Apple Leaks! Apple Pay to Launch This Coming Week - U.S. Bank Said Apple's Tokenization Might Be The Future of Banking
Apple Leaks! Apple Pay to Launch This Coming Week - U.S. Bank Said Apple's Tokenization Might Be The Future of Banking
If the recent leak will be true, Cupertino tech-giant is set to unveil its newest mobile payment app that will create a change on banking and financial management of big chain stores. Citing a leaked internal memo originally intended for pharmacy chain employees, Mac Rumors reported that Apple Pay is set to be launched on Saturday, Oct. 18.
Walgreen's memo for its store managers stated that "Walgreens will be one of the participating retailers and we want to make sure that all your team members will are prepared for customer questions and concerns."
The leaked document also said that U.S. biggest pharmacy chain assures that its customers will be allowed to use Apple Pay's easy and secured payment scheme through their iPhone 6 as soon as possible. Walgreen has a total of 8,000 stores in all 50 states of America.
Weekend, especially a Saturday, is not seen as an ideal day for a premiere but because Apple Pay is 'designed for in-store shopping' a Saturday-debut is considered more appropriate. It is also known that two days prior to the said launch, on Oct. 16, Apple will be unveiling its newest iPad Air, Retina iMacs and the rumored new Retina iPad mini.
Apple Pay, the tech-giants newest venture in services, was first announced last Sept. 9, Capital OTC recalled. The new service is set to revolutionize a better and safer merchant-customer payment scheme. The new software is set to be available for users of flagship iPhone 6 series and the upcoming Apple Watch.
Eddie Cue, tech-company's Vice President of Internet Software and Services, reiterated that security and privacy will be the 'core' of the payment service. "When you're using Apple pay in a store, restaurant or other merchant, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud," Cue said.
He also explained that important details of the purchase will not be available to Apple thus, customers are assured that their privacy will be protected. In case of the device used will be stolen or lost, users can use Find My Phone in order to immediately cancel the transactions used with the iPhone or smartwatch.
Aside from Walgreen, Apple has already confirmed that McDonald's, Staples, and Macy's will also be their partners in launching Apple Pay.
In an interview with banking firms in America, Daily Dot reported that the financial companies are excited in Apple's newest service innovation. A banking company has even cited Apple Pay's 'tokenization' as the future of banking.
"In the wake of all these large scale compromises (being hacked), we want to devalue the payment information that is used to authenticate the payment experience in the environment today," Randy Hooper of Navy Federal said towards Apple's tokenization.
Tokenization is described as a system that generates a number different from the user's credit cars which will keep the users information "away from Apple, merchants and hackers." The device will have their own Account Number that will be kept in the Secure Element of iPhone 6. Unlike images and other iPhone data, the Device Account Number will not be stored in iOS and will not be backed up in iCloud.
Tags : Apple Pay Apple Pay leaks Apple Pay news Apple Pay banking Apple Pay Banks Apple Pay Service Apple Pay Venture Apple Pay latest news Apple Pay update Apple Pay updates Apple Pay latest update Apple Pay retailers Apple Pay accredited retailers Apple Pay rumors Apple Pay Banking Partners Apple Pay Bank Partners
Hot Trends
-
Maverick City Music's Brandon Reynolds Passes Away
-
Travis Cottrell, Beth Moore, Fisk Jubilee Singers & More Pay their Respects at Mandisa's Funeral
-
Thrive Worship Combats Fear and Anxiety with "Give Thanks"
-
Michael W. Smith, Jekalyn Carr & Others Attend Kick-Off Ceremony for Christian & Gospel Music Museum
-
The Tragic End of Kingdom Heir's Founder Steve French
-
Darlene Zschech's Daughter Weds
-
TAYA Leaves Hillsong Church
-
Lawrence Jamal Pleads Guilty to Domestic Violence Charge
-
V1 Worship Drops New Song “Your House”
-
Former IHOPKC Worship Leader Misty Edwards Accused of Affair with Kevin Prosch
-
Here Are the Lyrics to Martin Smith's "Joy (What The World Calls Foolish)"
-
Charity Gayle Announces the Birth of Her Baby
-
Jeff Deyo, Brenton Brown, Charlie Hall, and More Reimagine Powerful '90s Worship Songs
-
Ellie Holcomb Shares the Heart Behind New Song "Constellations"
-
The Jordan Family Band Will No Longer Be Touring
Most Popular
-
Maverick City Music's Brandon Reynolds Passes Away
-
Travis Cottrell, Beth Moore, Fisk Jubilee Singers & More Pay their Respects at Mandisa's Funeral
-
Thrive Worship Combats Fear and Anxiety with "Give Thanks"
-
Michael W. Smith, Jekalyn Carr & Others Attend Kick-Off Ceremony for Christian & Gospel Music Museum
-
The Tragic End of Kingdom Heir's Founder Steve French
-
Darlene Zschech's Daughter Weds
-
TAYA Leaves Hillsong Church
-
Lawrence Jamal Pleads Guilty to Domestic Violence Charge
-
V1 Worship Drops New Song “Your House”
-
Former IHOPKC Worship Leader Misty Edwards Accused of Affair with Kevin Prosch
-
Here Are the Lyrics to Martin Smith's "Joy (What The World Calls Foolish)"
-
Charity Gayle Announces the Birth of Her Baby
-
Jeff Deyo, Brenton Brown, Charlie Hall, and More Reimagine Powerful '90s Worship Songs
-
Ellie Holcomb Shares the Heart Behind New Song "Constellations"
-
The Jordan Family Band Will No Longer Be Touring