Apple CEO Tim Cook has a rather simple approach to Apple Pay, the new enterprise payment system. Instead of considering consumers as moneymakers of the company, it focuses on the product itself. Since most payment systems, Apple Pay generates a small profit on each transaction. Unlike most payment systems, however, the system does not generate funds using or selling data collected from consumers using the product.
Although rare in the market of the largest technology, this model activity is unusual for Apple. From the iMac to the iPad, Apple has long paid serious resources in the products themselves. Some technology experts are wondering if it is time for the company to expand its scope last.
The convenience and security
One thing is certain. The critics love or hate technology, Apple Pay offers one of the safest payment methods on the market. Users can simply download the Apple Pay application on their iPhone, add credit card information, and switch their phone near a payment device to conduct a transaction. Since only one device contains all the user data, which makes for easy and convenient payment method.
Since Apple stores each user's data in a secure format directly on the user's phone instead of store credit card data in the cloud, which also makes a secure payment method . Apple Pay links each user's credit card information with a standalone device account number (DAN), so that credit card information never has direct connections to an individual. A DAN stolen would not be usable because the devices are not able to authorize transactions using another DAN is.
Only by stealing an iPhone user would be able to use another Apple Pay account to complete a transaction. With integrated thumbprint technology in the iPhone 6, however, the chances of being able to perform such flight are very slim.
confidentiality over transparency
standard marketing methods Since Apple has not adopted monetize data consumers, the company highlights the steps it takes to protect data consumers instead. Cook believes that Apple customers have the right to privacy and will even claim that the company does not track purchases, buying habits, or personal information. If this seems unusual, it is because other issues are involved here too
cook statements dancing around real problem Apple :. Transparency. Although consumer privacy continues to be an urgent problem, many believe that businesses should be able to collect and sell consumer data if transparency is in the forefront. As long as companies are clear about their intentions and consumers quick to accept the terms and conditions before using the relevant products, they maintain transparency. Apple effectively skirts the issue hot key emphasizing Apple's efforts pay to protect privacy.
Security retailers
Much of the discussion about privacy surrounding Apple Pay focuses on consumers, but this issue affects the retailers as well. Over the past few years, hackers have leaked personal data credit card from countless small and large retailers. Although individual consumers feel the effects of this in the short term, retailers will ultimately bear the brunt of fiscal consolidation and public relations. If the retailers own systems do not store financial data, hacks become impossible, and retailers can benefit most.
Advantages and limitations?
Most retailers that have adopted Apple Pay rely on near field communication (NFC). With this technology, the payment system is not able to access or collect data as retailers stock keeping units (SKUs) that identify the items in stock. This means that not only Apple chose not collect data on individual purchases, but also the technology is actually unable to do so.
In order to transfer this data to Apple Pay for information gathering purposes, retailers should work with the technology company on an individual basis. Given the time and financial resources involved to accomplish this monumental task, it is unlikely to occur in the near future. Instead of insisting on this gap, Apple has spun this lack of information as an advantage.
Of course, the reality of retail is that for decades, consumers have voluntarily given up their personal data in exchange for a better shopping experience. Maintaining a layer of privacy around personal data may be important for some consumers, but the vast majority has indicated its willingness to part with their data in exchange for personalized shopping experiences, discounts based on location, and special offers based on their buying habits. Unfortunately, Apple Pay can offer none of these advantages.
Loyalty Programs
Many retailers and traders have put billions of dollars into the development of loyalty programs in recent decades. These programs are developed on data collection, as they offer advantages and build consumer bases around the purchase of consumer stories. If Apple Pay can not collect or transmit data of its users, such programs may suffer.
Because loyalty programs can not integrate with Apple Pay, they will require consumers to take an additional step by signing a retailer app before making a purchase. Marketing experts suggest that to encourage consumers to take that extra step, innovative loyalty programs will have to develop new tactics to be relevant and useful to consumers. Other retailers that rely on loyalty programs and traditional data collection have already boycotted Apple Pay.
Although Apple Pay currently offers no type of integration with retailers and loyalty programs, technology experts suggest that third-party applications may be able to use the data that this payment method occult. With all the data recording applications that most users already have on their iPhone, it's only a matter of time before the consumer data is back in the hands of traders, if Apple approves Pay methods or not .
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