Time to ditch your wallet.
Tom Dougherty, CEO – Stealing Share
21 October 2014
Apple Pay is big news
It might be time to drop those wallets off at Goodwill.
Yesterday, Apple released a game-changing option to its Passbook application: Apple Pay.
If you are the owner of an iPhone 6 or 6 Plus, the 8.1 update (which installed Apple Pay to iPhones) is the invitation to the future of buying goods and services.
The process is pretty easy. All you need to do is add your credit cards to the Apple Pay system. All you need do then is hold your phone near a pay kiosk (it is read by a process called Near Field Communication), confirm payment by way of the touch sensor on your phone and payment is complete.
The process is quick and painless. Most of all, it’s safe. When you enter a credit card number, for example, “Apple replaces that number with a unique token that it stores encrypted in what the company calls its ‘secure element,’” says MacWorld. “Your information is never stored on your device or in the cloud.”
To me, this is huge. The United States alone accounts for nearly half of all of the world’s credit card fraud, and a quarter of credit card use. Apple Pay easily cuts out the concerns we might have (think of the Target fiasco last year, and most recently, one at Home Depot).
To date, more that 220,000 stores have adopted the pay method, including Walgreens, Nike and Whole Foods. You can use your Visa, MasterCard and American Express credit cards.
Not surprisingly, I’ve already added my credit cards to Apple Pay. I wouldn’t be surprised if you do the same soon, too.
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