“With Apple Pay slated to go live later this month, one can soon expect to see an avalanche of fear mongering from pundits who, like PayPal, will question the wisdom of trusting Apple with user credit card information,” Yoni Heisler reports for TUAW.
“The reality, though, is that Apple Pay is an exceedingly secure mobile payment platform. In fact, it may very well be the safest way to make any type of credit card payment,” Heisler reports. “With Apple Pay, no credit card data — even in encrypted form — is ever stored on the iPhone or on Apple’s servers. Similarly, no credit card data is ever transmitted to or stored on a merchant’s servers.”
Heisler reports, “Highlighting the improved safety that Apple Pay provides, Tom Noyes — a former credit card executive who has an excellent series of in-depth posts about the world of mobile payments — said the following in the wake of Apple’s Apple Pay announcement: Apple is the first implementation of the new EMVCo tokenization specification. In my view this is a giant LEAP beyond EMV chip and PIN, and is now (by far) the most secure PAYMENTS scheme on the planet.”
Tons more in the full article here.
MacDailyNews Take: As we wrote on September 10, 2014:
The market has yet to fully grasp the magnitude of Apple Pay.
[Thanks to MacDailyNews Reader “Zack” for the heads up.]
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