Recent Apple customers data hacks badly hurt the faith in Apple`s security. However the company pledges that its security is amongst the most reliable and preserving its clients personal data is of utmost importance for it. I expect the company will manage its new project Apple Pay as innovative, secure and client-friendly as its other projects and devices.
I believe Apple Pay will keep data private up to the standard of most banks. There is no foolproof method so of course a breach is possible but I believe Apple Pay is as safe and perhaps safer than using a debit card. Apple cannot afford a slip up in this new technology and I believe they will do everything they can to make sure it is successful.
No, Apple Pay will have privacy issues. Apple Pay will not be embraced by the population because it will have privacy issues in addition to other issues. Large corporations already have many privacy issues, and Apple Pay will just add to the problem. Once they have your data they could change their policies and there would be nothing to be done to preserve privacy.
I think they Apple Pay will struggle to keep data private whilst it has control of it. Due to the increase of security breaches recently I do not feel that Apple Pay will be able to completely protect itself against any breaches thus making any data they store not private.