Apple Pay: iPhone’s Latest and One of The Most Powerful Feature

“We've placed a lot of energy into creating an entirely new payments solution.” – Tim Cook

“Apple Pay is easy, secure, and private.” – Eddy Cue

• The vision is to replace the wallet. And the starting point is payments.
• The entire payment process is based on technology invented more than 50 years ago.
• Everything you need for Apple Pay is built into iPhone 6.
• A groundbreaking NFC antenna. The security of Touch ID. The privacy of the Secure Element and the convenience of Passbook.
• To add a different card, just use your iSight camera.
• To get started with Apple Pay, you can simply add a card from your iTunes account.
• Pay with the simple touch of your finger using Touch ID.
• When you add a card to Passbook, its number is never stored or shared on your device or Apple servers.
• Apple Pay is more secure than keeping cards in a wallet. If you lose your iPhone, you won't have to cancel cards. Simply use Find My iPhone to suspend payments just for that device.
• Each transaction is authorized with a one-time unique number.
• It generates a dynamic security code, replacing the static security code from the back of your card.
• Apple doesn’t know what you bought, where you bought it, or how much you paid for it.
• Cashiers don’t see your name, your card number, or your security code.
• Apple Pay will work with the three major payment networks: American Express, MasterCard, and Visa.
• There are more than 220,000 merchant locations that accept contactless payment.
• Apple Pay works with the top bank issuers that handle 83% of the credit card purchase volume.
• With Apple Pay you can check out with one tap. There’s no need to fill out lengthy account forms. Card details are kept private and won’t be shared with the online merchant.
• Apple Pay is also going to make buying stuff through apps easier, more secure, and private.
• Currently, making purchases on a mobile device is tedious at best.
• Apple Pay will be available in the U.S. in October 2014. And work is underway to take it worldwide in the near future.

News Courtesy: Apple