The Virtual Wallet is Here

Paying with your smart phone

“A truly mobile wallet has been described as imminent. But it remains elusive…most have been a disappointment or have not yet worked well enough for mainstream adoption.” –Jenna Wortham, New York Times

There has been a lot of excitement over the announcement of the new iPhone. If you watched Apple’s keynote, you got all the details about the new upcoming products being released soon. Fattmerchant is really excited about the release of these new products because one specific part- Apple Pay. Apple Pay is the new virtual wallet and is an innovative upcoming feature available in October.


“Our vision is to replace the wallet.” –Tim Cook said this in his speech before announcing Apple Pay. It is incredible how many transactions are made and how many dollars are spent each day. There are over 12 billion dollars spent every day and over 200 million transactions per day. Apple shared an ad of how pesky it is to pull out your wallet, hand the merchant your card, show them an ID and so on. If anyone is like me, I have to dig through my purse to find my wallet and then shuffle through my wallet to find my credit card. By then I’m embarrassed because I’ve taken so much time. Then you have the other problem of  signing on a pinpad or paper receipt or have the secret worry that someone behind you can see your PIN and then answering a billion questions before you can be on your way.

Their second ad showed how easy it was to use Apple Pay, just an iPhone being held up to the terminal. There will be a small vibrate or noise indicating your transaction is completed. Super easy and fast. Apple portrayed it so well and stated that having a secure virtual wallet is too advanced for our time and it was their favorite type of problem to solve. As usual, Apple has amazed us with their technology and created a secure element inside the phone that stores a secure and encrypted code, so you don’t have to worry about your credit card numbers being stored on your iPhone. If you lose your iPhone, you won’t have to cancel your credit cards –  just use the “Find My Phone” app and suspend payments, extremely easy versus the alternative of calling your credit card company, canceling the card and waiting for a new card to come in the mail. Apple Pay is private, so no one will know what you bought, where you bought it and how much you paid for it. This amazing advancement has really been an exciting time for us, we will be offering the Apple pay terminal as soon as it is available. This allows our merchants to connect more with their customers.

Innovation is one of our core values. We are excited about the launch of this amazing advancement, and are proud to continue to lead the way in the industry by incorporating this technology into our services.

For further updates about Apple Pay and Fattmerchant, follow our post as well as Facebook and Twitter!

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