Tuesday, September 16, 2014

Apple Pay – Transaction Secured and Easy

Apple Pay
Apple’s next focus on how we pay for things, end number of times, is aiming on cash and credit cards as well as online shopping. Apple Pay utilises NFC – near field chip to correlate with payment sensors at store checkouts which works on Touch ID.

This is a system built in updated iPhone which uses the fingerprint as a pass code. Apple Pay intends to make the transaction much more secured when major retailers like Target and Home Depot have reported huge breaches on the payment systems. A visit to Cupertino, California was undertaken by Gwen Stefani, Dr Dre and Stephen Fry together with a team of experts from fashion and technology to see Tim Cook, executive of Apple, unveil his latest products.

Their attention was drawn towards Apple Pay wherein Tim Cook made a statement saying `it’s all about wallet and that their vision is to replace it’. He then showed a video presentation wherein a woman was found fumbling for her card at a till, rummaging through her bag before swiping and then walking out with her goods.

According to him, Apple would make the entire process a lot quicker by simply pulling out your phone, tap the register and you’re done. This made sense to him since most of the shoppers tend to move around with phone in their hands.

Helping Consumers to Travel Lighter

To get started, Apple is on its way targeting the plastic which fills the pockets where shoppers make around 200m transactions daily with their cards and Apple is keen on helping consumers to travel lighter.

Apple Pay compatible devices are the iPhone 6 and 6 Plus and owners of any of these devices could hold their card details in a digital wallet and pay for goods by tapping at the till. Apple does not seem to be discouraged with its past failures and is not a stranger to upsetting expectation.

Past experience which had occurred four years ago, when Steve Jobs, the chief executive then, had met with some universal criticism when he had set up the new iPad range where tablets were already available and consumers had rejected them.Apple proved the critics wrong and their devices with 170m units were sold while ecosystem of cheaper tablet had made their appearance.

Businesses/Consumers to Accommodate Apple Pay in their Plan

Recently, Tim Cook got his first opportunity to make his mark. After the death of Mr Job, the Apple Watch is the first new product line to be announced and the company’s step in the payment world would depend on how the present boss settles a legacy.

According to market survey it is considered that the new devices are the most anticipated and consumers would need to upgrade their iPhone 4 and 4S models which presently are the most preferred models. Apple’s iTunes platform is where users would have to sign up for Apple Pay, has over 800m users already.

Businesses as well as consumers are now looking forward to accommodate Apple Pay in their plans and Apple has gone ahead and signed up with some large names for its US launch this coming October which includes Disney, Starbucks, McDonald’s and Whole Foods.

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