Apple Pay Makes Mobile Payments a Reality

2 minute read

Have you ever lost your debit or credit card? How many of us try to figure out the right card at the payment counters and then sometimes key in the wrong information?

All these are going to be the events of past!

Well, payment using the phone is not a new concept. The big wigs of the industry have been trying various permutations of this possibility for quite a while now. Pioneers like PayPal have succeeded in the in-app purchases space. But external payments using mobile has been a tough nut to crack and we have examples like Google wallet that failed to appeal.

Apple Pay Makes Mobile Payments a Reality image Apple PayApple Pay Makes Mobile Payments a Reality

How payment happens via Apple Pay?


Hold your iPhone 6 with your finger on the Touch ID. Thanks to the new near field communication antenna, payments will be done even without having to unlock the phone screen. Can it get easier than this?

So why does Apple score?

Apple has succeeded in introducing a whole new twist to mobile payments. The details of the card (either credit or debit) that are authorized by iTunes will be stored in Passbook. As soon as the card is added the device generates a unique Device Account Number (DAN)  for that card. So when a transaction happens, it is this unique DAN that is shared with the merchant and not the real card details. A customer thus gets to retain his/her privacy by revealing neither his identity nor his card details. The payments are then directly cleared by iTunes.

However, the card details are not stored in the iCloud. Everything is stored in the local device memory. So in case of lost phone instances, the phone could be remotely turned on in to what Apple calls the ‘Lost Mode’ so that the data never gets shared or the phone memory could be wiped off remotely. Apple has thus nailed every concern around security.

Touch ID fingerprint system and near-field communication set Apple Pay apart from its contemporaries and will change the phase of the mobile payment industry.

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