“Apple’s new mobile payments service, Apple Pay, will launch in the U.S. on Oct. 20,” Jason Del Rey and Dawn Chmielewski report for Re/code. “The service is built into the latest models of iPhone and the new Apple Watch and will let shoppers tap their phone or watch at checkout terminals in stores to purchase items without a credit card or cash. Whole Foods, Macy’s and McDonald’s are among the chains that will accept Apple Pay in their stores.”
“The service will also let iPhone users buy things in apps with one touch, a move that could be a threat to other Internet payments services like PayPal,” Del Rey and Chmielewski report. “Apple announced today that Apple Pay will also be integrated into the new iPad Air 2, allowing for purchases in apps but not in stores.”
“The consumer takes a photo of his or her credit card to capture the number, then adds other information — such as billing address,” Del Rey and Chmielewski report. “That information is stored on the smartphone, in a digital wallet that Apple calls Passbook. When it comes time to make a purchase at, say, Walgreens, the consumer holds the phone up to a terminal that communicates wirelessly with the device and places his or her thumb on the Touch ID fingerprint sensor to authorize the purchase (no more entering PIN numbers).”
Read more in the full article here.
Apple Pay set to transform mobile payments starting October 20th – October 16, 2014