Apple Pay Starts New Era Of Payment Security, Almost 50% Of iPhone Users Use Apple Pay

Apple Pay was launched months ago by the tech giant Apple and almost half of iPhone users are reportedly using the service in order to make payments as consumers. Due to this, a research was done to see how well Apple Pay can prevent card fraud, which is very rampant nowadays.

A research by Business Insider Intelligence was published and they discussed that a lot of consumers do not trust mobile payments and security issues is the number one reason for such. However, the breakdown for Apple Pay was discussed in the said research leading to the service being one of the best payment systems as of date.

The strong points of Apple Pay were outlined and one of the capabilities of the service is that the company did not invent a new system but it was able to patch the loopholes in the previous mobile payment systems thus making security not an issue at all. Data Protection, Device Authentication, and User Authentication are the features that iPhone users find trustworthy.

For Data Protection, Apple Pay uses encryption and tokenization in order to protect the user's data and reduce the data transmission of sensitive information. Device authentication on the other hand is about the unique value per Apple Pay transaction in order to ensure that transactions come from authorized devices. Apple Pay requires both the bank and the user for additional user authentication system such as fingerprint authentication via Touch ID.

Another research proves that Apple Pay is being used by a lot of iPhone users as per the data released by Auriemma Consulting Group (ACG), which is the Apple Pay Tracker. The research involved 500 iPhone 6 users and they found out that 67% used Apple Pay and are already switching to merchants who are using the same service.

According to ACG, Apple Pay is the first ever service to have a double-digit percentage of users using a mobile payment system. With the success of Apple regarding Apple Pay, Android's Android Pay is expected to be rolling out soon as AGC points out that the new era of payment security has begun.