In today’s economy, business is all about convenience. Every outrageously successful product is now digitized, personalized, and easily accessible. This is why not having to go to the trouble of pulling out your wallet—by means of technology like Apple Pay or Google Wallet—has become such a prosperous idea. I’m sure most of us would agree, when you’re standing in line at Starbucks, you’re far more likely to have your phone already in hand than your credit card. But with these digital payment methods, you can have both. So how does Apple Pay work, and why is it considered “the most secure payment platform on the planet”?

With Apple Pay, a device-specific 16-digit transaction code is created and transmitted to the merchant. The iPhone is equipped with a near-field communication chip that senses any NFC devices within a short range. So your card number and information is never sent anywhere outside of your device, including Apple’s servers.

Most people were at first skeptical of the concept of Apple Pay for the obvious fear of losing their phone. Losing a smartphone in 2017 is bad enough, as 50% of Americans claim they’re unable to live without it. But now users are afraid of losing everything in one shot. Why is this fear invalid? Each transaction must be confirmed with the cardholder’s fingerprint. So even if your iPhone is stolen, all the thief will have is a device that holds your credit card information, not one that shares it.

But what if a very technology-oriented thief steals the phone, and aquires my credit card information manually? You need not worry, Apple thought that one through as well. Inside all iPhones from the 6 and 6S onwards have a special secure element chip installed in it. The secure element is a microcontroller designed to prevent hardware attacks, like the one described. If someone dismantles the phone, the sensor will detect it and automatically clear all of the information stored in your digital wallet. For more immediate results, you can always clear the phone yourself using the “Find My iPhone” app from another device.

Apple was smart to add this layer of convenience to their products, fueling the reputation they have of being solely focused on simplifying the lives of their users. But Apple Pay opens the door to business opportunities for more companies than just its creator. Organizations are able to harness Apple Pay as one of their own accepted payment methods, so they too can add a layer of convenience to their business. Learn more about how technology can be used to advance your business by following the links below.