Everything About Apple’s New Payment System

apple pay

The other rumoured service that was expected to launch at Flint Center today was the new payment method that uses the NFC technology. During the event, besides introducing the new phones and Apple Watch, Apple also introduced Apple Pay that will replace Apple wallet. Apple Pay allows users to hold iPhone 6 closer to a sensor to initiate payment and then confirm the payment by using the Touch ID sensor at supporting locations. The system uses the NFC technology via NFC chip built into iPhone 6. The list for supporting locations currently includes Subway, Staples, McDonalds, Walgreens, Whole Foods and Disney.

The NFC sensor strip is placed on the top of both iPhone 6 models and the credit card code (not the credit card number) is stored in the passbook. To make the user feel more secure in situations like lost phone, all transactions are cancelled on activating ‘Find My iPhone’ App. Currently, Apple Pay works with Amex, Mastercard and Visa in the US.

apple pay

Apple Pay also has NFC pay and tap feature for online shopping. Some of the integrated online retails include OpenTable, Groupon and Target. An Apple Pay API has been created to allow more third-party developers to integrate in future. It can also be used with Apple Watch.

apple pay

Apple Pay will be launched along with iOS 8’s official launch in October.

(Via Live Event and 9to5Mac)

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