Every business competing on the market today seeks a competitive edge. One way to gain an advantage is to stay up to date with the latest technology and trends. For subscription businesses, adopting new payment technology—such as Apple Pay—can give them the edge they seek.
Recurly is pleased to announce new support for Apple Pay on the Web, letting our customers give their subscribers the option of using this popular payment method to complete their transactions on their website. Recurly is the first pure-play subscription management platform to support this payment option.
Apple Pay also boasts the largest percentage of U.S. merchants supporting their technology, with 36% accepting Apple Pay, up from 16% last year. Over two million small businesses, and soon Comcast, are now accepting payments using Apple Pay. Apple recently confirmed that the number of Apple Pay users has tripled over the last year, with transaction volume up 500% year over year. The service is now in a total of 13 markets, with recent launches in several countries abroad.
And demand for digital payment options such as Apple Pay is only going to get stronger as consumers discover how convenient mobile wallets can be. Having a mobile wallet option means you don’t always need to carry your actual wallet, with cash and credit cards, or type in your credit card number when making purchases on the web with your phone. In many emerging economies, consumers actually prefer mobile wallets over credit cards, as reported recently in CardNotPresent.com.
Another benefit is that mobile payment options can be more secure than credit cards. Apple Payreduces the threat of fraud by creating a unique, tokenized number specific to that mobile device to authorize the transaction. The credit card number is never provided or transmitted. This means that if fraudsters hack into a retailer’s system, there’s no credit card information for them to steal, only the tokenized number which can only be used with the original mobile device.
Steve Jobs once said, “Things don’t have to change the world to be important.” At Recurly, giving our customers and their subscribers the payment options they want may not change the world, but it can give our merchants a competitive advantage, and that’s important to us.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.