Square, Inc. is a leading manufacturer of credit card processing technology for mobile devices. The company produces tiny pieces of hardware that fit directly into smartphones and tablets, allowing merchants to process credit card payments without relying on traditional, stationary terminals.
In recent years, there have been a number of data breaches in which criminals stole millions of customer records using malware and viruses. Target and Home Depot are two of the most high-profile data breaches, but there are many other instances of identity theft and credit card fraud at a smaller scale.
In nearly all cases, consumer outrage has been vocal and swift. And not surprisingly, merchants across the country continue exploring ways to make their customers' data more secure.
Credit card fraud is on the rise. And major data breaches are becoming more common.
Against this backdrop, merchants across the country are rushing to make their payment environments more secure. And two of the most popular solutions include adding chip & PIN EMV or Apple Pay options:
In the fall of 2014, Apple Pay launched with much fanfare — almost eclipsing the simultaneous release of Apple's iPhone 6. More than 220,000 merchants had already signed on to the payment technology before it was released. And after the launch, Apple registered over 1 million new users in 72 hours.
But all hoopla aside, how secure is Apple Pay? Can this new payment technology help keep your customers' financial data safe from thieves and hackers?