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Apple Breaks Into Mobile Payments

applepay_applewatchSmartphone makers have been trying to replace our wallets with digital pay methods for several years. While the trend has yet to widely catch on outside of the tech sphere, Apple (so often the bridge between the super geeky and super chic) believes that they may be able to change that.

On Tuesday, Apple announced it would soon be offering its own version of the mobile wallet, dubbed Apple Pay. Apple claims to have already established relationships with three major credit card companies, and retail giants like Target and McDonald’s – meaning soon you’ll be paying for your Number 3 with your iPhone or Apple Watch.

While the mobile payments market remains in its frontier stages for now, Forrester Research expects it to reach $100 billion in the United States within the next five years. Apple feels that the opportunity is now ripe for them to make their move on the industry. Apple wants consumers to believe that Apple Pay is a safer payment method than traditional payment cards with “exposed numbers and the outdated and vulnerable mag stripe.” Apple promises that credit card information will not be stored on the devices or on Apple’s servers. But in light of the recent iCloud hacks, consumer’s unease over privacy and security may be cause for concern. However, if anyone has the power to persuade the general public, famous tastemaker Apple is the company to do so.

Initially, Apple Pay will only be available for the iPhone 6, iPhone 6 Plus, and the Apple Watch.

3 thoughts on “Apple Breaks Into Mobile Payments

  1. Apple inspire confidence re mobile phone payments with them holding ALL our private information? In their dreams! I would not trust them re security measures as far as I could throw them and since I’m only 5′ 6″ and 121 lbs., that would not only not be very far, but in fact, IMPOSSIBLE!

  2. Ironically, the first article in e-News email is above, the one below in the email is ”

    “How Much Do Data Breaches Cost? Two Studies Attempt a
    Tally”

    … and companies wonder why people won’t try their apps, and wallets. Pretty self explanatory. Not to mention, it’s still easier to pull it out of your wallet and swipe, than risk your data.

    • We agree with you there. Hopefully, as more hugely popular companies like Apple push to make this software widely available, data security will be taken more seriously and companies will begin to work harder to find solutions that better protect the consumer. I honestly don’t believe enough organizations are thinking about how to safeguard our privacy from our own technology.

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