The NFC imbursements for Apple iPhones and iWatches are to employ tokenization methodology. Such procedures are the optimal scheme for banks as well.
Apple to employ both NFC and Tokenization in iPhone 6 and iWatch to secure Payments
There are even patents going back half a decade that are evidence of this favorite technique used by the execs at Apple. According to Bank Innovation, Apple has “patents dating back to 2009 related to the tokenization process, confirming the company’s long-standing interest in tokenization.”
Most Apple stores have the facility of NFC available at their premises. They use the Verifone MX 915 terminal and while NFC technology is one thing, tokenization is a whole different ball game.
Most centers of finance accept and in fact prefer tokens in place of other unwieldy methods. Tokenization policy is a great way of avoiding the fraudulent and criminal element in our society.
The high tech phenomenon known as tokenization will definitely solve many problems related to security and defense. It is the handling of this procedural protocol that matters in the long run for Apple.
“[Tokenization] certainly addresses security and fraud…there’s another part of the story — tokens provide innovators with flexible, purposed, and driven credentials in their customers’ experiences instead of actual data,” said Visa’s vice president of digital solutions, Brad Greene. “If tokens are intercepted by an attacker… [they] would be worthless or greatly diminish.”
It is only logical that a good thing ought to be given a chance to function for the high tech firm. The banks will be the middle agents in this whole game of finance and information technology.
Apple has a fine record of cooperating with the banks. And it is on the cutting edge of the best technological progress taking place on the planet.
Apple can potentially use tokenization technology and apply it to “real-life applications, as well as like transit, building access, and hotel keys,” said James Wester, global head of payments at IDC Research.
Apple will have to employ a cunning combination of both NFC and tokenization technology in order to accomplish its goals. The results will be visible in the near future.
For now though Apple is taking it slow and steady since that is the only way of winning the race against time. It must see to the human touch rather than the cold metallic touch.
That is of the essence since we all want technology with a human face rather than an inhuman one. The rest depends on the unfolding of the hidden agenda in computer science. And that cannot be stopped no matters what the Luddites or neo-romantics /4/say to the contrary.
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