Tired of carrying your credit card every time you visit a restaurant? Here’s a solution; buy iPhone 6 and ditch your card right away.
With the new iPhone 6, Apple is up for capturing the online payment arena. Saying it’s a big industry would be an understatement. Even smallest ventures related to online payment and payment processing can turn into money-spinning ones within a blink of an eye. Apple has rightly found a new avenue to bag more cash.
Apple’s latest toy iPhone 6 comes with a mobile payment feature called Apple Pay. Bloomberg reported couple of days back iPhone 6 could be used as a mobile wallet. The information was given to Bloomberg by an insider on the condition of anonymity. The Apple Pay lets users pay just by tapping their fingers few times. They don’t need to bring the card out of the bag, show it to the retailers or swipe anywhere.
Rumors also had Apple has partnered with American Express, Visa and MasterCard so the mobile payment system could replace conventional credit cards. In which ways Apple Pay could benefit users? Before we look for a straight up answer to this, let’s go through some facts and figures.
You can use the mobile wallet feature to pay nearly 220000 merchants. Apple Pay runs on near field communication technology. It is also powered by SecureElement which keeps all user’s information encrypted. During a purchase, an OTTN (one time transaction number) is generated for added safety; merchants won’t have a clue about your financial details. In case you lose your iPhone you can cancel all payments without having to cancel your credit card because Apple Pay’s repository has records of more than 800 million credit cards.
Apple’s CEO Tim Cook explained why Apple Pay was necessary by saying “As it turns out, most people that have worked on this have started by focusing on a business model that was centered on their own self-interest instead of focusing on the user experience.”
There are NFC equipped Android phones galore. Apple has resisted NFC for a considerable period of time, may be for good because it makes more sense to use NFC for a purpose like Apple Pay than to use for flimsy reasons. Further, Apple wants to make Apple Pay a hit through its long list of partnerships with retail giants.
Disney, Subway and McDonald’s are some of the chains that have agreed to accept payment via Apple Pay. And this is just the beginning, plenty of other companies are already tying their shoelaces to strike partnership with Apple.
One might still wonder what makes Apple Pay so unique as we already have Google Wallet, which is NFC enabled mobile wallet system. The answer lies in Google’s failure to enroll household brands. Besides, Apple Pay authorizes the payment through the Touch ID, thereby guaranteeing convenience, unlike Google.
Very simply put, NFC enabled mobile payment system is already in place; Apple Pay has added some extra layers of convenience and security to it, which is why both analysts and consumers are heaping praise on it.