Apple Pay Sure to Make You Bid Adieu to Cash and Card Payments

September 11, 2014, By Sanjeev Ramachandran

The new launches from Apple were all over the headlines, and they sure to stay on top at least for a few more days.

What Apple has delivered is a confirmation of earlier rumors, when it comes to the highly anticipated iWatch and the new iPhone 6 devices. It all went the expected way, but Apple just took things beyond expectations with their new feature, Apple Pay.

Apple Pay needs to be considered the right move from the electronics giant in such a way that the hands of the masses would now be free from searching their wallets, be it for cash or cards.

In simpler terms, what Apple would offer with Apple Pay is a money transfer facility that has the potential to make purchase of goods across stores or at restaurants much easier.

Apple pay

Aiding the whole process would be is NFC technology, and the mechanism offered by First Data. This is not the first time that NFC has been featured in devices. Google, PayPal and all have all got their own systems of a convenient payment methods, but it’s the extent of offering from Apple Pay that would just prove to be the hike.

You may user your iPhone (obviously not the older versions) or the iWatch to swap money from your credit cards to the payment counters. For that, you would have to store the credit card details on the passbook in your device where the details would be served securely. What you then have is one of the most convenient and secure modes of payments through which you could enjoy your purchases.

When you are done with the purchase, all you have to do is to bring the iPhone or iWatch in the closer vicinity of payment device available at the stores, just like the credit card terminal. The authorization could then be carried out by the fingerprint recognition or by access codes.

We all know security concerns do emerge when you deal with cash. Apple Pay cannot be assumed to be an exception, though minimal. But the technology sure assures hassle free and secure transactions by means of the dynamic data points.

Apple lets users proceed with the transaction by means of one-time payment number and the dynamic security code. Neither Apple will have any access to the purchase details nor will merchants have access to the credit card details. The feature could also be deactivated in case of theft of your iPhone.

Apple pay2

Apple Pay, indeed, possesses what it takes to go viral among the masses. But what hinders the smooth use widely is the limited support offered by retailers. However, it would just be a matter of time before you would have a handful of retailers offering support to Apple Pay money payment.

Even within a short span of its unveiling, much of the brands have extended their support for the state of the art cash payment mechanism.

Apple Pay is expected to start ticking from October across the US and later globally. Though there won’t be a cash limit imposed on transactions across the US, Apple has hinted at limits being applied for the rest of the world.

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