Apple Pay


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Apple Pay

Apple's digital wallet payment system introduced with the iPhone 6 in 2014. Apple's Passbook app, renamed "Wallet," was enhanced to support credit cards, and users can make payments by tapping their Apple Watch or iPhone (starting with iPhone 6) on Apple Pay terminals in retail outlets. The iPhone's home button/fingerprint scanner adds an extra level of security to the transaction.

Near Field Communication (NFC)
Apple Pay uses NFC to transmit wireless between device and terminal, and the iPhone 6 and Apple Watch were the first Apple products to include it. See Apple Wallet, NFC, iPhone 6, Apple Watch, smartphone wallet and mobile payments service.
References in periodicals archive ?
Apple Pay has attracted the interest of the payments industry and the public in mobile payments and NFC technology.
And this is the platform blocking Google Wallet, Apple Pay, SoftCard and several other popular mobile-based payment services, according to (http://www.
In stores, Apple Pay works with iPhone 6, iPhone 6 Plus and Apple Watch, as well as iPhone 6s and iPhone 6s Plus, upon availability.
Renasant Corporation (NASDAQ: RNST) has announced that it will offer its MasterCard cardholders faster and more secure everyday payments through Apple Pay.
When members add a credit or debit card to Apple Pay, the actual card numbers are not stored on the device or on Apple servers.
Technology is changing the way consumers pay for products and Apple Pay provides a more convenient, secure and private way to make purchases, said Justin Bigham, First Niagara Head of Consumer Product Management.
The report and forecast "Global Mobile NFC Payments to Exceed $130 Billion by 2020," quantifies the scale of the NFC-based mobile payment opportunity and identifies the launch of Apple Pay initiatives by payment networks to drive contactless payment acceptance among retailers, and consumer demand for mobile payments, as three key catalysts for growth.
Some of the notable stores supporting Apple Pay service include McDonalds, Nike, Disney stores, Subway, Macy's and others.
Much of his focus was on Apple Pay, which he said is still a small player despite its highly publicized launch.
Apple Pay allows users to make purchases with just the touch of a finger at hundreds of thousands of stores.
The long-awaited Apple Pay is considered to lead the tradeshow's general tone this year.
The new Apple Pay system will launch in at least 18 retail outlets on Saturday, said a leaked memo from Walgreens and posted by MacRumors.