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Apple announced Apple Pay this morning and it certainly seems that they have finally found the Holy Grail of mobile transactions. This new offering will be available as an update to iOS 8 next month and requires an iPhone 6 or 6 Plus, and also works with the newly announced Apple Watch. If you are on the fence about upgrading to a new iPhone then this is just one of the major new features that should help push you over the edge.
The biggest piece of the puzzle is getting companies to adopt Apple Pay, and so far it works with over 220,000 companies which includes McDonalds, Walgreens, and many other major companies. It also works with apps, with more to come now that an official API is being released.
Is this a secure feature? A lot was discussed about this today and I’m sure many people are hesitant to upload their credit cards into their phone. Cards can be added to your iPhone 6 through the camera and all cards are assigned a number which is used in the transaction process. Apple isn’t provided purchase information and only those that need billing information can access it. All information is stored in a brand new ‘Secure Element’ which is encrypted and kept safe. Find My Phone can also suspend all Apple Functionality so make sure that feature is active at all times.
Once you move the NFC antenna near enough to a receiver you use your fingerprint to complete the transaction. This process will keep your information safe and secure, while making transactions easy and carefree. The biggest issue is that you’ll be able buy things so easily that you are going to have to be careful to stay within your budgets. Maybe a future update will provide warnings when you spend too much on food or at the mall.
[image via MacRumors.com]
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