'Apple Pay' is a Touch ID-based mobile wallet included with iPhone 6, rolls out in October

Posted:
in iPhone edited September 2014
Apple will enter the mobile payment space in a big way with this month's launch of the iPhone 6 and iPhone 6 Plus, both of which will ship with integrated near-field communications technology to allow secure wireless payments through a service called Apple Pay.




In unveiling Apple Pay, Apple Chief Executive Tim Cook noted that current credit cards are not secure, featuring exposed numbers and "outdated and vulnerable" magnetic stripes. Apple Pay aims to solve this by securely holding banking and card information on a user's iPhone 6 or iPhone 6 Plus.

In showcasing Apple Pay, Apple executive Eddy Cue noted that the company won't know what the user bought, how they bought it, or how much they paid for it. The details of the transaction are entirely between a user and their bank.




Apple has partnered with American Express, MasterCard and Visa for digital debit cards and credit cards. In addition, the six biggest issuing banks in the U.S. are on board, representing 83 percent of credit card volume in the U.S.

The new system will work with 220,000 locations that allow contact-less payments. And Apple says its method is more secure because cashiers don't get to see a customer's name, credit card number or security code.




Apple Pay will launch in the U.S. next month, though Apple is planning to roll out in more countries soon.
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Comments

  • Reply 1 of 72

    Again, shame it’s iPhone 6-only, but I’d imagine both of the next iPad will get it, too. It’ll take longer to roll out, but I’m sure it’s safer than anything else on the market.

  • Reply 2 of 72
    Rather unfortunately, i only get to be the first comment... because the livestream is absolutely dead here.

    ApplePay looks great!

    OK... second.

    OP: that was to be expected due to TouchID, don't ya think?
  • Reply 3 of 72

    A wireless, "secure" payment service. I wonder what Jennifer Lawrence has to say about this, lol!

  • Reply 4 of 72
    Quote:

    Originally Posted by ThePixelDoc View Post



    Rather unfortunately, i only get to be the first comment... because the livestream is absolutely dead here.



    ApplePay looks great!



    OK... second.



    OP: that was to be expected due to TouchID, don't ya think?

    That was expected due to NFC that it's iPhone 6/6+ only. NFC was needed.

     

    Doesn't look like it's coming to the AppleWatch, though.

     

    Can't wait to be able to use it. Too bad there's no 4 incher :(

  • Reply 5 of 72
    Apple Watch just blew Twitter to shreds! They LOVE IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Me TOO!
  • Reply 6 of 72
    Quote:

    Originally Posted by Tallest Skil View Post

     

    Again, shame it’s iPhone 6-only, but I’d imagine both of the next iPad will get it, too. It’ll take longer to roll out, but I’m sure it’s safer than anything else on the market.


     

    It has to be iPhone 6 only as it needs NFC. Just like I've been saying would happen. NFC was going to happen with or without Apple. Apple decided to join in and make it more mainstream in the US.

  • Reply 7 of 72
    jfc1138jfc1138 Posts: 3,090member
    Quote:

    Originally Posted by Tallest Skil View Post

     

    Again, shame it’s iPhone 6-only, but I’d imagine both of the next iPad will get it, too. It’ll take longer to roll out, but I’m sure it’s safer than anything else on the market.


    Unless it had been some sort of scannable screen display such as AMTRAK, Starbucks and NJ Transit use (i.e. based on the current Passbook) the new phone, with the new transmitting hardware, was where this was going to be implemented.

  • Reply 8 of 72
    chadbagchadbag Posts: 1,080member
    Quote:

    Originally Posted by alcstarheel View Post

     

     

    Doesn't look like it's coming to the AppleWatch, though.

     


     

    A slide was shown showing the watch using it.

  • Reply 9 of 72

    Will be interesting to see the take-up they get with stores introducing the contactless payment stations.  I'd love this to get widespread acceptance and allow me to stop carrying my wallet once and for all.

  • Reply 10 of 72
    lilgto64lilgto64 Posts: 1,147member
    Quote:


     Apple says its method is more secure because cashiers don't get to see a customer's name, credit card number or security code.


    How long before cashiers ask not only to see the image on the screen but also your ID to double check the signature etc. 

     

    I am all for smarter and more secure tech but we are still dealing with people in many cases and it may take far longer for any adjustments on that front to catch up to the capabilities of technology. 

  • Reply 11 of 72
    andysolandysol Posts: 2,506member
    Quote:

    Originally Posted by SirLance99 View Post

     

     

    It has to be iPhone 6 only as it needs NFC. Just like I've been saying would happen. NFC was going to happen with or without Apple. Apple decided to join in and make it more mainstream in the US.


    Itll work with 5, 5C, and 5S- but it'll be the mobile only aspect (online payments)

  • Reply 12 of 72
    Originally Posted by Andysol View Post

    Itll work with 5, 5C, and 5S- but it'll be the mobile only aspect (online payments)

     

    I don’t see that on the iOS 8 page of the website.

     

    Also,

  • Reply 13 of 72
    dunksdunks Posts: 1,240member
    andysol wrote: »
    Itll work with 5, 5C, and 5S- but it'll be the mobile only aspect (online payments)

    Those models will get apple pay functionality via a connected apple watch.
  • Reply 14 of 72
    andysolandysol Posts: 2,506member
    Quote:
    Originally Posted by Tallest Skil View Post

     

     

    I don’t see that on the iOS 8 page of the website.

     

    Also,


    They said it in the keynote.

    Quote:

    Originally Posted by Dunks View Post





    Those models will get apple pay functionality via a connected apple watch.

    Good point!

  • Reply 15 of 72
    dunksdunks Posts: 1,240member
    I hope the international rollout for this is rapid.
  • Reply 16 of 72
    andysolandysol Posts: 2,506member
    Couldn't have a Keynote without @pmz being absolutely dead wrong and putting his foot in his mouth about something:


     



    Quote:
    Originally Posted by pmz View Post

     



    NFC is not happening. It it is old, unsecure, immature, pathetic technology.

     



    post #128

  • Reply 17 of 72
    chadbagchadbag Posts: 1,080member
    Quote:

    Originally Posted by Dunks View Post





    Those models will get apple pay functionality via a connected apple watch.

     

     

    I don't think so.   5C has no touchID to authorize payments through the watch.  We'll see

  • Reply 18 of 72

    Called it.  Although I figured it'd be "iWallet."

     

    Paypal just **** their pants, btw.

  • Reply 19 of 72
    tenlytenly Posts: 707member
    So much for my "no NFC" prediction! Oh well! If the professional analysts are wrong more than half the time, it should be no surprise that a non-analyst is also wrong! /s

    The implementation looks good, but I've got 2 questions:

    1. At the very end of the presentation, they mentioned that Apple Watch would be fully compatible with Apple Pay. How do they manage that without Touch ID on the Apple Watch? Or are they going to implement Touch ID inside the crown?

    2. The initial implementation is US-only. Does anyone have any predictions on how long it will take them to expand into Canada and the rest of the world?
  • Reply 20 of 72
    mj webmj web Posts: 918member
    Very significant product accretive to bottom line.
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