“The new digital wallet format for the new iPhone6 and iPhone6 Plus and also for the newly unveiled iPad Air 2 and iPad Mini 3 devices, uses device account numbers, a new NFC (near field communication) antenna design, touch ID, a dedicated chip called the Secure Element, and dynamic security codes to keep transactions secure and protect account information creating a one-time payment number and security code each time a user pays. It does not store credit card information, and when a consumer uses Apple Pay, the clerk does not see the customer’s name, credit card number, or security code to complete the transaction.”
As long as Apple Pay doesn’t increase merchant account fees, it will be a hit with consumers. The new challenge will be emerging chip-based intelligent cards that the credit card companies have been developing.
Yes I will need to carry a wallet for folding money, my drivers license, and other ID “stuff” that I might need. So what about all those merchants, physicians, dentists, and vendors who aren’t Apple centric?
Thanks to Integrated Solutions for Retailers