offerings and spur user growth, ultimately winning over more iPhone users.
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Apple is enabling users to add COVID-19 vaccine cards to Apple Wallet
These new plans build on some of Apple’s previous efforts to expand the wallet’s use cases. For example, student IDs and insurance cards (per TechCrunch). The hope is that adoption will grow as users look for convenient ways to show proof of vaccination in states where it is mandatory to show proof before entering public establishments.
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Apple is rolling out a dynamic CVV feature
The tech giant is also enabling a dynamic CVV feature for Apple Card users in iOS 15. Essentially, Advanced Fraud Protection changes the CVV tied to the card every single time it is viewed in the Wallet app or auto-filled from Safari. Forcing each transaction to carry a unique CVV code adds an extra layer of security – and trust among customers using Apple Card.
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Apple forging partnerships to expand acceptance
Apple has also made moves to expand Apple Pay acceptance. PayHawk, a payment and expense management platform, now lets users add their Payhawk Visa card to Apple Pay. Likewise, fintech startup wamo integrated Apple Pay into its app; customers can now make QR code payments with the mobile wallet. These tie-ups ultimately give Apple Pay users more spending touchpoints, boosting the wallet’s payments volume.
Apple Has Its Eyes on the Horizon
The goal is for these changes and partnerships to hopefully push iOS users to adopt its payment offerings and help the tech giant to gain an even stronger foothold in the payments space. Apple has its eye on the mobile payments space for a very good reason: less than 40% of iPhone users utilize Apple Pay. There’s a lot of room for growth.
According to Insider Intelligence forecasts, the company has an estimated 6.4 million Apple Card users out of the 116.3 million iOS users that it’s expected to reach in 2021. These recent developments are aimed at closing the gap and fueling future growth. Only time will tell if Apple’s moves will fulfill their payment ambitions.
Content crafter Alex Wilmont has been active in the payments industry, covering topics and industry news like Pinwheel Pay, for over 15 years. He lives simply, gives generously, and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.
