Apple has been rumored to bring a new payment system that would debut with its iPhone 6, to take on Google Wallet and Samsung’s mobile payment services. Now a new report on Bloomberg confirms that Apple is indeed launching a new payment system and has made a lot of headway already.While Google Wallet and other mobile payment services like the one Samsung launched for its Galaxy S5 (in association with PayPal) seemed to have been not so successful, Apple seems to be very serious about its service and has tied up with major payment networks, bank and retailers according to the report published today. Apple has signed agreements with the financial service providers including Visa, MasterCard and American Express. This will be the first time that these three would be partnering with a brand for a mobile payment service launch.
The payments would most definitely be secured with the use of the Apple TouchID fingerprint reader, so you wouldn’t really need to worry about the security aspects of making payments for purchases with your iPhone. The TouchID makes use of AuthenTec’s advanced technologies and is superior to any other fingerprint reader solution available in the smartphone market currently.The payments will made using the NFC chip, something that Apple has shied away from in the past. A secure enclave will also be present in the Apple A8 chip where your credit card information will be stored safely as encrypted data. This data is not accessible by any other parts of the system, just like the TouchID fingerprint data.
Apple has always set new standards in the industry and with the backing of all big names behind it, we could possibly be looking at the very first mobile payment service that has the potential to make it big.
What are your thoughts on this ? Could Apple’s payment service take off ?
Source: bloomberg
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