The Economist – 4/15/15: THE Apple Watch has been available to order for less than a week, but by some estimates one million have already been sold. Technophiles are watching closely to see how the glitzy new product will change any number of emerging businesses, from wearables to mobile-health. Yet in the short run the Watch’s greatest effect may be in the boost it provides to smartphone-based payment systems. Apple Pay is already available to many iPhone users, but the Watch, which allows consumers to buy things with little more than a wave of the wrist, could significantly accelerate adoption among Apple customers and retailers. Assuming, that is, that users warm to the new payments technology enough to get over fears about stolen accounts. They should. Though “Apple Pay fraud” headlines have not been uncommon in recent months, smartphone-based payments are typically more secure than credit cards. Why is that?
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