The launch of Apple iPhone 6 and Apples version of smartwatch – Applie Watch, is no doubt, an important feat in Apples history. However, the most notable launch by Apple this season is the companys new service – Apple Pay.
If Apples claims and the speculations surrounding this service are to come true, then we may soon witness a new concept of making payments.
Until today, many companies have tried innovative methods of making payments using NFC (near field communication), a process that involves a simple tap-and-go payment method. However, none could come close to doing it correctly. Among those, Google was the most accurate, thanks to its Google wallet platform.
Tim Cook Talks about the present payment system
Apples CEO – Tim Cook claims that the present payment systems are broken and Apple would fix the issue with its secured design. He says, the whole payment system today is based on a small piece of plastic card, be it your credit card or debit card. Buyers are totally reliant on the vulnerable and outdated magnetic interface. Cook also explains that the present system is 5 decades old and the security codes are not more much secure.
Cook firmly believes that Apple Pay has everything it needs to change the present system and make it easier for customers to pay online and offline.
The above video shows how your Apple phone can be turned into a wallet to make payments by the simple tap of a button. People with an iTune account can add their credit card details to the service page and tap the phone or Watch in a payment terminal, to make a payment.
It is also easy to add your credit card information, even if you are not on iTunes. All you have to do is make use of the iSight camera to take a picture of the card, verify the card at the back and Apple Pay will take your cards information.
What are the chances of this process being a hit?
The principle factor that puts Apple Pay in favor of changing payment systems forever, is the support offered by so many banks and merchants - to switch to the new platform. Apple has declared that it is working closely with 258 retailer stores and the top US banks which handle 83% of credit transactions in the country.
Apples plans and ambitions are big, without doubt. And it looks as though we are in for some realistic changes. If Apple shows the way, it may open doors for other services like Google Wallet.
And yes, as customers we deserve a change in the way we buy and sell things!
Image Source: Apple Pay