Apple Budget : Apple Pay Essay

2522 Words 11 Pages
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Apple Pay
In the spring session of 2014 apple released apple pay to provide a seamless transfer of money between two parties. This was a move to position apple to further pursue further transactions without the need to pull out a spate card. In the future it is hope that apple pay would act also like a security card, and transport capabilities that can be used to access buildings and transport options. Apple pay in the meanwhile has to further adapt and conform to counteract fraudulent and misadventure data, so securing a secure mobile platform is critical for its success.
How it works
Apple has devised a way in which to create a safe passage of fund without releasing credit card details. However apple uses in its place something called tokens. Tokens take the place of a real credit card number and create a unique device account number. The token is not new technology but has been adapted into apple pay to create a randomly generated 16 digit number. This credit card number does resemble as a credit card but would be rendered useless if the apple pay was misused in any form. When you sign for apple pay your card details are encrypted and sent to the card processor which in turn generates a token which cannot be reversed engineers or traced back mathematically to revel the card details.
When the token is stored in the device the only way you can certify a transaction is to use touch id. At the moment a pin number will not allow you to pay as it cannot verify if you are…

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