What are the security features of Apple Pay?

Apple Pay incorporates robust security measures to protect users' personal and financial information. Firstly, it utilizes tokenization, which replaces real card data with a unique Device Account Number, significantly minimizing the risk of exposing sensitive information during transactions. Secondly, Touch ID or Face ID authentication ensures that only authorized users can authorize payments. Additionally, Apple Pay uses encryption to safeguard data transmission between the device and the payment terminal, preventing unauthorized access. iPhones have a Secure Element – a dedicated chip specifically designed to store and secure payment information. Moreover, Apple Pay doesn't store actual card details on the device or Apple servers. In the event of a lost or stolen device, Find My iPhone allows users to remotely suspend Apple Pay, ensuring that no unauthorized transactions can take place. These comprehensive security features make Apple Pay a highly secure and trustworthy payment method.