The run up to the release of Apple Pay got a little nasty, with certain competitors pulling out the big guns in order to prevent a mass exodus from their customer bases. Back in September 2014, Pay Pal, a major online payment service, released an ad that openly criticised Apple for the iCloud hacking scandal and suggested that customers’ data would be unsafe in the company’s hands.

Apple Play is the new App that’s set to transform the way we perform payments and transactions. The way it works is incredibly simple; you can store your most important cards and use them to make a quick and easy payments with the touch of the button. Whether you want to buy a coffee and don’t feel like scraping up the change from the remnants of your purse or need to make a transfer payment to someone right away, it call be done through the smart phones.

There have been similar apps that have gone over well. Again, Pay Pal is probably Apple’s most significant competitor in this regard; why are they so concerned about the impact of Apple Pay?

The defining features of Apple Pay are very appealing. For one, it acts as a virtual wallet without storing any of the key card details. All it requires is the security code on the back; that way, if your phone is lost or stolen it’s incredibly easy to wipe the phone clean of your sensitive details.

It can be used at any store with a contactless terminal reader, a growing trend in the retail industry. Contactless payments are fast becoming the new chip and pin. In fact, the majority of card machines manufactured now come with contactless payment options as standard. But this shift comes with its own set of concerns. Can contactless payment be seen as secure? After all, if all it requires is a swipe of the card, then what’s to stop thieves from taking advantage?

Apple has navigated the choppy waters well, having taken security into serious consideration in its development of the app. It’s not just that the phone requires your passcode for you to access your Wallet, the phone also requires your fingerprint, which is registered when you swipe using the Touch ID feature. Replicating fingerprints isn’t exactly easy, and this remote form of payment is clearly more safe and secure than having to physically scan your debit or credit card.

The potential of this technology also extends to businesses, enabling them better control over their finances whilst reducing the risks of fraud. Studies suggest that in time contactless payment will become the standard method over simply paying with cards, and the Apple Pay app is set to become the go-to tool for handling your money when out and about.