Apple, a company which is known for a regular change in the way one can even think. This time, the company sets to change the entire way of our shopping. The company is introducing a new technology of payment via mobile with its most awaited product iPhone 6. This technology is going to make the transactions by the credit card far more secure.
iPhone 6 will incorporate tokenization technology, tells a report from Bank Innovation. The information regarding credit and debit card are only used once as the technology scrambles their details. The main problems with the card are that the retailers can easily store the basic information like card number, expiration dates, or other information. The technology substitutes the randomized string of character for actual card details. In place of this, information regarding the cards is stored in a virtual valut system. If storage are targeted by the hackers, they are not going to get the actual information instead they will get useless data.
The report also uncovers the patent filed in the year 2009 that shows the company is introducing tokenization technology for some period of time.
According to a report by The Wall Street Journal, both Visa and Master card, that are rumoured partners for Apple’s mobile payment system, have already offered this technology to the retailers. It is not revelled that who is going to handle this technology, whether it Apple itself or the banks? The companies that keep the basic information of the card for certain duration as they deals in recurring payments are the main opportunities for the card companies for using this technology. Due to this the customer will feel secure about themselves.
Apart from this, many anticipate that the leading company will add Near Field Communication Technology into the new iPhone as a part of mobile payment platform.