An Emerging Technology

May 19th, 2015
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This paper explores the functioning of the technologies involved in Apple Pay and describes the working of the Apple Pay for providing secure and reliable methods to pay for purchases to retailer market through contactless e-payment system.

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Apple Pay An Emerging TechnologyAbstractThis paper explores the functioning of the technologies involved in Apple Pay and describes the working of the Apple Pay for providing secure and reliable methods to pay for purchases to retailer market through contactless e-payment system. Near-Field Communication (NFC) based chips are incorporated within the transmitter and receiver of the signals to build a connection between two servers. The Secure Element saves the information of the credit card credentials and a Touch ID is to confirm the payment from the card. The paper also demonstrates the evolution of Apple Pay technology after the failure of NFC in Google Wallet and other NFC related e-payment systems. The competitors also worked on this technology to compete in the financial market as well as technological advancement areas. These major players are also functioning currently on large scales globally. This paper illustrates the risks of security and crashing associated with Apple Pay as well. Risk management leads forward to more opportunities in this field. Economic and Social factors play their parts in this regards to affect the efficiency of Apple Pay technology. Apple Pay is the leading step to transform the conventional payment methods into modernized technological and advanced methodologies of payments to merchants and financial market for shopping goods. Apple Pay uses latest technologies after evolving through a chronological order of events to e

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