Tuesday, 11 November 2014

Ram Garg talks about Apple Pay-Promises & Challenges at Doug Stephen Show



Promises:

·         Touch ID (fingerprints) authorized payments

·         More Secure with Tokenization: Transactions with Unique 16-digit code generated by Secured Element Chip
          NFC Payments: More secure than traditional card payment

·         Payments are Private: Doesn’t save your transaction details

·         If Phone is Lost/Stolen; Apple Pay can be locked remotely and Transaction can be suspended

·         More control of Apple: Hardware, OS and Software all under Apple’s Control

·         Support from 220K Merchants and Growing



Challenges:


·         Works with iPhone 6 and 6+: Existing Users of older versions are left out

·         Slow Adoption of Technology for Consumers and  Merchants

·         Many Retailers yet to have Point-of-Sale Systems for NFC Payments

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