There is a lot of buzz about Apple Inc. (NASDAQ:AAPL) Pay these days. While retailers are ditching Apple pay for their own payment system, some experts are also questioning the claims made by Apple about its mobile payment system. In a program on CNBC, Michael Fertik, Reputation.com founder quoted an official from Apple Inc. (NASDAQ:AAPL) who has claimed that the company’s new payment system will not track users’ transactions and history. Fertik thinks that Apple Inc. (NASDAQ:AAPL)’s official is an honest guy but this statement of his is for marketing purposes and there is nothing to brag about in this. Fertik claimed that Apple Payment system’s inability to track history and transactions can be categorized as a bug instead of a feature. Apple Inc. (NASDAQ:AAPL) Pay works using NFC (Near Field Communication). In NFC technology, a user put his phone near the device for detection for the payment process.
NFC has some limitations, Fertick claimed. NFC system cannot detect skew items. It cannot locate and track exact details and name of products which are bought by the customer specifically. This can be exploited as a bug in the Apple Inc. (NASDAQ:AAPL)’s Payment system. Apparently, NFC is very slick and smart but when it comes to specific details about any transaction, the method might not be efficient.
This concealment of transaction history and product details in Apple Inc. (NASDAQ:AAPL)’s payment system is a bad news for retailers. Sellers like to craft their marketing strategies around user data. Apple Inc. (NASDAQ:AAPL)’s NFC payment system might now work in the longer term, thinks Fertik.
CNBC’s Jon Fortt disagreed with Fertik and said that Apple Inc. (NASDAQ:AAPL) has done the right thing by delegating control of payment details to the users because majority of people don’t like to reveal their transaction details to retailers.
Carl Icahn‘s Icahn Capital hold around 52.8 million shares of Apple Inc. (NASDAQ:AAPL).