CNY Central Talks About Apple Pay's Impact
Apple Pay: Is cash and credit a thing of the past?CNYCentral.com
October 27, 2014
Apple debuted its new payment system, apple pay back in September that would allow customers to buy things by just holding their iPhone 6 or iPhone 6-plus devices up to readers installed by store merchants. This has left some to wonder will this eventually replace cash and credit cards and just how safe is it?
Apple calls it 'your wallet without the wallet.'
"So, this idea behind taking your credit card information and the merchant that you're at; mixing it together to create a number that allows the credit card company to process only that," says David Milman, CEO of Rescuecom.
Stores like Wegmans, Petco, Babies R Us, Panera Bread, Subway, McDonald's and many more are hopping on the virtual bandwagon. They're teaming up with Apple to install apple pay.
If you have the newest iPhone, you can tap your phone onto the apple pay device at checkout without dipping into your pocket. But, are shoppers ready to take the plunge?
"I'd love to carry something like that. It's quick, easy, and you don't have to carry around all that money," says Shelby Platten.
"I would probably consider it after it has been used for awhile," says Valerie Downs.
Whether you're dedicated to your phone or glued to your wallet, tech expert David Milman says pairing your iPhone with your credit card information is the way of the future.
"Today, it's a small market. Relatively, small. But, I heard forecast numbers upwards of 90 billion dollars a year for mobile payments right from your phone. And, its going to happen because it's more secure than handing over a piece of plastic," says Milman.
But, what if you lose your iPhone? Where does all your credit card information go? There's something called "Find my iPhone." It will actually put your phone into lost mode which can suspend apple pay. That means your information is safe and secure.
CVS and Rite Aid have disabled the new apple pay electronic system from their stores over the weekend. According to reports the companies have disabled apple pay because they have plans to build their own payment systems.
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