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November 4, 2016updated 13 Dec 2016 11:45am

ApplePay eyes big money transactions

By Anna Milne

Move over low value contactless transactions. One lucky punter has notched things up the vintage gear stick by using Apple Pay to buy himself a brand spanking, age-old, 1964 Aston Martin DB5, for a cool $1m.

British auctioneer Coys has completed the first ever purchase of a classic car via social media using mobile app Vero for the sale of the 1964 Aston Martin DB5 for $1.01m (£825,000) to a buyer who made the payment using Apple Pay.

Coys said this could be the largest known transaction made via Apple Pay, but did not reveal the new owner’s name.

Coys’ chief executive Chris Routledge said:

The proud new owner saw the DB5 at the Paris Motor Show, he was overjoyed to see the car of his dreams and didn’t want to lose it… he was keen to quickly get in front of the queue, so a few days later he hit the ‘Buy Now’ button on Vero to guarantee the purchase, leaving two other collectors disappointed in his wake.

The newly-sold DB5 is a silver, right-hand drive model with a red, leather interior. It has undergone a full restoration – including engine rebuild, suspension and gearbox overhaul following 20 years in dry storage, during which time it was not used.

Though this probably doesn’t signal a new era for classic car sales, it points to a new departure for remote contactless payments, via web and mobile, and indeed where the likes of Apple Pay come into their own.

According to Global Data and Timetric research, over 90 percent of the global contactless payment transaction value is card-based.

Mobile near field communications (NFC) transactions are rising, however, and the proportion of total contactless payments is likely to continue to rise over the next 10 years, as consumers and banks gradually shift to mobile.

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