An End to Wallets

An End to Wallets

Ansony Kim , Reporter

Apple has recently released their new Apple Pay. Now instead of fumbling through your wallet for a credit card, you can simply pull out your phone or tablet.

Apple Pay allows owners of Apple’s latest devices, like the iPhone 6 and iPhone 6 Plus, to purchase items in stores and online by simply using the Touch ID feature.

Apple has more than 220,000 retail locations that will accept payment on the new iPhones. Some of the big retailers include McDonald’s, Macy’s, Chevron gas stations, Walgreens and Panera Bread. You can pay using Visa, Mastercard, or American Express.

Setting Apple Pay up is easy and simple. You can add your credit or debit card from your iTunes account to Passbook by simply entering the card security code. To add a new card on the iPhone, you can use the iSight camera to enter your card information or you can type it in manually.

However this may be convienent, many are concerned about security. When you hand over your actual credit card and debit card, your card number and identity are visible. With Apple Pay, you get a unique Device Account Number that is encrypted and securely stored in the Secure Element, which is a dedicated chip in the iPhone, iPad, and Apple Watch. When you make a purchase, the Device Account Number along with a dynamic security code, is used to process your payment. So your actual card numbers are never shared by Apple with merchants or transmitted with payment.

If your iPhone or iPad ever gets stolen or lost, you can use Find My iPhone to put it in Lost Mode, which can suspend Apple Pay, or you can completely wipe your phone.