Apple Pay: A Secure and Convenient Payment System

Apple Pay

Introduction
• It is a product of Apple Inc.
• It is a unique system for payment which
is very secured for customers and banks

Introduction
• Helps in fraud elimination
• This application is secured and there
are possibilities that it would become
the most popular purchasing system
used in future

Market history
• Google had taken the first
initiative, retailers did not
contribute (Burge 2015)
• Only 2.4% of all the
retailers had NFC
• Chip and PIN deadline had
been October 2015
• Retailers had updated POS
systems

How it works
• It automatically uses cards
on file for the customers
who had set Apple’s iTunes
as the default payment
account
• Customers can add more
cards
• The company verifies the
account data with card
issuers

How it works
• It uses tokenization for removing card
number used for payment
• When a user adds credit card, Apple
does not save the card number, it
generated a device only account number
(Burge 2015).
• Every time it is used, company makes
use of a number that is used for one
time payment (Beznosov and Kim 2017).

How it works
• A dynamic security code is also
provided
• Eliminates the need of static
security code
• Merchant never gets to see the
name, security code or card
number of the card holder.

How it works
• Users of iPhone 6 having an
account of iTunes enter their
security code for continuing.
• Users can also add extra
account by taking a picture
of passbook (Burge 2015)
• Provides a secured and error
free payment, compared to
• other applications