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Apple (NASDAQ:AAPL) Pay has opened new doors for mobile wallets

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Apple (NASDAQ:AAPL)’ Apple Pay, the new innovative, yet convenient payment mode for customers seems to be having a huge impact on Visa, American Express and MasterCard as they are all a part of Apple (NASDAQ:AAPL)’s smartphone payment ecosystem.

It is considered that Apple (NASDAQ:AAPL) will open new doors for all sorts of mobile wallet services throughout the world, at least according to Visa EVP Rajat Taneja.

Apple (NASDAQ:AAPL) Pay is the first of its kind mobile wallet and it won’t be long when others will follow in its footsteps. Eventually, mobile wallets, digital payment through smartphones, application and web browsers will become increasingly popular.

According to Apple (NASDAQ:AAPL)’s CEO Tim Cook, Apple Pay on the iPhone is a modern take of credit cards. It’s a one-click payment mode, which has been introduced not to replace credit cards but to aid them in the payment method.

It’s reasons like these that seem to have gotten the Visa EVP of Technology, Rajat Taneja on the edge of his seat. Rajat sees Apple (NASDAQ:AAPL)’s Apple Pay being the first of its kind to succeed and become popular among customers. Reason being, not just the easy and fast way to pay, but also the security it provides for these transactions that will take place through it. At times like these when technology is making customers more and more vulnerable to hackers, strong security measures are considered a huge selling point. So Apple Pay is not only convenient, but also secure.

So how exactly does Apple (NASDAQ:AAPL)’ Apple Pay work? The Apple Pay works as your credit or debit card, at the point of payment. It generates a sequence of numbers that acts as your real card number or Primary Account Number (PAN) – this number is then read by the sale terminal and the payment is made. Whereas, your real Primary Account Number (PAN) is secured virtually by your bank; the dummy token can be used anywhere and is safe. But for cautious customers, there is the option of changing this token number, every few days, after every few transactions or after a certain amount of cash paid. If an expired token is swiped, it will alert your bank. Your credit card information is not given to the retailer or stored by Apple Inc. (NASDAQ:AAPL).

Seeing its potential success, it won’t be long before competition starts to surface. Google Inc. (NASDAQ:GOOGL) already made an attempt to introduce its payment wallet, with its launch of Android 4.4. The Kitkat version included what is known as the Host Card Emulation deal. However Google wasn’t that successful in its venture.

According to Taneja, it won’t be long now, when both Android and iOS explore and take the world by storm. And soon we will not just have payment methods bound to a certain mobile but he expects banking apps with one’s credit card details embedded in them to replace it, making over the counter purchases more and more convenient.

At this stage it is Apple (NASDAQ:AAPL) that has taken away the trophy, but it won’t be long when customers would have other options to avail besides Apple (NASDAQ:AAPL). The success of such technology will unfold itself once it becomes popular and more people switch to it.

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