Apple pay to launch on Monday

Apple CEO Tim Cook on Thursday announced at the
company’s special media event that its brand new
Apple Pay mobile payments service will officially
launch in the United States on Monday as over 500
new banks agree to support the platform by next year.
Apple Pay was announced last month at the
company’s iPhone 6 and iPhone 6 Plus event.
Apple Pay is an NFC-based mobile payments system
for the iPhone 6 and iPhone 6 Plus, and is also
compatible with the iPhone 5, iPhone 5c and iPhone
5s when paired with an Apple Watch. When the service
rolls out in the United States next week, there will be
support for over 220,000 participating stores through
retail partners.
Apple Pay is powered by the NFC chip on the iPhone 6
and iPhone 6 Plus. When you want to make a payment,
simply hold your iPhone near the point-of-sale system
and verify you are the card holder by scanning your
thumb with Touch ID. The system stores your credit
card info in an encrypted and secure fashion using
Touch ID and the A8 chip.
The mobile payments platform is deeply integrated
with Passbook, enabling one-touch checkout with no
card number entry, typing an address or signing a
receipt required. Forget about carrying credit and debit
cards in your wallet and simply use your iPhone for
payments at Macy’s, McDonald’s, Whole Food Markets,
Petco, Staples, Target and more.

Via : iphonehacks