With hackers making havoc on the Internet, protecting your personal information is important more than ever. Apple has taken a new leap of faith and introduced Apple Pay with its new iPhone 6 and iPhone 6 Plus. However, Apple has taken extraordinary measures to protect your privacy and personal information.
Unlike PayPal, neither Apple nor merchants store or see your private information. When setting up your Apple Pay you take a photo of your credit card and store it in iPhone’s Passbook. Information is encrypted and the information is kept only as a device account number and stored in the phone’s Secure Element Chip. It is called a cryptogram. Hackers can’t use the information to generate a cryptogram. This technology is known as EMV (Europay MasterCard and Visa) and widely used in credit card transactions in Europe. What if you lose your phone? Is your personal information vulnerable?
This is where Apple Pay as well as iPhone is miles in front of other mobile devices that uses mobile payment pioneer PayPal and others. If iPhone 6 or iPhone 6 Plus is lost, you can go to Find My iPhone feature and put the phone on “lost mode.” Better yet, using the same feature you can wipeout all your stored personal information completely.