Tuesday, 11 November 2014

Ram Garg talks about Apple Pay - Promises and Challenges at KXLY



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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