Apple Inc (NASDAQ:AAPL)’s Apple Pay – a way to strengthen security?

This September was all about iPhone 6 and 6 Plus, iWatch, iOS 8 and Apple Inc. (NASDAQ:AAPL)’s Apple Pay. iPhone has already entered the market and received great reviews from its customers who stood in long lines hours before Apple stores opened. The launching day was somewhat of a celebration. People actually set up camps in front of their nearest stores. The stores ran out of stocks fairly quickly which left many customers without an iPhone. Online pre-orders have already hit a record number so all is going well for Apple Inc. (NASDAQ:AAPL) so far.

Another exciting feature and one that is getting some serious attention is Apple Pay – the Apple Inc (NASDAQ:AAPL) Pay system. Apple Pay has been introduced in the new version of the iPhone; it allows the customers to make purchases without carrying any hard cash or cards; it also provides security by letting users purchase without having to share their account details with the vendor or even Apple Inc. (NASDAQ:APPL) – account numbers cannot be saved on Apple server or at least that is what we know.

Susquehanna Financial Group believes that Apple Inc (NASDAQ:AAPL) Pay system will enhance sales for Apple Inc (NASDAQ:AAPL) and generate profits through stocks. Not only that, retailers that decide to use this payment system will heave benefits in the long run. Apple Pay will help save a lot of time by speeding up the pace at which customer lines move at the cash counter.

Many retailers have shown their eagerness to get Apple Inc (NASDAQ:AAPL) Pay up and running at their stores because of the safety and comfort it offers. Since the Home depot leak incident, card holders feel vulnerable to hacking activities and are reluctant to share their personal information with vendors. Apple Pay has, in this scenario, has come out as an innovative method to protect the user from cyber crime and security breach. Apply Pay uses fingerprint ID which is unique to each user.

When the online world is struggling to cope with this flurry of security breaches, Apple Pay may just be the answer. Apple Inc (NASDAQ:AAPL) itself became a target to such crimes when when hundreds of celebrity iCloud accounts were hacked and their information compromised. Even though Apple’s initial reaction did nothing to satisfy its users, but it finally came up with a few measures in the form of encrypting user data. The encrypted data will be almost useless to hackers. Apple Pay is also another attempt to protect the users from serious damage.

It is believed that Apple Inc (NASDAQ:AAPL)’s Apple Pay is far better than Google’s Google Wallet, which failed to create an impact. Walt Disney has become one of the first organizations to have introduced Apple Pay in its theme parks. This is considered a great move by Apple Inc (NASDAQ:AAPL) because this collaboration may trigger a chain reaction and add more names to Apple Pay user list. However if it resulted in a security breach then not only Apple, but Walt Disney may suffer the biggest security breach in history.