Citigroup Inc. (NYSE:C)’s global corporate arm has partnered with Apple Inc. (NASDAQ:AAPL) for Apple Pay as the two companies look to popularize the service against incoming resentment from a number of merchants. Citi’s Chief innovation officer, Deborah Hopkins, during an interview on Bloomberg, reiterated that Apple pay has the potential to take the mobile payment industry to another new level.
Citigroup Inc. (NYSE:C) has already eliminated security concerns of the new system as credit card users will be accorded a token that is a substitute of their account number. The purpose of this is to protect user’s credit card number and more so information that hackers are always in constant pursuit of.
“[..] The unique opportunity here is really seeing this way of giving customers more confidence of that unique identifier number instead of their credit card number being recorded. It is going to be a very interesting play. So I think it may be a breakthrough to finally take this mobile payment to a new level, “said Mrs. Hopkins
The fact that someone cannot access one’s Apple pay account without a Touch ID fingerprint is one of the factors that should make people more confident about the security levels of the new service. Hopkins believes Apple Inc. (NASDAQ:AAPL)’s new system is going to be a success in the mobile payment landscape, not because of the technology behind it, but because of the experience it is set to accord users.
“I think the thing with Apple Pay is that, I think it is an opportunity to finally see some breakthroughs. We have had so much going on; we were playing with NFC 6-7 years ago. It is not about the technology; it is about the experience. [..] We are solving something for customers versus just the fun thing of tapping your phone, “said Mrs. Hopkins.
Apple pay success has already been put to task in the recent past at the back of ongoing resentment from a number of merchants who are planning to unveil a rival payments system.
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