It seems nearly unanimous that the payments industry is behind Apple Inc.’s mobile payments platform, Apple Pay. That confidence largely rests on the security apparatus Apple erects around mobile payments conducted with the newly launched Apple 6, Apple 6 Plus and the first generation Apple Watch. But is that confidence warranted? Matanda Doss, Chief Executive Officer at gateway operator 5th Dimension Logistics LLC, is not so sure.
Apple Pay’s combination of near field communication (NFC) technology, transaction tokenization procedures, data storage on the secure element embedded in mobile devices, and Touch ID biometric authentication makes for a secure system, but only up to a point. No security system is infallible and that when the cornerstone of Apple Pay involves highly sensitive and personal fingerprint data, the price of user convenience may be too high.