How Apple Pay technology? work
Apple Pay will be based on technology that some Apple users are already familiar with - touch ID. This feature allows you to use your unique fingerprint as a security measure. Pay Apple takes this technology to ensure that you should never open an application or even turn your phone screen to make a purchase. Place your finger on the touch sensor identification on your phone and holding your phone to a contactless reader allow a transaction to go through. It will work for online shopping, too, with the help of a "pay now" button in supported applications.
The payment information will be stored in your Apple Passbook, another existing feature. Previously, Passbook enabled the storage of air tickets, movie tickets, Starbucks rewards cards and more. To add a card to their Passbook, users can either take a picture of their payment card to capture information instantly or enter it manually.
Apple Pay is secure
According to Apple, each time you add a payment card with a unique number Device Account shall be allocated to it, encrypted and stored in a secure element your phone - a dedicated chip in your phone. For this reason, the card information is never stored on Apple's servers. When a purchase is made, the account number of the unit and a special security code to the transaction will be used to treat it. This means that your card number will never be shared with merchants or transmitted with a payment, keep you safe from data breaches such as those that seem to keep happening to retailers across the country.
In addition to your card information is not copied to the store data system, you will not have to submit a physical card with your name, number and card security code on it to a cashier. The exhibition least this information, the less risk you run of being defrauded.
Worried about your phone being lost or stolen? Using Touch ID will probably prevent a thief to use your phone to pay for items. And you also have the option to put your phone in fashion or wiping lost completely using the "Find My Friends" app, if you lose it.
The disadvantage limits
In many ways, this technology promises to be much safer than what currently exists. However, there are some problems, starting with the fact that the scope is limited to those who have an iPhone 6 or Apple Watch that a participating bank and shop at participating stores. Like all stores can accept Apple Pay, most people will probably still need to carry their payment card, which defeats the purpose of a fully mobile payment system. Because iPhones are only a small part of the mobile market, it will not be until Google pushes a mobile payment system like this will probably enter. Google has had similar technology for some time now - you can store your credit / map of information flow on the Wallet app for faster online shopping and download an additional application to pay with your card in stores. However, Apple Pay is an attempt to make use of this type of widespread payment system.
Apart from all this is the simple problem of relying on your phone to access your money. What if your battery dies while you're on the coffee morning run? What if you drop your phone in the toilet overnight? How will you hail a cab without access to your credit card and no physical card to stick in an ATM slot? Not to mention, you would not be able to give a relative or close your card to buy something for you because it requires your fingerprint to work.
Although there is much potential for Apple Pay for a safer option for shopping, time will tell whether or not consumers actually make the effort -. And if other mobile manufacturers follow along or not