Facebook
Name
Email
Phone
Message

What You Need to Know About Apple Pay

What You Need to Know About Apple Pay

During this week, Apple has recently introduced two new things – a mobile payment solution called Apple Pay, and a smartphone named “iPhone 6” which is not simply bigger, but it is better in lot of ways. Tech celebrants have expected for years a world in which people paid for marketing goods with the wave of a smartphone or hand. The introduction of these new smartphones could bring more changes into the mobile payment niche.

Apple pay is a solution for using your phone as credit cards. It is more time saving for the consumers to just hold their iPhone close to a payment terminal in order to complete a sale. Apple Pay heavy relies on a budding technology known as NFC (Near Field Communications).

The first companies to be benefited from Apple Pay will likely be big businesses that have already collaborated with the tech giant. Prominent retailers of the Apple were there for the launch of the new smartphone as well as the idea of “Apple Pay“. Apple has forged alliance with three major credit card companies, namely Visa, MasterCard and American Express.

The company hopes that its promises about security, including that debunking the idea that credit card information will be stored on the smartphones or on Apple’s servers, creates a level of comfortness with the consumers. They even are trying to convince consumers that Apple Pay is really safer than carrying and using a credit card.

Apple promises that consumers’ credit card information is stored only on the provider’s server. The smartphone only has a token pin, which is a random 16 digits number, which points to the credit card on provider’s servers. The 16 digits number is stored in a special chip on the device. They are not sent to any apple servers and the retailers cannot view it.

Apple Pay is a digital wallet service intended to replace traditional credit cards used by the people and Apple Pay provides a secure way as using a Credit Card. Apple Pay will be accessible next month as an update to iOS 8 and they are coming on Sept. 17 2014. So, Apple with its new mobile payment system is likely to use its market power to quicken adoption of smarter retail payment technology and boost security.


*Image courtesy of Flickr Creative Commons

Recommended Posts | IT News

 VMware Acquires Immidio
1931

US Virtualization Giant VMware Acquires Immidio Technology

Continuing its desktop virtualization offensive, Virtualization giant VMware has acquired Immidio, maker of a Windows desktop virtualization management software solution. VMware on Tuesday announced that it has acquired Immidio, an Amsterdam-based software development company ...
Microsoft Windows 10 Unleashed
1570

Microsoft Windows 10 Unleashed

Microsoft is all set to release its most promising and comprehensive operating system Windows 10. With a greater focus on enterprise and desktop/laptop features, this version aims at addressing user interface, start menu and virtual desktop problems encountered in the previous version ...
Sony Hack
1186

Sony Hit By North Korean Hackers

According to industry news reports, hackers have once again wreaked havoc, this time by targeting Sony Pictures. Information about the film giant and its employees has been dumped on torrent sites and Sony's online security is now seriously compromised to such an extent that employees have ...
HP Acquires Aruba Networks
1788

HP Acquires Aruba Networks to Bolster Wireless Networking Capabilities

Hewlett-Packard agreed to acquire Aruba Networks, a leading wireless networking solution provider, expanding HP's capabilities in the wireless networking space. It'll enable HP to address an increasingly mobile business world by adding Aruba's strong wireless and mobility capabilities to networking ...