A French Startup has introduced a version of its payments app onto the Apple Watch App Store. Thanks to the Lydia app, you can just tap notifications on your Apple Watch to pay for your online order, instore, or send payments to your friends. Lydia’s mission is to offer people easy and cheap payment solutions and already has an established prescence on the app store.
Currently, the Lydia app uses your debit card to carry out your payments at no charge. Lydia also allows its users to pay their friends back at no cost. In addition, Lydia is available to use in some retail shops,whereby if you want to pay for something, just open the Lydia app, enter the amount and show the QR code to the merchant.
The transaction does not cost the buyer anything at all; the company currently charges merchants 0.3 percent of every transaction plus the monthly plan subscription fees. Monthly plan subscription fees vary between €4.90 and €49.90, which is much cheaper than most credit card terminals.
On the web, whenever Apple Watch owners want to buy something from an e-commerce website, click the “Pay with Lydia” button. The Lydia app then recognizes you using your phone number and sends you a push notification on your phone, when the user opens the Lydia app, they choose the credit/ debit card to use and everything is done.
This is free for the buyer and very cheap for the online merchants in which it only charges them a transaction-processing fee of 1.5 percent besides a fixed €0.06 fee; this is much cheaper than PayPal and Stripe costs.
If you have a balance in the Lydia app, you can also withdraw the whole amount to your bank account without any fees being charged.
The Lydia app definitely is disrupting the the payments industry all over again. With such ease of use, adoption of new technology, and having these features on your wrist with a simple tab, the Lydia App has stolen the march on the Apple Watch platform.