Visa Improves Payment Services In Hong Kong With Apple Pay

Visa Inc. (NYSE:V) recently announced that its cardholders in Hong Kong can now avail Apple Pay to make payments.

The aforesaid strategic move has helped Visa gain favor with the tech-savvy Hong Kong residents who seek various innovative payment options for better shopping experience with convenient yet secure payments and faster Point of Sale (POS) check outs. This will also benefit the participating retailers.

Apple Pay is expected to enhance the security of transactions through Visa debit or credit cards as the actual card numbers will neither be recorded in the transacting device nor on the Apple server. Apple Pay’s built-in tokenization application ensures protection to Visa card credentials.

Apple Pay’s easy installation and smooth user interface are added advantages. It also allows cardholders to avail all the rewards and benefits they receive for using the cards from Visa as well as the merchants Apple Inc (NASDAQ:AAPL). has tie ups with. Purchases can now be made simply by placing their devices in front of a contact less reader and touching their fingertip on the Touch ID to authorize the payment.

Online shopping with Visa cards is expected to become more lucrative now as tedious activities like filling up lengthy forms needing registration, payment credentials, shipping address will likely become matters of the past with Apple Pay. The app is compatible with iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus, iPhone SE, iPad Air 2, iPad mini 3, iPad mini 4 and iPad Pro.

Over the recent years, the shift in the global payment industry from paper-based forms of payment, such as cash and checks, toward electronic forms of payment like card payment transactions has created significant opportunities for Visa’s business growth.

The Zacks Rank #2 (Buy) company remains focused on improved security measures and strategic alliances with various financial institutions for mobile payment applications to further expand its reach in eCommerce and mobile payments (mCommerce). Given a greater flexibility, superior security and low cost of maintenance, demand for these electronic and mobile payment facilities are expected to rise by leaps and bounds in the future.

Stocks to Consider:

Some better-ranked players from the broader finance sector include First Midwest Bancorp Inc. (NASDAQ:FMBI) , Monroe Capital Corporation (NASDAQ:MRCC) and Royal Bank of Canada (NYSE:RY) . All three stocks sport Zacks Rank #1(Strong Buy).