Apple Pay: What to Expect
For years, businesses and companies have been thinking and talking about using smartphones for replacing credit cards in order to pay for goods. However, it is the consumers that haven’t been willing to let it happen. But, with the rollout of Apple Pay on next Monday, it is expected that the checkout experience will undergo an evolution at some of the biggest restaurants and retailers in the United States. This mobile payment product of the iPhone maker will work on the latest installments of the iPhone, namely the iPhone 6 and the iPhone 6 Plus. They can be used for both online as well as purchases made in brick and mortar stores.
Industry observers have stated that it is possible that Apple Pay may just end up being the killer of credit cards. With Apple Pay, customers will no longer have to take out their wallet, swipe the credit card and wait until the change is made by the cashier. Even if an individual isn’t planning to use Apple Pay, it is possible that the system will reduce their waiting time if customers ahead of them in the queue are using it in order to pay for their purchases. Hence, the quick speed and simplicity of the transaction could benefit just about everyone.
Contactless readers will be found at checkout counters in about 220,000 leading stores, which also include Chevron, Mc Donald’s and Whole Foods. The users will be required to keep their iPhone near the reader, keep their finger pressed on the Touch ID and they will be good to go. The swift and simple checkout motion is made simple and easy, thanks to the Near Field Communication antenna that has been incorporated in the iPhone 6. This antenna is connected with the payment point for completing the transaction. A beep and vibration will inform the users about the success of the checkout.
There is nothing else that needs to be done. The unique part about this payment method is that neither the store nor Apple will get access to the private information of users. Instead, users are required to take a photograph of their credit card and store it in the Passbook of their phones. Once the photo is saved in the Passbook, it will be given a unique device account number, which is encrypted and then kept safe in the Secure Element Chip of the device. The transaction is completed at the checkout point through this account number and also a dynamic security code.
The company will never find out what has been bought by the consumer and people will still be able to get reward points on the credit card they use for making the purchase. The two new iPads that have also been unveiled by the American giant on Thursday, the iPad Air 2 and the iPad Mini 3 will also be equipped with the technology needed for making online purchases with Apple Pay. Debit or credit card information can be added through the iTunes account or the tablet’s camera can be used for taking a photograph.