ApplePay: The Future of Mobile Payment

Last week Apple announced the highly anticipated iPhone 6. The device is available in two sizes, 4.7 and 5.5 inches. Apple received more the four million orders of the new phone in just 24 hours, compared to the iPhone 5, which sold just 2 million units at its release in 2012.

The new device is a slim 6.9 millimeters thin, and reaches 128G of storage. A new Retina display has a 1,334×7450 – pixel resolution. And the camera? We’ve been promised an 8-megapixel shooter. Talk about sharp images.

Hardware aside… ApplePay, iPhone’s mobile payment system, is this device’s biggest upgrade.

The Digital Wallet

The real question is, are we ready for mobile payment? A survey taken just before ApplePay launch found that 80% of US consumers are aware of digital wallets, but concerns around security have been the main barrier to adoption.  Their primary concern is what happens to their credit card details when a phone is lost or stolen.

Apple did not dive deeply into the security of payments, which some speculate means that they don’t have a solid plan just yet. They did hint at transaction ‘tokenization’ – meaning that credit card information will not be stored on the device or on Apple’s servers. Rather when a credit card is added to a device, it is encrypted with another identifying number associated with the account.

This token encryption should assist in eliminating the risk of large-scale breaches (think Target and Home Depot), but still leave individuals at vulnerable to smaller risks.  Tom Pageler of DocuSign explains, “People will find ways to try and take over accounts, whether it’s by stealing a phone or using social engineering to hack an account or by getting a legitimate login.”

Whether for payment detail or data security, protecting your organization from mobile data breaches is a real concern. Here are a few tips for protecting your mobile privacy:

  • Require password lock on all employee devices
  • Require use of secure Wi-Fi connection only
  • Disable automatic cloud syncing
  • Be mindful of permissions granted to apps


WSJ: Apple Reports Record Preorders for New iPhone

Tech Times: The Apple iPhone 6 and iPhone6 Plus cameras are awesome: Here’s why

TechRadar: Has Apple just opened the world to mobile wallets?

CNBC: How Hackers Could Still Get Around Apple Pay Security