“There’s not much private about your wallet anymore. Recent breaches at Target and Home Depot exposed as many as 96 million credit and debit cards. Apple Pay, launched last week, could help. It links your credit and debit cards to a secure iPhone chip,” Alexander Eule reports for Barron’s. “In typical Apple fashion, the process is dead simple. I added my American Express card, already on file with iTunes, while walking down the street.”
“Last week, colleagues and I gorged on McDonald’s dollar menu, courtesy of Apple Pay. The system worked flawlessly,” Eule reports. “The real benefit of Apple Pay is that card numbers are never transferred to the merchant. Apple Pay instead sends a token and a one-time cryptogram key to the merchant. The token is useless to a would-be hacker or thief. Meanwhile, the thumb scanner adds an additional layer of authentication, without the hassle of a PIN number.”
Read more in the full article here.
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