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10 Reasons Why Apple Pay Beats Google Wallet On Security

The new Apple Pay feature incorporated into the latest iPhone and Apple Watches trounces Google Wallet on security and privacy, mobile payment experts say. Here are 10 reasons why.

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2. Secure Element

Apple is using a process that assigns a unique Device Account Number for each credit card that is added using its Passbook application. The unique number is encrypted and stored on a dedicated chip in the iPhone 6, iPhone 6 Plus and Apple Watch called Secure Element. Apple pledges that card numbers will never be stored on Apple servers and, as an extra privacy measure, individual transactions will also not be viewed or logged by Apple. The credit card numbers never reach merchant systems either, Apple said. The unique device token is coupled with a dynamic security code to process the transaction properly. The randomly generated number would be useless to credit card thieves without a variety of other information about the user, according to Apple. Security experts say this could increase the risk of Apple device theft. Other mobile security experts tell CRN the new payment method may fuel account hijacking attempts against Apple cloud services.

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