Apple Pay Announced
Today, Apple announced Apple Pay, their new payment system built into the recently announced iPhone 6 and available with iOS 8.
How Apple Pay Works
The NFC chip built into the Apple iPhone 6 enables Apple Pay, which is a touch and go payment system available at select retailers. Individuals who have previously had a debit or credit card with a “PayPass” or similar symbol would be familiar with this feature. Currently, approximately 220,000 retailers accept touch payments.
How Apple Pay is Safe
With the Apple Pay, users can add and verify multiple payment methods that are stored into Passbook. Currently, the system accepts cards with a Visa, American Express, or MasterCard logo. Obviously, many of us are weary of forking over our payment information over to our iPhones, leaving precious credit card information stored on our phones. However, Apple Pay isn’t as scary as it initially sounds. To protect customer data, the actual credit card data is not stored on the card. Rather, the phone submits a one time purchase code coupled with a dynamic security key.
Retailers Accepting Apple Pay
Apple announced that numerous major retailers, such as McDonalds, Disney, and Nordstrom, will accept Apple Pay. of course, some of these rtailers are already part of the network of 220,000 retailers already accepting NFC based touch payments. Additionally, numerous major online retailers will be accepting Apple Pay via their apps. Some of these retailers include Target, Uber, and Groupon.
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