Apple Pay makes wallet obsolete

Image courtesy: Apple Inc

In it's signature company event, Apple announced that Apple pay is available. This contactless payment technology will be available in the newer model of iPhone 6. You can now forget your wallet home.

The benefits that Apple promises are:
1. Ease of use. Storing the cards is supposed to be a snap. Just point your camera at the card and it's stored in the passbook. In the brick and mortar stores, you just have to swipe your phone to pay. No need to open an app or even wake your display thanks to the innovative Near Field Communication antenna in iPhone 6.

Image courtesy: Forbes

2. Leave your wallet home. This is great for customers who are always in a rush - which is most of us. I have to remember to grab my phone, car keys and wallet. Isn't it great if we have one less thing to remember? Apple claims that you don't need to carry your wallet full of credit cards and IDs. These will be stored in Apple passbook.

3. Security. Apple stores the cards into the secure chips on the device. The CC numbers are never shared with Apple or the merchants. The passbook data on the lost devices can easily be wiped remotely.

No doubt, customers and merchants will need time to adapt to this technology. I, for one, am pretty excited to see how this game changing payment technology unfolds in the coming years.