Apple Announces Apple Pay, NFC-Based Mobile Payment Service

Apple at its special media event in Cupertino announced a new payment system powered by NFC for the latest iPhone 6, iPhone 6 Plus, and the Apple Watch. And, the company is calling this hardware integrated service ‘Apple Pay’.

Apple Pay utilizes the TouchID, NFC, and the Passbook feature to authenticate payments, currently supporting Mastercard, Visa, and American Express. The service requires you to add your Credit Card to it, which enables it to store the payment information into the device’s Secure Element chip, which actually generates one-time payment number for your purchase.

This one-touch payment on iOS, Apple Pay allows you to store credit and debit cards on the phone, and an easy check-out at terminals with simple tap-and-pay feature. Currently, Apple Pay works perfectly at places including McDonald’s drive-thru, Subway, Macy’s, Walgreens, Disney Store and more. However, It’s scheduled for launch in October.

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