Apple Pay – a new era of payment – Banker

Premiere of the new
 iPhone should not disappoint fans of the brand. Apple showed not only the device,
 which technically are in the forefront of smart phones, but also
 several other news. Particularly important may be the media less
 element of yesterday’s events – a service Apple Pay.

 

checked out most of the information that managed to see
 the light of day before yesterday’s presentation. Apple actually
 set itself the goal of revolutionizing
 payments. Apple service called Pay
 has the potential to replace the physical wallet, but before it happens
 Cupertino giant still has a few challenges.

 

As it will pay iPhone

 

The enthusiasm which on presentation raised a film showing
 pay phone in the store can awaken in our country amusement. It
 after scheme, which we are familiar – contactless payments using the
 technology NFC , a radio short-range communications. However, instead of
 use a plastic card, this time the reader approaches the smartphone, and
 soon also presented by Apple watch.

 

 

For the user, the payment will be simple – unlocks the application
 portfolio of your fingerprint (Touch ID technology was already present in
 previous generation iPhone), and then approach the phone to the terminal.
 Like the present PayPass payment or additionally payWave
 security guard will PIN entered at higher amounts of transactions.

 

Apple took care of security

 

In many ways, Apple has, however, a different way than, for example.
 Polish telecom operators cooperating with banks. First, the
 payment card are not stored on the SIM card. A customer who wishes to use
 the possibility of paying your phone will give card details when registering, and
 phone (after verification of the correctness of data, probably in the bank-publisher)
 will be placed only unique identifier binding device of “account”
 iTunes.

 

The previous generation Apple phone contained inside
 CPU special protected area. Served as a safe in which to store
 are cryptographic keys and unique device identifier. In the latest
 iPhone called. safe enclave has gained a new use – will move
 data necessary for making payments.
 

The most important, however, is that during the transaction
 will be generated one-time token and he will go to the seller. Although the
 technical side it will look like a card number (and will wear all
 features of a payment card) is in fact the correct data will never be plastic
 vulnerable to disclosure. In times of more frequent data leakage is a very
 important – even if the one-time number will be intercepted by fraudsters
 anything to them no good.

 

The second important element of the system is the ability to remotely
 delete the data and block the payment. Apple will use here already known
 Find My Phone service. Losing your phone will not therefore imply any
 provisioning cards.

 

Payments not for the Poles

 

A major disappointment for those interested in Apple Pay may
 be a limited range of services. Initially it will be available only in the USA,
 where contactless payment acceptance network is not very extensive.
 Apple ignored markets that are more than ready for the arrival of American
 pay phone era – even the British, Australian and Polish.

 

The second element, which will make the start of Apple Pay will
 slow are the hardware requirements. Pay in a new way can only
 holders of the iPhone 6 and 6 Plus. The third limitation is the list of cooperating
 banks – initially just a few of the thousands of American institutions,
 although, of course, Apple has chosen the biggest players.
 

Pay presenting Apple company has shown, however, the direction in
 which will develop the market. Today we can say that selecting the NFC and
 reliance on payment cards the Cupertino giant has given an advantage “to the paying
 Establishment ‘- quite differently than the players seeking alternatives to
 the dominance of Visa and Mastercard (as even PayPal). For retailers ranging
 whether to invest in a proximity terminal is yet another argument not to delay the
 decision. Even if this fact makes yesterday’s event may be considered
 beginning of a new era in mobile payments.

 

Michal Kisiel