I agree on Rachel’s opinion on how well Apple pay will affect the market and it is true that virtual payment provides convenience for people.
However, is it really a good thing that Apple pay entering Canada?
I want to believe Apple when it says its digital wallet is secure, but a sad truth remains that hackers are going to hack. And given the recent breach that exposed celebrities’ naked photos on Apple devices, it’s clear that Apple Pay will be a popular target. Again, it sounds like Apple did a good job designing a system that keeps your financial data out of hackers’ reach. Removing credit card numbers from the transaction is a really good idea. Heck, even the phrase “Secure Element” instills confidence.
Several of the gates between a hacker and the phone owner’s financial information can be broken down. Apple Pay is connected to iTunes accounts which we already know have vulnerabilities. It’s also been proven that Touch ID is hackable. And despite Find My iPhone protection, the phone itself can still be a risk.
So it is still negotiable that Apple pay is suitable for nowadays transaction because people more concern about their privacy protection.
Rachel’s blog: http://blogs.ubc.ca/youjiali/2015/11/17/farewell-to-cash/
External research: file:///C:/Users/admin/Downloads/EPI_TheFutureofApplePay_211115.pdf