Gone are those days when you have to carry your wallet to make payments, the wasted moments of finding the right card and the time invested in remembering its details. Thanks to Apple Pay technology, now payments happen with a single touch. This latest technology from Apple has revolutionized the way you make purchases whether at stores or online. All you have to do is to use your iPhone, Apple Watch, or iPad to easily make payments in the most secure and private way.
But like other smartphone payment systems, even Apple Pay is not an iron clad, and security concerns regarding this latest mobile payment technology are churning the rumor mills. But most of the security concerns have nothing to do with Appleís design; instead, they are due to flaws in the process of validating a payment card by customerís bank.
So, here are three myths around mobile pay fraud:
Myth 1: Mobile payment via NFC isnít secure
Well, think it this way. Every time you hand over your credit/debit card for payment, your card number and identity are visible. Apple Pay brings NFC payment technology to use. In this, a unique Device Account Number is assigned to your card, one that is encrypted and stored securely in the Secure Element of your iPhone, iPad or Apple Watch. The numbers, in fact, are never stored on Apple servers too. So whenever you make a purchase, the Device Account Number and transaction-specific dynamic security code are used to process your payment. Your credit or debit card information never gets shared.
Myth 2: Itís not worth investing in Apple Pay
People are quickly turning mobile and m-commerce continues to take a bigger share of online sales. Therefore, it is incorrect to underestimate the impact that mobile will have on your business. Instead of ignoring technology that will only continue to grow, businesses should consider investing in mobile-specific fraud prevention systems to add an extra layer of security for added safety.
Myth 3: Mobile wallet will replace cash and contactless cards in 10 years
Well, itís hard to envisage long-term market trends, but it can be easily stated that NFC phones and contactless cards will coexist with other existing technologies. Mobile wallet is usually seen as a replacement of cash that dominates 80% of our transactions.
Apple Pay is here to stay. It depends how you stay informed and make the most out of it.
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