Apple Pay: Six Things You Need to Know

For those who are eagerly waiting for the release of iPhone 6 and iPhone 6 Plus, Apple Pay is going to be a true reward for them. Digital technology has revolutionized the whole commercial world. The latest is the digital payment that has made payment easier and safe. The moment your finger contacts the Touch ID button, the payee’s account is credited. You have the advantage of one-touch checkout, no entry of card number, and no sharing of information with merchants.

 

 

For the best use of this latest payment device, you need to know the following six things about this instant payment system- the ‘Apple Pay’.

 

1: Use of Near Field Communication (NFC)

 

Apple Pay entails the verification method which includes fingerprint verification and NFC Technology. This technology ensures adequate security for the iForm. NFC allows two devices distanced by few centimeters for which both the basic devices must be equipped with an NFC chip. In the two-way communication, you can touch two Android devices for transferring data such as contacts, links or photos. In the one-way communication, an iPhone, credit card-reader or commuter card terminal reads and writes to an NFC chip.

 

2: Secure Element

 

Apple Pay does not store the card number on the device or on the servers of Apple. Rather, you get from Apple, a Device Account Number that gets encrypted and securely stored in a device that is called Secure Element in your iPhone or Apple Watch. A secure element is a device to provide secured storage and execution environment for sensitive data and processing. It arrests hacking and ensures integrity and confidentiality of its content.

 

The Secure Element could be accessed if the application has a valid key, granted by the manufacturer of the chipset. For preventing brute force attack, access to Secure Element gets disabled permanently after the attempts to access it exceed a pre-determined number.

 

3: e-Wallet: A Password for Passwords

 

e-wallet is an application of the Ilium Software. It ensures secured and safe storage of confidential information such as website passwords, e-mail passwords and credit card numbers. You need to create and remember only an e-Wallet password. An e wallet is synonymous with online banking. You can deposit, send, receive and withdraw money by bank transfer, credit card or cheque.

 

4: Ease of Online Shopping

 

Instead of filling out any form while shopping, you just have to select Buy With Apple pay and hold down the Touch ID button. You can have a buying spree as long as you are App Pay enabled.

 

5: Partners

 

Apple has partnered with American Express, Bank of America, Capital One Bank, Citi and Wellsa Fargo and will soon be partnering with Barclaycard, Navy Federal Credit Union, PNC bank, USAA and U.S. Bank, Staples, Disney, McDonald’s, Walgreens and Subway. Deals are in process with Barclaycard, Navy Federal Credit Union and PNC.

 

6: Only for iPhone 6 and iPhone 6 Plus

 

Presently, Apple Pay is limited to iPhone 6 and iPhone 6 Plus that contain NFC chips which have not been incorporated into previous generation iPhones. Apply Pay will work with Apple Watch from early 2015.

 

In view of the recent data breaches of Debit and Credit Cards, merchants pledge full support to the e-wallet so that our wallets are shielded from theft and fraud.