APPLE RECENTLY ISSUED ITS NEW MOBILE WALLET, APPLE PAY. The system's big selling point is enhanced security.
The Washington Post noted that Apple Pay has the potential to shake up 'both the financial and the retail industries.
With Apple Pay, a user would load his or her credit card information onto an iPhone. Then, when purchasing a product, the user would hold the device near a sensor and confirm his or her identity through a fingerprint scan or some other process.
The transaction would generate two codes--one identifying the credit card and the other, a one-time authorization code. Even if stolen., the codes would be useless to a hacker....