Don’t get me wrong. There is nothing wrong with good old credit card swipe. But recently announced Apple Pay may become a new tool for marketing success for retailers and service providers.
- There is no card to swipe and therefore, card numbers are not even transferred to the merchant or the service provider. This gives lots of comfort for hesitant customers.
- Apple Pay sends only a cryptogram key, a one-time token to the provider. Even if a hacker get holds of it, it becomes a meaning less piece of information.
- Apple Pay is based on recognizing your thumb print which is unique to you and therefore, you do not need to remember or use a PIN.
So, what is the holdup? Unfortunately, only Apple iPhone 6 or iPhone 6 Plus holders can use the system. Additionally, not all retailors are signed up for it. Only 220,000 stores and service providers offer the convenience of using Apple Pay at this time and it is expected to grow in coming months. The number of merchants using the system represents only about 20 percent of the total leaving lot more room for Apple to expand the program. Safer Apple Pay is sure to explode in the near future.