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Apple Inc. (NASDAQ:AAPL) Pushing For Secure Data Transfer after Unveiling Apple Pay

Boston, MA 09/16/2014 (wallstreetpr) – Apple Inc. (NASDAQ:AAPL)‘s focus has shifted to improving security of applications as well as transactions and cryptography, having become an official member of GlobalPlatform. Apple joins the group having unveiled mobile money transfer platform, Apple Pay.

 GlobalPlatform Goal

GlobalPlatform remains focused on the development of networks and infrastructure that ensure secure transfer of data and software, free of any attacks. Apple Inc. (NASDAQ:AAPL)’s mobile payment platform is set to start operating on iPhones next month and continues to receive positive reviews in the industry. Apple Pay will allow iPhone users to make secure payments at selected merchandise locations.

IPhone 5 users will also be able to use Apple’s mobile payment platform as soon as Apple Watch is made available, sometime next year. The group has brought together some of the biggest tech companies in the world in pursuit of a safer data transfer platforms. Mobile carriers led by AT&T Inc. (NYSE:T), Verizon Communications Inc. (NYSE:VZ) and Sprint Corporation (NYSE:S) are members of the group. Software and hardware companies have also not been left behind, led by BlackBerry Ltd (NASDAQ:BBRY) Samsung Electronics and now Apple Inc. (NASDAQ:AAPL).

Members of the Group

MasterCard Inc. (NYSE:MA) and Visa Inc. (NYSE:V) are also members as they play an important role in the transfer of money online thus the need to ensure security customers data. All credit companies have already given a vote of Approval to Apple Inc. (NASDAQ:AAPL)’s Apple Pay with talks reportedly ongoing to have Discover on board.

 Apple’s mobile payment platform comes in the wake of increasing cyber-attacks mostly targeting customer’s bank accounts. There has been a push in the industry to phase-out the old technology common with most of the credit and debit cards and adopt a new technology such as Near Field Communication protocol. Chip and Pin security technology has also been’ mooted as a possible solution to the rampant cyber-attacks targeting credit and debit cards.

Canada and Europe are at the forefront in implementing new technologies aimed at averting any form of cyber-attacks targeting people’s bank account details.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.

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