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

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