We are studying apple pay as a group activity.

• What is the background of your company? What do they do? Who are their competitors?

Apple Pay is arguably the leading mobile payment and digital wallet service. It allows users to make payments in person, in iOS apps, and on the web. It is supported on the iPhone, Apple Watch, iPad, and Mac. Competitors : Google Pay, VISA digital wallet service, PayPal

• How does this company use technology to their advantage? Why are they considered a FinTech company?

The digital payments that Apple Pay supports is one of the core activities of fintech. it seems to be more secure than a traditional credit card. Apple Pay uses the EMV Payment Tokenisation Specification. The service keeps customer payment information private from the retailer by replacing the customer's credit or debit card Funding Primary Account Number (FPAN) with a tokenized Device Primary Account Number (DPAN), and creates a "dynamic security code [...] generated for each transaction". The 'dynamic security code' is the cryptogram in an EMV-mode transaction, and the Dynamic Card Verification Value (dCVV) in a magnetic stripe data emulation-mode transaction. Apple added that they would not track usage, which would stay between the customers, the vendors, and the banks. Users can also remotely halt the service on a lost phone via the Find My iPhone service.

resource: https://en.wikipedia.org/wiki/Apple_Pay#Technology

• Why is this company exemplary in the FinTech space? What are their strengths and weaknesses?

strengh: it seems to be more secure than a traditional credit card. it can be also weakness.

Payment transactions are more secure due to the concept of Payment Tokenisation. The Payment Tokenisation Specification provides an interoperable Technical Framework that will benefit Acquirers, Merchants, Card Issuers, and Cardholders. This Technical Framework describes a global Payment Tokenisation ecosystem that overlays and interoperates with existing payment ecosystems to support digital commerce and new methods of payment. source: https://www.emvco.com/emv-technologies/payment-tokenisation/

• What is the prognosis for this company? Where do they expect to be in the future? as long as they improve security issues if there is any, I think it's convenient way to pay.