Apple Looks to Take on Mobile Payments Market with “Apple Pay”

Apple’s iPhone family has finally received NFC hardware, which will be used for the company’s newly announced Apple Pay system. Apple Pay allows you to toss your wallet and bring along digital copies of your credit card to use at retail locations.
 
Apple Pay works in conjunction with the NFC antenna at the top of the iPhone 6/iPhone 6 Plus, a secure chip which stores payment information, TouchID and Passbook.

 
As we reported last week, Apple has teamed up with MasterCard, American Express, and Visa; so all you need to do is scan the face of you credit card (or debit card) and it is this then stored in Passbook.
 
Apple says that 83 percent of issuing banks in the United States will support Apple Pay. Over 220,000 existing retail locations that already support contactless payment will work with Apple Pay. Apple has also partnered with the companies below to further bolster the launch of Apple Pay.

 
Apple Pay will also support online payments — you won’t have to enter your CC information, billing address, or any other pertinent information. Instead, you can just press the Apple Pay button, and confirm the transaction using your fingerprint (via TouchID). The following online partners have also signed up to use Apple Pay:

Apple Pay will rollout in the United States in October. Apple Pay will work with both the new iPhone 6/iPhone 6 Plus and the new Apple Watch.

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