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Update January 28, 2015- Told you so. Apple posted historic earnings in Q4 on iPhone 6 sales. 75 Million people have a new iPhone and Apple Pay is here to stay. Ignore it at your own peril.
October 21, 2014- By Steven E. Greer
Another huge credit card data security hack was in the news today. The FBI estimates that 500 Million incidents of credit card data hacking have occurred this year.
This is why the new Apple Pay feature is so revolutionary. Every time you pay using your iPhone, a new transaction umber is generated. You never have the one sitting duck static credit card number. Waiters and vendors will never see your real credit card number.
It is also faster. Bloomberg News tested Apple Pay and it worked well in all of the stores they tried.
I have spoke to people within the largest restaurants companies, and Apple Pay is not high on their agenda of things to do. It should be. This is a phenomena that is hitting fast (Stock tip: short the credit card companies).