Users of Apple Inc.'s new "contactless" Apple Pay system can expect transactions at retailers that are less susceptible to hacker breaches of their personal data, according to the company and payment security experts.
The mobile payment system, which will work with Apple's new iPhone 6, verifies users through the device's fingerprint scanner and employs radio-based, near-field communication (NFC) to transmit a dynamic security code to a retailer's point-of-sale system in lieu of credit or debit card numbers. Apple Pay also will work with the forthcoming Apple Watch. Credit and debit card information will not be stored on either device or Apple's servers.
"(Apple Pay) does solve almost all of the security concerns in the payments space because it doesn't include a card number," said Tim Sloane, vice president of payments innovation at Mercator Advisory Group in Maynard. "It uses tokens to represent a card number that is not shared."
Apple has agreements with card companies American Express, MasterCard and Visa, and Apple Pay can be used at its own stores and retailers including Staples, Bloomingdale's, Macy's, McDonald's, Walgreens and Whole Foods Market.
Apple Pay is expected to speed retailers' adoption of point-of-sale systems that accept the more secure NFC payments and "chip and pin" or "chip and signature" payment cards with embedded microprocessor chips that store cardholder data in lieu of the more easily hacked magnetic strips.
"There's this liability shift coming next year that's driving merchants to implement (the chip-enabled systems)," Sloane said, noting card issuers and merchants that don't will be held liable for counterfeit card transactions.
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