Apple Leaks! Apple Pay to Launch This Coming Week - U.S. Bank Said Apple's Tokenization Might Be The Future of Banking

Apple Leaks! Apple Pay to Launch This Coming Week - U.S. Bank Said Apple's Tokenization Might Be The Future of Banking

If the recent leak will be true, Cupertino tech-giant is set to unveil its newest mobile payment app that will create a change on banking and financial management of big chain stores. Citing a leaked internal memo originally intended for pharmacy chain employees, Mac Rumors reported that Apple Pay is set to be launched on Saturday, Oct. 18.

Walgreen's memo for its store managers stated that "Walgreens will be one of the participating retailers and we want to make sure that all your team members will are prepared for customer questions and concerns."

The leaked document also said that U.S. biggest pharmacy chain assures that its customers will be allowed to use Apple Pay's easy and secured payment scheme through their iPhone 6 as soon as possible. Walgreen has a total of 8,000 stores in all 50 states of America.

Weekend, especially a Saturday, is not seen as an ideal day for a premiere but because Apple Pay is 'designed for in-store shopping' a Saturday-debut is considered more appropriate. It is also known that two days prior to the said launch, on Oct. 16, Apple will be unveiling its newest iPad Air, Retina iMacs and the rumored new Retina iPad mini.

Apple Pay, the tech-giants newest venture in services, was first announced last Sept. 9, Capital OTC recalled. The new service is set to revolutionize a better and safer merchant-customer payment scheme. The new software is set to be available for users of flagship iPhone 6 series and the upcoming Apple Watch.

Eddie Cue, tech-company's Vice President of Internet Software and Services, reiterated that security and privacy will be the 'core' of the payment service. "When you're using Apple pay in a store, restaurant or other merchant, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud," Cue said.

He also explained that important details of the purchase will not be available to Apple thus, customers are assured that their privacy will be protected. In case of the device used will be stolen or lost, users can use Find My Phone in order to immediately cancel the transactions used with the iPhone or smartwatch.

Aside from Walgreen, Apple has already confirmed that McDonald's, Staples, and Macy's will also be their partners in launching Apple Pay.

In an interview with banking firms in America, Daily Dot reported that the financial companies are excited in Apple's newest service innovation. A banking company has even cited Apple Pay's 'tokenization' as the future of banking.

"In the wake of all these large scale compromises (being hacked), we want to devalue the payment information that is used to authenticate the payment experience in the environment today," Randy Hooper of Navy Federal said towards Apple's tokenization.

Tokenization is described as a system that generates a number different from the user's credit cars which will keep the users information "away from Apple, merchants and hackers." The device will have their own Account Number that will be kept in the Secure Element of iPhone 6. Unlike images and other iPhone data, the Device Account Number will not be stored in iOS and will not be backed up in iCloud.

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