Apple Pay Essay

735 Words3 Pages
“Apple Pay” MISM 3301.01 Professor Luke September 12, 2014 Spencer Tang http://money.cnn.com/2014/09/10/technology/security/apple-pay/index.html Current Trend Executive Summary On September 10th, apple company announced that they are going to release a new app called Apple Pay that is embedded into the iPhone 6. It is a wireless digital wallet which works by sending payment information from a special chip to the register through short-range radio waves. However, people are concerned about the security and efficiency of the mobile payment system. According to Jose Pagliery, Apple Pay will be easier, safer and available with every major credit card retailers. If the Apple’s TouchID system works smoothly without any backfire, then it could make it easier for customers to purchase because a simple touch is quicker than the using credit and debit card. In addition to that, it is safer because no one else can access your fingerprint or fake being you, but others can steal your pin number. Also, Apple Pay cuts retailers out of the credit card information loop by not giving shops customers credit card information. In order to do so, Apple Pay offers people couple methods to secure their account. For example, people snap a photo of their cards, and the picture goes to their banks, which sends them a special key stored on their phone in a locked, protected zone. The key generates a unique code that will be verified by the bank to ensure Apple and other mobile wallet companies not to get customers’ privacy information. Apple Pay will work with American Express, MasterCard, Visa and many other companies. At lease one connection or application to real world situation, another text, and/ or personal experience Nowadays, people want to get things done as fast as they can. They try everything to save time so they can spend more time on things that are more
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