Apple has introduced Apple Pay as its contactless payment technology. It will enable users to position their iPhone up on a contactless card terminal. Users are then requested to press finger on their iPhone’s Touch ID to pay for their purchase. After a long delay, Apple Pay is now set for UK, which according to HSBC report, will launch on July 14.
It has been quite a while since concerned industries have started to emphasize on the prospective future of contactless payment technology. It is the concept of prioritizing NFC-chip device over the retail to pay for purchased items. The theory was not implemented until Apple took things in its hand and made a move.
Steps To Setup Apple Pay
You can easily set up Apple Pay on your iPhone or your iPad by using the following steps:
- If you own iPhone or iPhone 6 Plus; Open Passbook
- If you own iPad Air 2 or iPad mini 3:
o Go to settings
o Open Passbook & Apple Pay
- Press the “+” symbol inside the Passbook to add a card
- If your debit/credit card is supported on a file with iTunes; Enter Security Code of the card
- If the above point is not your case;
o Click a picture of your card through iPhone’s Camera to capture information
o Provide information, if needed that includes card’s security code.
- Tap on Next
The Bank will then validate your provided information and determine if you are eligible to add your card to Apple Pay. If needed, they will require additional verification. However, the verification process of your card can be conducted any time after it is added to Passbook. All you have to do is, open Passbook and follow the steps.
Devices Compatible With Apple Pay
Currently, Apple Pay is only compatible with iPhone 6, iPhone 6 Plus, and the latest model of Apple Watch. The reason behind limited compatibility is that the service requires NFC for communication in order to pass through contactless payment terminals. Previous versions of devices launched by the company did not have the feature of NFC, therefore they are not eligible to support the feature.
As per the rumors, the next generation iPad is more likely to include the Touch ID. Its rumored date for launch is in October and is said to support Apple Pay.
How Will Apple Pay Work
The process is simple. Once you reach at the counter to pay for any product, take your iPhone out and bring it closer to the NFC reader. There is no requirement to launch any app, the iPhone is smart enough to detect that you are about to pay for your purchase. The screen will display the total amount you need to pay as well as the card that is synced. All you are required to do is, press your finger over the Touch ID in order to confirm the payment. The entire process of transaction will be completed in seconds.
One of the most fascinating facts about this feature is that, the entire process can be done, without you having to look on the screen. There will be a subtle vibration, which will alert you that the payment has been made.
What Are The Payment Choices?
One of the methods is to use the same credit card, which is synced with your iTunes Account. The other method is to simply click an image of your Visa, MasterCard or American Express card through the Passbook app. The app will fetch the data and verifies your debit/credit card details with your Bank. Once it is verified, it can be used for payment method.
Can The Process Be Trusted?
The process is safe and trusted. Once you have your payment cards synced and added. Their number information will no longer be stored in your Apple device. Instead, it will provide you a Device Account Number. This number is allotted for each payment method. It is encrypted and stored securely within a co-processor, Secure Element.
Furthermore, Secure Element Chip cannot be accessed through any other app, making payment details safe and secure. Even in cases where someone else accesses your phone, the transaction would not be approved without your fingerprint.
Whenever a payment is made through Apple Pay, the DAN (Device Account Number) of method of payment mixed with a transaction specific dynamic security code will generate. The merchant at the counter does not get access to your name or even the card number.
As far as Apple is concerned, the tech-giants claim that they do not have any access to information related to these payments. However, the card which is synced and is associated with iTunes account is an exception. Your entire payment information remains secure in Secure Element Chip and is never directed to the servers of the company.
If you are concerned of situations like, when you lose your phone, the method is simple and convenient. You can wipe your device clean with Find my iPhone. This will erase your payment information from that device forever.
Where Can Apple Pay Be Used?
Apple Pay can be useful in making payments on stores and on apps. It is supposed to be working on 220,000 stores that including Macy’s Starbucks, Nike, Whole Food, PetCo, McDonalds, Apple Stores, and many more.
This service can also be utilized for making payments in apps, and the process makes paying services for third-party apps safer than before. Apps that support Apple Pay are most likely to include Uber, Tickets.com, Panera, Target, Groupon, and OpenTables.
There are over 200 million credit card transitions that occur in a single day in US. Tim Cook, CEO Apple, believes that Apple Pay is a fruit plucked from the tree of Apple’s innovation. Not just innovation, the service is expected to generate billions of dollars as revenue for the company. According to Bloomberg, there is a certain amount of fee, which will be received by Apple on every transaction made through Apple Pay. This means that it is more likely to generate revenue share more than $40 billion that banks generate every year through all transactions made by credit cards.
Read the Original Article By Natalie James Here