apple pay

Apple Pay

The seventh technology to make it to MIT’s technology review is Apple Inc.’s Apple Pay, a secure and faster way of buying things at a wave of your phone.

Mobile payments were present before apple, it is sure that apple didn’t invent mobile payments, but it has significantly enhanced them. Apple pay has gained much market after its launch. Google wallet is one of the rivals of Apple pay, that is almost of same age but Google wallet couldn’t survive the market.

Apple pay is much easier and smoother than mobile payments services that were introduced earlier. What you need to do is just help your phone up the checkout terminal, you don’t need to open the app as you did before. Secondly you have to press you thumb for a finger print impression, that eliminates the need of a PIN, that you always forget.

How it works and why is it so secure?

Tighter Security When you swipe a credit card at the check-out counter or buy something with your card online, you give the merchant your card number so the store can ask for approval from your card provider. The stores often keep those card numbers on their servers, where they repeatedly have been easy prey for criminals.
Apple Pay eliminates that exposure of your card number. When you sign up, you can use your phone’s camera to take a picture of your card. Apple confirms the card with your bank, but then it deletes the photo, and the card number isn’t stored on the phone or by Apple. Instead, Apple Pay creates an encrypted string of data called a device account number that stands in for your card. It gets stored on the phone in a special chip known as the Secure Element. The device account number can’t be accessed by any applications on the phone other than Apple Pay. When it’s time to buy something, the Secure Element coughs up the device account number and combines it with data about the transaction to create a unique code for that sale. A payment processor such as Visa or MasterCard is able to recognize the device account number and the unique code, and it uses them to approve or reject the transaction. The merchant never sees your actual card number.

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Apple didn’t invent this technology, and other payment services that use the wireless standard known as near-field communication also make use of secure elements. But Apple Pay goes a step further by combining these technologies with the iPhone’s Touch ID fingerprint sensor, which is used to unlock the phone. That means you don’t have to bother entering a PIN to confirm the transaction, but someone who steals your phone would be out of luck.

Apple pay has drawback that we noticed. One it works only one iPhone 6 and advance models. As lots of Americans use iPhones but only a few are able to get updated with the new handsets that is introduced by Apple. Secondly almost all of the stores are equipped with the outdated credit card swipe systems. Just a few have updates like NFC, on which Apple pay works. So it’s long enough to see Apple pay get a considerable market share of mobile payments.

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