Week 07 - Apple Pay

The launch of Apple Pay could revolutionize the way we purchase items. Whether you go to a restaurant, gas station, or mall, Apple Pay allows users to buy what they need without ever taking out a credit card. In fact, neither the credit card itself nor its numbers are ever seen while a transaction is being made; instead, everything is paid for via iPhone (the iPhone 6/6-plus, to be exact). By simply holding your thumb to the home button and holding the phone near a card reader, a transaction is made in seconds. This, to me, seems like a good idea in terms of avoiding identity theft and security breaches/credit card hacks. Granted, such things could still potentially occur, but without retailers having thousands of credit card numbers stored, security breaches would be less of a threat. Also, use requires the user's fingerprint in order for the payment to go through, so losing a phone or having it stolen does not mean that all your credit card information is available to whoever might take/find the cell phone.
The real struggle for Apple will be getting more than 5% of our nation's stores to make use of the new system. Google Wallet was a similar attempt that failed miserably, becoming obsolete shortly after it was launched. The Wallet attempt was more of a hassle than actually swiping a credit card and therefore did not last long before the appeal of its usefulness was gone. However, Apple Pay offers a much more convenient and secure method of payment with which many individuals (including myself) might find themselves on board. In order for the system to really be a hit, corresponding terminals/card reader systems will have to be installed in stores before they can start taking this form of payment. With the proposed arrival of EMV credit cards in America on the horizon, it is quite likely that switching to mobile payments is not too far in the future.

An article I found that further discusses the coming of EMV credit cards can be read at http://www.cnbc.com/id/102113933

Image from: 

https://www.yahoo.com/tech/apple-pay-is-going-to-be-huge-apple-ceo-tim-100761243774.html