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Apple Pay has now been officially released which means this new mobile pay system will be built into Apple devices like the iPhone and Apple Watch. This new payment option can be used in store by tapping the device against the terminal or utilized in itunes and in app purchases by storing credit card details. and can be used at major retailers. Some of the places you can use the system include Whole Foods, Macy’s, McDonald’s and Walgreens. Apps from Target, Groupon and Instacart have already jumped onboard to include Apple Pay as a checkout option.
Apple is laser focused on the customer experience in the new payment system which is what they do best. Apple could prove to have created an important new revenue source for the company by taking in fees for each credit card stored in it’s system. Apple Pay will also create a new reason for Apple users to stick with Apple products therefore creating better customer retention.
All iPhone 6 and 6 Plus users can use their thumbs pressed against the phone’s ID fingerprint sensor as they tap the terminal to authenticate the transaction. The system uses NFC, a wireless technology, to transmit payment information which adds a new level of security with ease of payment in the same solution. The new iPhones and the Apple Watch are the first Apple devices to have access to the technology. The credit cards are stored by taking a secured photo of the card or using the one already on file with iTunes or the App store. The phone will not actually store the credit card information for security purposes. Apple has stressed the security will not be an issue due to the wake of the celebrity and retailer breaches and scandals. No matter how easy it is to pay with the new Apply Pay, some customer might hesitate due to the recent iCloud celebrity hacks.
One key difference is that Apple makes it’s own phones and operating system so wireless carriers can’t block them from implementing the system like they did with Google. Maybe that is why Google has announced their new venture to enter the wireless service industry. The technology will be built into the phones so the only way to stop it is for the wireless service provider to stop selling the iPhone.