A Future without Contact Modest Money6 Comments

We’ve seen it in the movies, we’ve read about it in books, but paying for items with just a tap of your phone is now a real and viable option in modern day times. The world of NFC (Near Field Communication) is rapidly expanding and changing with each year, and now another floor has been added to the growing tower block, in the form of the Apple’s latest feature: Apple Pay.

Following in the footsteps of Google Wallet and PayPal, Apple Pay will be available on the new iPhone 6 next month and eventually the Apple Watch. NFC is not exactly a brand new and innovative feature, but the fact that it’s now accessible on such a popular platform as the iPhone 6, is bound to be a game-changer in shops, supermarkets and bars around the world.

For the uninitiated, NFC works by sending encrypted radio signals with payment data and is widely believed to be even safer than using a conventional credit card. The reason is because your credit card number isn’t stored or shared with vendors, so to combat phone hacking, a one-time transaction and CVV code is created and approved by the bank for every purchase…

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This entry was posted in Financial Advice, and tagged Modest Money6 Comments
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