NatWest has launched Apple Pay for its business banking customers, making payments easier and more secure.
The UK-based bank introduced the feature across its full range of Visa debit cards to its 1m business customers. NatWest hopes this will compliment its existing range of payment options for SMEs.
James Holian, COO, Commercial and Private Banking, NatWest, said: “We’re thrilled to be bringing the ease and security that Apple Pay offers to our SME customers. NatWest is committed to providing simplicity and flexibility when it comes to how our customers bank with us, and Apple Pay will allow SMEs to make safe, fast business payments with minimal effort, leaving them with more time to get on with doing what they do best – running their business.”
The news comes as Apple Pay was named the most popular mobile payment app in the US, overtaking Starbucks. In 2018, 27.7m Americans used the app to make purchases, which is expected to increase to 30.3m in 2019.
Furthermore, Google Pay users are expected to rise to 12.1m users in 2019, while Samsung Pay users should reach 10.8m.
Last month, Dutch bank ABN AMRO decided to offer Apple Pay to its customers. Additionally, the payments app expanded across more of Europe, with bunq and ING also tapping the service.
Customers with iPhones and Apple Watches can pay both in store and online, avoiding the need to fill out account forms. In addition, every Apple Pay purchase will require authentication through Face ID, Touch ID or a passcode.
With Apple Pay, the actual card numbers are not stored on the device or Apple servers. Instead, a unique Device Account number is assigned, encrypted and securely stored. Each transaction is authorised with a one-time unique dynamic security code.