It seems that Apple has been busy developing an Apple Pay feature, which would allow the storage of eight credit cards or debit cards in a smartphone system. This is according to some documents which were meant for Apple employees only, but have been leaked to the public. The documents were to be used for training but have given the public plenty of information on this new process. This is the first attempt that Apple has taken to get into the online financial world, and the application will be geared towards the iPhone 6 for use with NFC to pay at the store without needing to have your card on hand. Apple Pay is said to be supported already by more than 2,000 different retailers.
Setting Up Apple Pay
The latest news on the subject suggests that users will be able to set up the feature through the Passbook application when the Passbook and Apple Pay section becomes available, or during the iOS 8 installation. Credit card and debit card numbers can be added through iTunes or by scanning info through the camera directly on to the user’s device. With Passbook and Apple Pay the user will have the ability to monitor transactions, see past purchases, and keep a unique account number for your device and stored cards. CNET explains:
The service will also offer a quick way to download an accompanying App Store app and give you an option to receive push notifications.
The setup and use of this application is supposed to be very user-friendly, making it easy for even older users to get the hang of the feature if they’re willing to participate. Of course, there are going to be many questions and concerns over the product, and Apple may have to answer them before the application goes viral.
Pros And Cons of Apple Pay
One of the many benefits that this will offer aside from convenience and a new way to shop, is that if your credit card expires you don’t need to change it on your phone as you would through PayPal or other financial services. The Apple Pay feature will actually update this data for you through your credit card company as you receive your new account and card number. You can be informed through a push notification that the information has been updated, giving you the advantage of not needing to go back in and update your credit card number. The Verge adds:
When using Apple Pay at Apple’s own retail stores, personal details like your name, phone number, and email address will no longer appear on receipts. (Employees will likely stop pestering you for those same details when checking out, as well.) That’s due to the privacy and security aspects of Apple Pay.
Unfortunately, it’s not all roses where this new application is involved, as there is always the question of security. While contact information might not be included in your receipts, technology is famous for the tendency of being hacked, and the iPhone is not known to be the world’s most secure device. Nevertheless, while this kind of new software might be seen as more secure through a company like Blackberry, which may have had its ups and downs over the past few years, it is still recognized as having one of the most private and well-protected operating systems in the mobile device community.
Of course, security is something that Apple is sure to address and every precaution will be taken to ensure that customers’ private information isn’t being leaked to the public. It stands to reason that this will be no different from any other online banking experience, which many have come to live by in terms of satisfaction, convenience, and security. With this in mind, could Apple Pay be the next big thing in the banking and payment industry? We’ll have to wait until the official launch to find out.