Apple PayApple Pay is not even on the market yet and may already have won the battle against Bitcoin. Just like the digital currency, Apple Pay is a payment system, which people are likely to use more than Bitcoin.
Cupertino has taken great care to ensure that this will happen and to focus on three key areas: Front-end experience, financial institutions and traders.
So what will the Commnity of Bitcoin news do?
Apple’s Holy Trinity. Apple has the customer experience on its side. With the new iPhone, the Bitcoin news about the payment system will be rolled out and together with Apple Watch, Apple has attracted an incomparable amount of media interest.
On the first weekend alone, 10 million iPhone 6s were sold. The watch is also selling in droves. Of course not all users will also make use of Bitcoin news, but some will use it with great certainty and not so many people own Bitcoin.
Then there are the dealers. Long before Apple announced the payment system, the company had already signed contracts with well-known companies. Companies like Whole Foods, Bloomingdeals, Staple, Walgreens and Subway have already signed.
Thumbs up for security
Apple has also been waiting for the right time to introduce Apple Pay: Point-of-Sale (POS) systems require Near Field Cummunication (NFC) and the systems that support this technology can be very expensive. Many companies need to upgrade their systems by the deadline next October anyway. This is because American companies will then be required to set up the chip and pin technology that is already supported by most major credit card providers as a security feature. If the companies have not upgraded their systems to the aforementioned deadine, they can be held responsible for card misuse. So far, the credit card providers are still liable. If the companies have to make an update anyway, the simultaneous installation of an NFC system will certainly be cheaper.
On the financial side, Apple has already secured Visa, MasterCard and Amex.
Moreover, because Apple makes use of so-called tokens and a temporally dynamic number, no credit card part is transmitted to the merchant. This feature promises the customer a high level of security.
Then there is of course the biometric iTouch system, which is needed to identify the user. iTouch also has its critics, of course, but it is far better than the previous method of verifying the user’s signature. Most employees don’t even pay attention to the correspondence of the signature. Even the outdated PIN procedure, which can easily be spyed on, is no longer a match for the iTouch procedure.