Apple recently announced its new payment system called “Apple Pay”. Through an app on your iPhone, you can link all your credit cards, gift cards, etc. and pay using your iPhone instead of the physical card. The technology has only been introduced in the United States and not in Canada, however we have already been able to pay with gift cards on our iPhones for many years.
Here’s what Apple wants you to know about Apple Pay.
Although I think that this is a great idea to improve efficiency and convenience, there is common debate if this technology is of any value.
One area of discussion is the security of it. How secure are our iPhones in transmitting valuable payment information? What if we lose our iPhones and someone gets a hand on it. Even though you need your finger print to confirm transactions, how do we know a skilled hacker cannot bypass this barrier?
There’s only one way to see if Apple Pay will be deemed successful. In time we will see if this will create traction, or be victim to another failed technology. Above all, this is a great leap forward to create new efficient ways to pay. Maybe we will eventually say goodbye to the wallet.
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