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 Apple Pay

Apple Pay launches in UK!
Letting you use your iPhone 6 and Apple Watch to pay in shops and online in an easy, secure and private way. Apple will hope its system proves popular by reducing the number of items people need to carry, and by offering the extra security of using fingerprint recognition.

How does it work?
Apple Pay is in effect a digital wallet. It lets users use their credit and debit cards through Apple�s Passbook app. There are two ways to use it: in a physical high street store and online.

Only people with the latest generation of iPhones, or an Apple Watch, will be able to use it in stores. Apple Pay uses near-field communications (NFC) found in the iPhone 6, 6 Plus or Apple Watch in a similar manner to contactless cards.

Unlike contactless cards, Apple Pay includes an extra security measure known as tokenisation, which ensures that the card details stored on a phone are never passed to the retailer. Instead, the payee receives a single-use �token� allowing them to debit the payment only once.

The payments are secured and verified by the owner�s fingerprint using Apple�s Touch ID system. This might make it slower sometimes when authentication is required compared to using a contactless card but the security-conscious may appreciate the extra check.

On the other hand Apple�s payment system has provided a method for US criminals to make fraudulent transactions. Often to buy high-value goods with stolen identities and credit card details.

Criminals with the stolen IDs are understood to have targeted Apple Stores in particular because they both accept Apple Pay and offer high-value items, which can then be sold on for cash.

Fraud using stolen IDs is understood to be far higher than expected, with total losses already running into millions, according to industry sources. That compares with an expected value of about $5bn for smartphone-based retail payments in the US this year. 
(The Guardian)

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