A new way of payment method, iPhone 6 & 6+ equipped with NFC.
As Tim Cook would say, it’s so easy and simple to use, just tap and it’s done!
“Apple Pay will forever change the way all of us buy things,” says Apple CEO Tim Cook. “We’ve created an entirely new payment process, and we called it Apple Pay.”
How it works?
In Apple’s payments solution, NFC is located at the top of the iPhone, and users will be able to see all their credit cards in the Passbook application which already includes access to things like tickets and loyalty cards. The card information is stored in the iPhone 6’s new Secure Element chip.
Merchants also will never see your card numbers, because of the way this solution is implemented – they just get a transaction number and receive the money.
Every time you hand over your credit or debit card to pay, your card number and identity are visible. With Apple Pay, instead of using your actual credit and debit card numbers when you add your card, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element, a dedicated chip in iPhone and Apple Watch. These numbers are never stored on Apple servers. And when you make a purchase, the Device Account Number alongside a transaction-specific dynamic security code is used to process your payment. So your actual credit or debit card numbers are never shared with merchants or transmitted with payment.
Apple Pay will be available in the U.S. in October 2014. And work is underway to take it worldwide in the near future.
Apple watch here: https://www.techglimpse.ph/2014/09/one-more-thing-apple-watch.html
iPhone6/6+: https://www.techglimpse.ph/2014/09/2-new-iphones-iphone-6-iphone-6-plus.html
Details: http://www.apple.com/apple-pay/
