Times are changing. Fast. Starting October 20th, you might say goodbye for good to your wallet and take your iPhone everywhere with you. Apple recently invented Apple Pay, a new payment technology that gathered both pros and cons. It looks like this new system will roll out with iOS 8.1 that will get to us on October 20th.
Using Apple Pay you’ll no longer have to take a bulky wallet everywhere with you, in the back pocket of your trousers or in your slim purse. iPhone will be your new digital wallet. So go cover it with the best protective cases you can find.
What is all about?
Things are simple. In theory, that is. Apple Pay service will run on iPhone 6, iPhone 6 Plus on Apple Watch. The service uses Passbook credit card-storage app, TouchID security and NFC communication chip. It works by simply holding the handset up to a card reader and pressing the TouchID button that confirms the person’s identity and authorizes the payment.
As Apple puts it, all data are encrypted and payment info is secured. The service will also let users add pictures of their credit cards and add them into their Passbook accounts. Users can pay with their credit cards via Apple Pay only after the bank verifies the details provided to Passbook.
Pros and Cons
Apple claims that Apple Pay will make our life easier. That might be true, but this system also brings a major concern: could the payment info get cracked via an unprotected WiFi network/malware installed on the handset?
According to Apple, paying system uses Dynamic Security Codes through NFC chip that grant a secure communication between the phone and the reader. Plus it transmits Device Numbers and not credit cards number to the reader so not putting payment details at risk.
According to Apple, paying system uses Dynamic Security Codes through NFC chip that grant a secure communication between the phone and the reader. Plus it transmits Device Numbers and not credit cards number to the reader so not putting payment details at risk.
Anyway, we don’t know yet how the image of a credit card is stored securely on the handset. Most probably it would still be stored on an unsecured file that could get read by background “bugs”.
What about if the iPhone gets lost or stolen? Apple says users can break all payments using Find my iPhone service. In that case, credit cards would remain valid so user can get back to his/her old payment method.
Our advice: take care of your iPhone, secure it, buy the accessories it needs, as this will become your biggest friend. If it isn’t already.
What about if the iPhone gets lost or stolen? Apple says users can break all payments using Find my iPhone service. In that case, credit cards would remain valid so user can get back to his/her old payment method.
Our advice: take care of your iPhone, secure it, buy the accessories it needs, as this will become your biggest friend. If it isn’t already.
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