Apple recently announced their new mobile payment solution, Apple Pay, and now a trademark filing for ‘Apple Pay’ has been discovered.
The Apple Pay trademark was filed with the US Patent and Trademark Office under class 036, which covers “Financial services; financial transaction services; bill payment services; providing secure commercial transactions; debit and credit card services, electronic payment services.”
The Apple Pay trademark request was filed with the USPTO on the 12th of September, Apple actually announced Apple Pay at their press event on the 9th of September.
Apple Pay will change how you pay with breakthrough contactless payment technology and unique security features built right into the devices you have with you every day. So you can use your iPhone 6 or Apple Watch to pay in an easy, secure, and private way.
How Apple Pay Works
Apple Pay will be available with the new iPhone 6 and iPhone 6 Plus, and both devices will use NFC (Near Field Communication) technology for these new Apple mobile payments. NFC technology allows devices to communicate with each other when they are close together, making it perfect for secure transactions. The new service will launch some time in October.
To use Apple Pay, users simply need to add their credit or debit card information to the Wallet app on their iPhone. When making a purchase, they can hold their iPhone near the contactless reader with their finger on the Touch ID sensor. The transaction is then authenticated using a one-time unique dynamic security code, rather than the static security code from the back of the card. This makes the transaction more secure.
Security Features
One of the standout features of Apple Pay is its focus on security. Apple has implemented several layers of security to protect users’ financial information. For instance, when you add a card to Apple Pay, the actual card numbers are not stored on the device or on Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, a dedicated chip in the iPhone and Apple Watch.
Additionally, Apple Pay does not keep transaction information that can be tied back to the user. Payment transactions are between the user, the merchant, and the bank. This ensures that user privacy is maintained.
Apple are also launching their Apple Watch early next year, you will also be able to use this to make mobile payments using Apple’s new service. The Apple Watch will work similarly to the iPhone, allowing users to make payments by double-clicking the side button and holding the display of their Apple Watch near the contactless reader.
Apple Pay is not just limited to physical stores. It can also be used for online purchases within apps. When shopping in an app, users can select Apple Pay as their payment method and complete the transaction using Touch ID or Face ID, making online shopping faster and more secure.
Apple has partnered with major credit card companies, banks, and retailers to ensure widespread acceptance of Apple Pay. Some of the initial partners include American Express, MasterCard, and Visa, as well as major banks like Bank of America, Capital One, and Chase. Retailers such as McDonald’s, Macy’s, and Whole Foods are also on board, making it easier for users to find places where they can use Apple Pay.
In conclusion, Apple Pay represents a significant step forward in mobile payment technology. With its focus on security, ease of use, and widespread acceptance, it has the potential to revolutionize the way we make payments. As more people adopt this technology, we can expect to see a shift towards more secure and convenient payment methods.
Source Patently Apple
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