Apple Inc. (NASDAQ:AAPL)’s newly launched iPhone 6 will have a feature that will allow its users to pay using their iPhone instead of credit cards. Tim Cook has claimed that Apple Inc. (NASDAQ:AAPL)’s new mobile payment service will change the way people make their payments forever. Discussing Apple’s new payment system in a program on CNBC, Blaine Hurst, Panera Bread Co (NASDAQ:PNRA)’s CTO said that his company completely trusts the new payment system of Apple and it will surely change the future trends.
“I am not a future teller, but it clearly will play a significant role in the future, I have no doubt about that and just between the convenience and the security that’s offered through Apple Pay, I think there will be a material impact, we’ll see Tim [Tim Cook] is actually right or not […],” said Hurst.
Explaining the details of how actually the transaction through an iPhone 6 will work, Hurst said that the users will simply put their iPhone 6 on a device and authenticate the transaction with their thumb. Apple’s payment system is designed in a way that it retrieves the necessary information seamlessly from the credit card. Credit card information of the user will already be linked to the iPhone. Hurst claimed that this is a very secure transaction the user can make and credit cards cannot beat this mechanism. He also said that neither Apple Inc. (NASDAQ:AAPL) nor Panera Bread Co (NASDAQ:PNRA) will be able to see the secret information of the user during the transaction. Users will be able to make the payments through their iPhones using the Panera Bread Co (NASDAQ:PNRA)’s smartphone application as well.
Panera Bread Co (NASDAQ:PNRA)’s CTO claimed that other industry players will follow the impressive trend set by Apple Inc. (NASDAQ:AAPL) with this new payment system.
Jim Simon‘s Renaissance Technologies is one of the shareholders of Panera Bread Co (NASDAQ:PNRA), having 873,992 shares of the company so far.