Apple Pay


Kind of goofy name, I think, but I guess if it requires and Apple device, then might as well brand it by the company name. This seems pretty interesting concept. The actual credit card info isn't transmitted during purchases. Instead there's a one-time security code issued for that payment. That would seem a great leap in account security.

There also seems to be a lot of attention on privacy as Apple says it doesn't know about your transactions. This is where Apple differentiates with Google's wallet system. Apple's goal appears to maximize the value of its platform to attract and retain device customers, not sell ads or marketing information.

It seems to be well supported in the USA with American Express, MasterCard, and Visa that Apple says accounts for 83% of U.S. card purchases. Apple is also working with department stores, retail stores, grocery stores, and fast food restaurants. The key will be whether stores support the appropriate point of sale equipment.