Apple Pay launched this week in the US. It was unveiled at Apple’s September 9th 2014 IPhone 6 event. A date is yet to be finalised for the UK launch.
What is it?
Apple Pay is a form of mobile payment (digital wallet). It allows customers to pay at the checkout using their mobile devices held up against a sensor. It can also be used to pay within apps, simply touching your fingerprint to the touch id on the apple device to authenticate payment.
Why the Buzz?
With contactless payment already proven popular, Apple Pay is expected to prevail here in the UK and the US as it offers convenience and a highly secure payment method. A special device account number and transaction specifice security code are used – not the credit or debit card number, private details are unavailable to merchants and Apple doesn’t track your transactions.
With theincrease in mobile retailing Apple Pay system allows a greater connectivity between online and offline sales channels and the security and speed allows for greater ease of use.
How does it work?
Apple Pay uses NFC technology. Retailers and merchants in general receive several incentives to adopt NFC payment compliant technology.