Apple Pay: More secure than your debit or credit card
In October 2014, Apple Inc. released a revolutionary new mobile payment system called Apple Pay, which allows users to make payments using only their Apple IOS devices – no card required. To use it, cardholders just have to follow the instructions in this link and add their card to the Apple Pay site. Then, they can use it to pay for items without ever having to take it out of their wallets.
Apple Pay works with many of the major credit and debit cards, including store-issued cards, from the top US banks and stores. In December 2015, First Command Bank added its First Command Bank MasterCard® debit card to the growing list of supported cards (a list of current vendors can be found here).
What makes Apple Pay more secure than other forms of payment?
In short, Apple Pay doesn’t store card numbers on their devices or the Apple’s servers. Instead, the accounting system assigns an encrypted secure “Device Account Number,” which safely stores the information in the Secure Element security chip. Therefore, every transaction uses a unique, one-time dynamic security code for authorization.
Apple Pay also allows for more privacy as cashiers will never see your name, card number or security code.
Leave a Reply