'Apple Pay' is a Touch ID-based mobile wallet included with iPhone 6, rolls out in October
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Pay, Apple Chief Executive Tim Cook noted that current credit cards are not secure, featuring exposed numbers and "outdated and vulnerable" magnetic stripes.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.
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Pay, Apple Chief Executive Tim Cook noted that current credit cards are not secure, featuring exposed numbers and "outdated and vulnerable" magnetic stripes.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.
Comments
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.
ApplePay looks great!
OK... second.
OP: that was to be expected due to TouchID, don't ya think?
A wireless, "secure" payment service. I wonder what Jennifer Lawrence has to say about this, lol!
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
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.
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.
Doesn't look like it's coming to the AppleWatch, though.
A slide was shown showing the watch using it.
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.
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.
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)
I don’t see that on the iOS 8 page of the website.
Also,
Those models will get apple pay functionality via a connected apple watch.
I don’t see that on the iOS 8 page of the website.
Also,
They said it in the keynote.
Those models will get apple pay functionality via a connected apple watch.
Good point!
NFC is not happening. It it is old, unsecure, immature, pathetic technology.
post #128
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
Called it. Although I figured it'd be "iWallet."
Paypal just **** their pants, btw.
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?