How iPhone X changes mobile payments

Apple’s new iPhone X offers some tantalizing possibilities for the payment and retail industries.

Amazon and IKEA are some of the many retailers already deploying Apple’s augmented reality app, ARKit, which enables shoppers to select an item for sale and superimpose its image onto their present environment. For example, it can show you what a new sofa would look like in your home.

The iPhone X has replaced its fingerprint sensor with Face ID, which gives strangers a one-in-a-million chance of tricking the camera – in comparison, the odds of fooling the Touch ID is one in 50,000. Face ID works with Apple Pay – users can look at their handset to authenticate and then hold it near a payment terminal to pay.

Apple is also chiming in on the P2P payment trend, with the function available soon through iMessage. After authentication, users can send or receive money to and from their Apple Pay account via iMessage.

Face ID also has the potential to transform mobile banking apps: “The fact you can pick up your phone and you’re automatically authenticated into that application seems like a very clean user experience,” said Diebold Nixdorf’s Douglas Hartung.