Apple Pay (NASDAQ:AAPL) is all set to make history
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Apple Inc. (NASDAQ:AAPL) has introduced Apple (NASDAQ:AAPl) pay for iphone 6 and 6 plus. Currently, this software is somewhat limited and it will take time to fully develop and enhance its reach but till then, people need to understand what it really is whether they are iphone users or not.
Many companies have been heavily advertising Apple Pay (NASDAQ:AAPL) Citigroup being one of them and the reason behind it is the fact that whoever is introduced to the philosophy and simple logic behind the functionality, they become a fan. They have been using the concept of tokenization where even if stolen, it is useless to hackers and presents no immediate harm to the user making the transaction.
Credit swipe is said to be replaced by credit insertion which is immensely time consuming and Apple Pay (NASDAQ:AAPL) would be a relief when compared to that process. Even stores like Starbucks have people using their smartphones for 15% of all purchases nationwide. This is being done through their own application, with Apple (NASDAQ:AAPL) Pay, users won’t be forced to download any application at all and the phone in itself will be used to store the encrypted file which contains the user data like credit card numbers etc.
When the phone will connect with the bank only then would the process of tokenization take place with the amount to be paid, being entered at the store. When Apple (NASDAQ:AAPL) Pay won’t be TouchID dependent anymore, which would be the time when Apple (NASDAQ:AAPL) Pay would penetrate through to other platforms like Android and Microsoft. Currently it is ios dependent.
Apple (NASDAQ:AAPL) users would be using the same finger swipe verification which they have been using on their Apple (NASDAQ:AAPL) store and iphones. This would mark the completion of the transaction process in the sale. However currently only major banks are partnered with Apple (NASDAQ:AAPL) for Apple (NASDAQ:AAPL) Pay and probably with increase in users and popularity, most big store cards would also join the bandwagon.
Having ‘multiple layers of security’ in the concept of Apple (NASDAQ:AAPL) Pay. Barry McCarthy of First Data which is responsible for credit card processing for literally thousands of banks says that you cant use the cards if you don’t swipe your finger, basically which means that you have to be present physically for any transaction to take place. Second and most important, the credit card numbers aren’t transmitter over numerous networks or stored by merchants in their system.
Hence users do not have to worry about cyberhacks anymore as malware cannot be deployed anymore to get the data which isn’t being stored anymore. Apple has also made the theft of iphones more uncommon by having an feature which turns the iphone off and renders it unusable for all. This can be done over the internet and the fear of losing the encrypted information in your phone which can only be used along with your finger swipe will never see the light of day as the phone will not be turned on unless you log in through itunes with your username.