![]() Each time Apple Pay is used, the transaction is encrypted, and the encryption is never the same. The same is not true when Apple Pay is used. If someone decides to steal the information embedded on the magnetic strip, they can easily use a magnetic scanner to copy it for their use. This information allows a merchant to know that you're responsible for the charge. They include: Unique encryptionĮach time a traditional credit card is swiped, the magnetic strip on the back leaves the same precise identifying information. One of the most exciting things about the mobile wallet is its safety features. One reason Apple Pay is secure is that users don't have to worry about losing cash or credit cards. It's fast, convenient, and allows the user to run errands with nothing more than their iPhone or Apple Watch on them. The transaction will show up on the user's monthly credit card statement like any other charge. NFC is a contactless tool designed to work across very short distances and has become a standard in the industry. Once payment information (like credit and debit card numbers) is entered, Apple wallet users can pay for purchases simply by placing their phone (or other Apple device) near enough to a store's card reader for the reader to receive transmitted payment information using a Near Field Communication (NFC) chip. In other words, Apple Pay is available only on devices made and sold by Apple. In the case of Apple Pay, they're stored on your iPhone, iPad, Apple Watch, and Mac. ![]() The cards that used to be in your wallet are now stored on a smart device. In short, a mobile wallet digitally stores credit, debit, ID, and gift cards on a mobile smart device. To understand Apple Pay, it helps to understand mobile wallets. ![]()
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