Yesterday, Apple announced their new mobile payment system, which is called Apple Pay. This innovative service aims to revolutionize the way we handle transactions by leveraging the latest in contactless payment technology. Now, we have a video from the guys over at Slashgear, showing Apple Pay in action.
Apple Pay will work with a range of Apple’s devices, including the new Apple iWatch, the iPhone 6, and the iPhone 6 Plus. Have a look at the video below to see how seamlessly it integrates into everyday life.
Gone are the days of searching for your wallet. The wasted moments finding the right card. The swiping and waiting. Now payments happen with a single touch.
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 utilizes Near Field Communication (NFC) technology to enable contactless payments. When you add your credit or debit 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 your iPhone or Apple Watch. Each transaction is authorized with a one-time unique dynamic security code.
This means that your card details are never shared with merchants or transmitted with payment. This level of security is further enhanced by the use of Touch ID or Face ID, ensuring that only you can authorize payments from your device.
Benefits of Using Apple Pay
One of the primary benefits of Apple Pay is its convenience. With just a touch or a glance, you can make payments quickly and efficiently. This is particularly useful in situations where speed is essential, such as at busy retail stores, public transportation, or even at vending machines.
Moreover, Apple Pay supports a wide range of cards from major banks and credit card companies, making it accessible to a broad audience. The service also integrates with various apps and websites, allowing for seamless online shopping experiences without the need to repeatedly enter payment information.
Another significant advantage is the enhanced security features. Traditional magnetic stripe cards are susceptible to skimming and other forms of fraud. Apple Pay’s use of tokenization and biometric authentication provides a much higher level of security, reducing the risk of unauthorized transactions.
You can find out more information about Apple Pay over at Apple’s website. The service will launch in the U.S. first and will then be rolled out to other countries. As Apple continues to expand its ecosystem, we can expect to see even more innovative features and broader adoption of this groundbreaking payment system.
Source Slashgear
Image Credit TechCrunch
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
