U.S. banks are preparing for Apple Pay. After experimenting with mobile banking for years, many banks feel secure enough in the technology to let their customers use Apple’s new way to pay for merchandise. The new mobile platform allows consumers to perform transactions with the new iPhone 6, iPhone 6s, and iWatch. This has sparked a fierce debate on the safety and necessity of bank use of Apple Pay.
Apple Pay uses near-field communication which transfers encrypted data between two devices when they are in close proximity to each other. Consumer credit card information is encoded and used as a one-time code at the point of sale, so personal financial information is not stored on retail terminals or Apple servers.
Banks, who have been trying to find safer and simpler ways for their customers to make payments, believe that Apple Pay is the answer. Public interviews with bank officials reveal that most banks want to bet on Apple Pay because of the enhanced security measures, simple user interface, and brand name recognition. Banks are hoping that Apple Pay catches on so that transaction volume in credit increases. However, some bank officials are still skeptical that consumers will reach for their phones faster than reaching for their wallets. They don’t see how using Apple Pay will be any faster than using plastic. And while proponents of Apple Pay integration with U.S. banks point out the increased security measures of touch technology and encryption, opponents note that touch technology has been hacked in the past.
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