Apple introduces mobile payments with Apple Pay

Friday, September 12th, 2014 | In Websites & Services | Tags: ,

Since the mobile payments are getting popular and Apple is hoping to change the new way to make the payment, so the company has announcing its own payment platform called as Apple Pay at the big event in San Francisco.

Apple new mobile payments with Apple Pay
~ Apple new mobile payments with Apple Pay ~

Apple Pay is built into the iPhone 6 and iPhone 6 Plus and it works with the Apple Watch. It uses the NFC to communicate with point-of-sale system and relies on Touch ID fingerprint recognition to authenticate payments.

Apple Pay works with a new Secure Elements chip that encrypts and stores payment information safely and securely according to the Cupertino company. When the new card is stored, a device-only account number is created along with a one-time dynamic security code.

Apple will not know what the users have bought, how much it cost or how they pay for it with the transaction details being viewable only between the users and the bank. The cashier will not see the name, credit card number or security code as they are use a plastic card at the checkout.

Starting in the US from October 2014, Apple Pay will initially accept American Express, Master Card and Visa. iOS 8 features a new Apple Pay API and it will be easy for the developers to integrate the App with this new payment gateway.


 



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