Apple Pay : Will It Catch On?

An example of this would be the Apple Pay technology. Apple Pay is a mobile payments service and digital wallet application that utilizes Near Field Communication (NFC) to initiate secure payment transactions between contactless payment terminals and devices like the iPhone 6, iPhone 6 Plus and Apple Watch (Webopedia). Apple Pay allows owners of Apple devices the opportunity to add multiple credit or debit cards onto that device and instantly pay at a location by simply placing their device over the scanner. This technology could be implemented into Howard University’s Bison One Card by adding Dining Dollars or Bison Bucks into the application software, thus eliminating the need to always swipe your card at various locations around campus. This would also eliminate the struggle some students encounter of not being able to eat or swipe into the café because they have lost or misplaced their card. The biggest problem Howard University faces with implementing this new technology is the substantial cost. Blue Pay breaks down the Apple Pay implementation costs with prices of the NFC terminals in range from $300 to $500, excluding the cost of additional software upgrades if needed. Depending on which locations, if not all, across campus will support this technology, this cost will surely add up. Merchants must also weigh in the cost of employee training. Employees must understand how to properly use NFC contactless readers to process payments. The training should also include refunds, chargebacks, and cancellations. This cost can vary, depending on the size of the staff. Blue Pay ultimately estimates the total cost ranging anywhere from $1000 to $2000 per unit after factoring in hardware, software and wages (Blue

Payment processing has become more universal. Each transaction, whether it's in-store, eCommerce or mobile, needs to deliver a seamless integrated buying experience at any time of the day and on any device being used.

Pay by tap credit cards: This is a permanent physical data storage mean where all credential data is on it, it’s kind of like a black box container where you can use the information store on this piece of object, since this kind of object is easy to steal by an entity, therefore it should be considered as a threat.

there is a new world alongside this of mobile payments. Apple pay and Android pay are

I think we are getting a glimpse into the future with Apple Pay and Google Wallet. The magnifying glass will shift from credit card security to mobile device security. The idea of a virtual wallet seems like it could be 5-10 years from having a significant adoption rate. How will mobile device manufacturers and mobile payment software companies react to the bad guys finding vulnerabilities in their systems? Will they be able to quickly release patches that fix security vulnerabilities related to the virtual wallet? I think it is a large change that will heavily impact the retail landscape and will happen sooner than people think.

Now it is made possible for you to pay with your phone. When it is time to swipe your card you now have the option to scan your card information of which you have saved from previous purchases through Internet based methods. You can save multiple cards at a time; all you would have to do is choose the card you would like to use. You can also transfer funds from one person to the other, same format as a bank but

A new type of credit card is starting to become more familiar in the Unites States, called a chip-and-PIN card. The chip-and-PIN cards contain an embedded security chip and a traditional magstripe. This embedded security chip ensures that the card cannot be duplicated, as it masks the payment data uniquely each transaction. The problem with this alternative is that they cost significantly more to make than traditional payment cards and most merchants do not have systems that are capable of accepting the new chip-and-PIN cards. However, in October of 2015 if you have not changed your systems to support chip-and-PIN cards, the liability of the data breach now falls on the merchant, rather than the banks.

There are differences in the implications for those who use prepaid cards and those who use digital payment services. Prepaid cards are used to make financial transactions just like those carried out by credit cards, but their market is catered toward those with lower incomes – roughly 23 million Americans. Digital payment services, however, are more likely to be used by those in the middle-to-upper classes. Digital payment services must be tied to credit cards and bank accounts. This difference in market share results in different impacts for prepaid card and digital payment service users. The implications for digital payment service users relate to fees, market share for the companies, transaction times, and data security. The implications for prepaid card users relate to

Physical wallets have been used to carry personal items such as cash, credit cards and identification details to make payment. In 2014, Apple Inc. announced a different way of making a payment that does not require the use of cash and credit cards. Apple Pay is a payment system intended to change the way how customers shop. The famous company Apple has led people to a world where consumers use an iPhone or iWatch to carry out all the payment rather than having physical wallets packed with cards. This technology pulls all our debit cards and credit cards from the Wallet application, allowing people to use certain iPhones like iPhone 6, 6s, SE, 7 or Apple Watch as a wallet at store counters. Apple’s objective of this technology is to change

It was determined that a credit card reader and mobile application would be a good fit for CPCU by researching the current options, the Canadian market, and if there is a need. First, the most known credit card reader was looked at. This would be Square and it currently operates in Canada, Japan, Australia, and United States (Square Office Locations, n.d.). According to Cocotas (2012) in 2012, Square revealed that it was processing payments totaling roughly $11 million a day, a $2 billion increase from the previous year.

Since this technology is so new, we first have to look at how it work by looking at what we do know so far. Apple Pay’s speaker, mentions that users will start off by entering their card into a secure app called Passbook. Passbook is a secure app made by apple in which adds another security layer to the iPhone. The apps purpose is to keep track of users: debit cards, credit cards, iTunes cards, boarding passes, and etc. When the user goes to add a debit or credit card to Passbook, the user normally has a couple of choices they can choose from. They can either add their default card they use for iTunes purchases or they can enter in a new card. When they enter in their card in manually they

Once the user is authenticated by the iPhone, the transaction will complete successfully given that funds are not insufficient or that there are no issues with the credit card company. Users will feel their iPhones vibrate to signify that the transaction was successful. Users pay with the Apple Watch in a similar fashion. Users hold their Apple Watch up to the sensor on the credit card terminal but instead of pressing the home button, the user double clicks an elongated, silver, oval shaped button located below the digital crown, which is a small circular structure with ridges (D’orazio).

In today’s economy cash or a credit card is needed to meet the basic human need. It is a clear fact that we need cash or credit to purchase items such as food, clothing, to pay bills, as well as buy gas for our daily travels. However, when you are out shopping and discover that you have used all the cash in your possession, which is when we realize that the benefit of having a credit card is very beneficial. Although cash and credit cards are similar in that, they both are used to pay for goods and service. Both can be useful for the card user when they are managed wisely. While both cash and credit card share several differences that can affect the individuals who have them such as being stolen, high- interest rate, and personal identity. With cash you are limited to the amount that is in your wallet or purse, unlike with a credit card, you are allowed to pay for your purchase at a later date.

Apple Pay is now available on select coast-to-coast flights from New York to Los Angeles and San Francisco.

Apple Pay is the future of mobile payments and has grown a lot since it was first released. There are other competitors that have tried recreate Apple 's version of online payments. Apple Pay is not only a way to make purchases online but it also can be used in place of a credit card. Instead of being swiped at checkout shoppers wave their device over the Apple Pay terminal to complete a purchase. The use of Apple Pay has been growing according to Michael Krey in his article titled, “Apple Pay reportedly giving users headaches” he states, Apple Pay “makes up more than $2 out $3 spent on purchase using contactless payment across the three major U.S. card networks” (Krey). Although currently, “Baird Equity Research found that nearly 40% of iPhone 6 series handset owners have used Apple Pay” (Krey). I will go into depth discussing the current use, security, future uses, ethical and social implications, and cons to Apple Pay.