What is Apple Pay, a service already available in the country?

A group of Panamanian banks has activated the ability to pay via Apple iOS devices (iPhone and Apple Watch) starting this week.

What does this payment alternative consist of? According to the company, Apple Pay is a payment system that replaces physical cards and cash in stores. He adds that with the mechanism traditional money gains a level of comfort, security and privacy.

Among its characteristics, it stands out as being faster and more convenient than cards and cash.

The modality is widely accepted by different companies around the world that accept contactless payments.

Apple Pay works directly from the device so the user does not have to touch buttons, terminals, change money or cards.

In terms of security, the card is never stored on the device or on Apple’s servers. Neither card number nor identity is shared with companies.

iPhone or Apple Watch purchases are authorized using Face ID, Touch ID, or codes.

To put this into practice, the user needs to add a debit or credit card to the Wallet app on the iPhone.

In Latin America, this service is currently available in Argentina, Costa Rica, El Salvador, Guatemala, Honduras, Panama and Peru.

Panamanian banks that have this alternative are BAC, St Georges Bank, Ficohsa and Banco General.

Expectations related to this implementation are that payments through digital channels will continue to advance.