Apple Pay is a method of payment commonly used by many people around the world. People use this application to pay everywhere they have to because it’s one of the easiest and most secure ways to pay.
But how safe is Apple Pay? Every technical development the world witnessed today has both advantages and disadvantages. Likewise, Apple Pay has its security benefits and disadvantages.
Here in this article, we’ll discuss how safe Apple Pay is and what security challenges it faces.
Keeping the topic in mind, let’s have a brief overview of what Apple Pay is and How it works.
Apple Pay: What Is It And How It Works?
Apple Pay is a mobile payment service provided by Apple Inc., where users can make payments online through iOS apps. It works with the iPad, Apple Watch, iPhone, and Mac.
It can be used with any business that takes contactless payments. It is not restricted to those that have been designed specifically for Apple Pay. It enhances security by adding a two-factor authentication using Touch ID, Face ID, PIN, or passcode.
Apple’s Touch ID and Face ID are also used for biometric authentication, and the devices also have embedded secure elements (eSE) that perform cryptographic operations and securely store payment information.
Readers at the checkout will accept Apple Pay if they see the contactless payment symbol or the Apple Pay symbol there. Millions of shops and restaurants around the world support Apple Pay.
In the US, Apple Pay is accepted in over 75% of shops and restaurants. Apple Pay does not have a spending limit like other contactless card payments do.
Making an Apple Pay payment online is just as simple as making one in person because it uses the same credit card and authenticates with Touch ID-compatible applications that have embraced the Apple Pay API.
Although consumer acceptance of Apple Pay has been rather gradual, it seems to be gaining popularity in the US alongside other mobile payment methods. It is particularly true for American youth who use mobile digital wallets more regularly. The payment method made up 65% of the American market for mobile wallets.
How Safe Is Apple Pay: The Security Features
Apple Pay makes safe and secure payments because it never shares or sends your card information along with payments and does not keep your card information on your device.
Apple Pay issues you a special Device Account Number that is encrypted and kept in a secure location on your iPhone, iPad, or Apple Watch. To complete your payment while using Apple Pay, a unique security code and your Device Account Number are both required.
Apple Pay’s main principles are security and privacy. Apple uses security technologies that are integrated into your device’s hardware and software to help safeguard your financial transactions.
Your complete card information is never saved on your device or shared with retailers when you use Apple Pay, and neither Apple nor anyone else has access to it.
Your Face ID, Touch ID, or device passcode authorizes each transaction, and a confirmation is shown in the Wallet. It displays the name of the business, the location, and the time of the transaction, as well as the payment or refund amount.
If you lose your Apple device, you can use the Find My App feature from Apple to remotely lock it or permanently delete all of its data, including your credit card information. It helps you to stop any more Apple Pay transactions from being completed.
Apple Pay makes use of near-field communication (NFC), a chip-based technology that allows for connection with card readers without physical contact.
The users can use two-factor identification, such as fingerprint or Face ID, and a passcode to complete transactions. Apple recommends users pick a challenging passcode.
Transactions are processed using a tokenization technique. It is a special encrypted code that is generated for single use. To authorize the transaction, a code rather than your account number is supplied.
If a user ever believes that their account has become unsafe, they can disable Apple Pay through the iCloud system.
Considering most of the security features that Apple Pay offers, it is much better in security and privacy than any other digital payments platforms.
Even though Apple Pay gives enough security and safety to your transactions, there are a few things you need to know regarding its disadvantages or challenges. Likewise other digital payment systems, Apple Pay also has several other challenges that it faces for some reasons.
Also Read:- Online Stores That Accept Apple Pay – Updated List 2023
The Safety And Security Challenges That Apple Pay Faces
As a consumer of Apple Pay, you might face some security and safety challenges while using it. Let’s take a look at the safety challenges that Apple Pay faces and how they affect the security of the payment system and the consumer.
Apple Pay is a safe and secure platform that is highly resistant to hackers, making it a great choice for digital payments. But, jailbreaking your device removes the security-related software limitations. Your transaction limits could be overridden by hackers who could then copy your contactless payments before.
Hackers and criminals frequently target public networks to override insecure financial transactions, such as unlawful contactless payments.
If you unintentionally use your Apple Pay without knowing it’s already linked to a public network, it might cause security threats to your account. Before making a purchase, very few people care to check the signal and connectivity of their phone. It is a better way for hackers to crack down on your account and details.
You need to provide your personal information to use Apple Pay. In addition to the usual information, the business will have access to your transaction history, which might be quite a bit if you use it frequently. According to research, when the iPhone’s Fast Transit mode is active, Apple Pay is vulnerable to payment fraud on Visa cards.
As a consumer, please don’t ignore the drawbacks of Apple Pay out of its convenience. However, Apple Pay’s security features exceed its drawbacks. The quickly growing iOS digital payment method will undoubtedly upgrade its features and security over time.
Read More:- What Stores Take Apple Pay In 2023? Here’s The Complete List
