Apple Pay

Does Apple Pay have what it takes for secure mobile payments?

The big question for Apple Pay is whether Apple can succeed where others have failed and take contactless payments from a niche service to more mainstream adoption, according to Tech Radar.

A key factor is the security of the system, because retailers in particular have been a prime target for cybercriminals, with point-of-sale systems proving to be a valuable commodity, and malware targeting credit and debit card readers or cash registers steadily on the rise.

Apple doesn’t have control over point-of-sale systems, but its new mobile payments should provide reassurances for consumers. The critical difference is that it uses encryption to protect payment information using a one-time payment number, so personal credit information is not transferred in the transaction.

Adding in the extra stage of security in fingerprint recognition, this is a very powerful and secure change in transmitting payment data — an approach that could even pressure banks to change the way a standard debit or credit card transaction takes place and to change their security protocols.



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