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