A pact between Apple and Itaú Unibanco marked the introduction of Apple Pay, the digital payment portfolio of the tech giant, in Brazil. The pact enables reaching around 1.2 Million people, the bank cards’ customer base that concurrently also have at least iPhone’s version 6.
The 90-day elite affiliation consists of local retail networks—such as the Fifties snack chain and Pão de Açúcar—that will provide discounts on paying for the purchases via the application. Also, it consists of a discount offer in the buying of Apple devices to the credit card customers of Itaú Unibanco.
The declaration symbols the mounting harmonization between the local financial organizations and leading worldwide technology brands. Google, merely over a month ago, declared the entrance of Google Pay—a facility that combines Google Wallet and Android Pay—in the country. The association of Google with Bradesco has enabled the Visa bank consumers to use smartphones for making transactions at physical stores.
On the side of technology firms, the accords are a means of attempting to extend the infiltration in the marketplace through payment—that is still extremely limited in Brazil. Across the world, Apple Pay has a user base of around 80 Million. As per Marcelo Kopel, Itaú Unibanco card area’s executive director, the primary aim of the collaboration with Apple is to generate an experience for users, shunning, for instance, a postponement in payment.
Owing to the use of Apple-incorporated security solutions and integrated bank, payments made via this conduit will not be restricted to small sums, as is the case with products that make use of smartphones to make payments.
Besides Itaú Unibanco’s very own payment processor, Rede, other claimants might also process the transfers; however, no further details were provided by Kopel regarding them. Kopel stated that in the forthcoming months, transactions with Apple Pay should also be facilitated for the debit function on the Itaú Unibanco cards.