Wednesday, September 10, 2014

Apple Pay aims to replace “Credit Cards” with NFC Payment System

Today, Credit Cards and ATM’s are a must have. Apple introduces a Combined Passbook, Touch ID in the iPhone 6s’ new NFC capabilities “Apple Pay”.
Today, Credit Cards and ATM’s are a must have. Apple introduces a Combined Passbook, Touch ID in the iPhone 6s’ new NFC capabilities Apple Pay”.

Image via Yahoo.com
Apple joined  the fast-growing legion of banks and Tech companies on aiming to discourage the world away from holding any cash to the card.

“We’re gonna start by focusing on payments. Payments is a huge business. Every day between credit and debit we spend 12 billion dollars. That’s over 4 trillion dollars a year, and that’s just in the United States … 200 million transactions a day. That’s 200 million times we scramble for our credit cards and go through what is a fairly antiquated process.”
-Tim Cook

Apple reassures customers over last week’s iCloud hack, “The Fappening” in which celebrities were involved, which their private pictures taken with iPhones leaked and spreads on web chatrooms.

Apple lets users to scan and add a card to their iPhone. Forged with a feature called “Find My iPhone” app can suspend all payments from the device if it's lost.

Apple also extent’s its promises with a dynamic security code, So, the company will not be involved in knowing or storing how much is spent on an item or the credit card number and the cashier won’t even see the security code.

“We don’t store the credit card number, and we don’t give it to the merchant … each time you pay, we use a one-time payment number along with a dynamic security code”
-Eddy Cue, the Apple’s vice president in charge of software.

So far, the service only works on American Express, MasterCard and VISA, and is expected to be exclusive only in the US territory.