Apple Pay launches Monday: is it safe?

Starting Monday, your phone could take the place of your wallet.

For the 10 million iPhone 6 and 6 Plus users, Apple Pay launched Monday.

It allows users to pay for purchases with their phones rather than their debit or credit cards.

ABC 17 News looked into Apple Pay to find out if it was safe.

Matt Tollerton is the Vice President of ECommerce at Central Bancompany. He said Apple Pay is actually safer than using plastic.

“They’re not actually storing credit card numbers on the device, they’re creating each user a unique token stored on the device,” Tollerton said.

He said that token is actually more secure than a debit or credit card.

“If for some reason your device is compromised, the person who compromised it won’t have your actual number,” he said.

That includes in the case of a data breach like the massive breach at Target this year.

That’s because to complete any purchase, you need to have your phone and your fingerprint.

ABC 17 News talked to people in downtown Columbia to find out if they would use the new payment system. Most people said yes, but around 40% said no. The people that were hesitant said it was because they were still worried about security or they didn’t think it would be easier than a debit or credit card.

But experts said Apple Pay will likely catch on and become popular.

“I’m very excited about Apple Pay. It’s kind of transcending into future payments for consumers,” Tollerton said. “It’s taking things to a new level, using technology to help out consumers.”

Iphone 5 users won’t have to get a new phone to get the payment system, but they will have to wait until early next year to get it.