By Mohammed Waseem
While the world is going mobile, a number of companies are pitching into the payments space to make the best of the market before anyone else does or before the market saturates. Mobile payment is not available in many countries, but initiatives are being taken by many organizations to introduce the service all over the world.
Hopefully, with Apple Pay, the new mobile payments service by Apple will reach everywhere iPhones and iPads are used. Currently, Apple is launching the service in the United States only. With this service, Apple mobile device users can checkout online and at retail locations across the country. Launching this month, the service will be available only for iPhone 5 and later models including iPhone 6 and Apple Watch. iPhone 5 users can use this service with the Apple Watch.
The technology used for the Apple Watch is amazing; whether the wearer is the owner of the watch or not is confirmed with the detection of the wearer’s skin beneath the watch, through a PIN code entered when the watch was first put on. The technology used for payment is NFC (Near Field Communication), which is used in contactless payments or cardless payments.
The response to this from businesses is amazing; 222000 vendors are already supporting Apple Pay. Supported Apple devices come with a dedicated chip that securely stores a unique number called the Apple Pay ID. This ID is used when payments are made, the last 4 digits of the same would show on receipts.
Apple Pay would act as a mobile wallet that stores cards which would be used for making the payments. It would be seamlessly integrated with most of the apps for in-app purchases. Even while purchasing in store, the service is highly secure as the vendor would not know the user’s card number, name, or any other personal information. Interestingly, even if a device is lost, the payment information would remain secure.
Let’s wait for the service to launch and see how far it goes. It would be nice to see it introduced in other countries as well.