The iPhone 6 and Apple Watch are nice, but Apple’s most disruptive new product is Apple Pay, its mobile payments platform. Powered by near-field communication and Touch ID, Apple Pay lets you use your mobile device to make a purchase at participating retailers, like Macy’s, Staples and Subway. Apple Pay also changes the way we make mobile purchases through in-app purchases. In apps with Apple Pay enabled, you can buy items with a single touch. That means no need to enter credit card information or billing and shipping address. It’s all just there. Worried about security? Apple’s got your back. Your credit card number is never given to any merchant; instead, Apple Pay uses a one-time payment number and a “dynamic security code.” There’s no record of where you shop, what you buy, or how much you spend. Lose your iPhone? No worries! You can suspend all payments through “Find My iPhone.” If you’re picking up a new Apple device, look for Apple Pay when it starts rolling out to participating retailers in October.
About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit shellypalmer.com.