Apple Pay is nearly ready for launch, and according to a report from Bank Innovation, we won't have to wait much longer to replace our wallets with the new mobile payments solution.
The finishing touches are still being made to security features, which maybe will be the most secure online banking transcation and it's going to be released with iOS 8.1.
Three elements are going to be present for Apple Pay so characterizing it one of the most secure online banking.
First Element: It's called DAN (Device Account Number). Simple numbers that change the original credit card that is always given in a transaction. That number represents every unique iDevice.
Second Element: A serie of numbers and letters, which is dinamicly generated and it's unique for every transaction. Generation of this code is being from a cryptographic technology which is unknown for experts. What is known its the three digits CVV which are in the back of every card which the payment will be done.
Third Element: This is where Touch ID sensor take place. It is going to be used for the verification of the other two elements. That means when a transcaction is searched, Apple Pay wants your fingerprints verification which you have registred for the credit card.
These three elements and communication through NFC with the payment terminal make the implementation of EMVCo standarts, the most secure standart in the world for online payment. That's why experts consider Apple Pay the most secure online payment.
More info coming up with the iOS 8.1, and Apple Pay release.
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