Consumer Payment Card News

Apple Pay with your iPhone 6 or Apple Watch at 220,000 stores

iPhone 6 using Apple Pay with Citibank credit cardApple never seems to fail us when it comes to new and advanced technology. The company has now announced a new service called Apple Pay, which is to be released in October. This new and exciting service will be available on the iPhone 6, iPhone 6 Plus, and the new Apple Watch.

This new service is designed to be your new virtual wallet, conveniently housing all of your credit and debit card information. You will no longer need to swipe you credit or debit card, you simply pass your iPhone over a scanner at certain stores who accept Apple Pay. You won’t even have to pull up an app or turn the screen on your iPhone for this to work, all you do is hold your finger on the Touch ID.

The way this service works is through what is called NFC, or Near Field Communication. A NFC antennae is going to be built into every new iPhone 6 and Apple Watch. This allows the scanner to read any information it needs in order to pay for your purchase. Obvious concerns surround the risk of identity theft. However, Apple assures that there is nothing for us to worry about. Apple has designed this service to actually thwart identity theft. Every time you pull out your credit or debit card you advertise your name and card number. With this new technology you will never have to take a card out again! When you add your card to the system it automatically gives it a unique Device Account Number, this is encrypted and stored inside the Secure Element, which is a chip in the iPhone or your Apple Watch. Don’t worry, Apple says that your personal information is never stored on their servers! Whenever you make a payment the unique account number for your information is transferred for payment, instead of your actual information.

So far Apple accepts the three most major credit cards, Visa, MasterCard, and American Express, and many major banks debit cards are accepted as well. There are currently 220,000 stores accepting Apple Pay, and the company says there are many more to come. Gone are the days of time consuming checkouts with online purchasing. Now you can purchase items within certain shopping apps with single touch,Touch ID.
What do you think about this new Apple Pay service? Is it the next big thing, or are you still worried about identity theft situations? Let us know what you think in comments below-

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