With online payments and transactions increasing day by day,with top online pay services like pay pal and money bookers doing actually quite well in the online pay industry,Apple wants a piece of this.Apple is set to launch its Pay services which it boasts ,”will be safer than plastic.There s currently a strong campaign for the Apple pay services,with both I phone 6 and I phone 6 Plus users expected to benefit from this new service.
An estimated 500 banks will support Apple Pay, Cook said. Apple has also signed on retailers including Bloomingdale’s, Macy’s (M), McDonald’s (MCD), Staples (SPLS) and Whole Foods (WFM).
How it Works
For Apple users who want to pay for something in an app? Just tap “Pay with Apple Pay,” put your finger on the fingerprint reader, and you’re done. The charge goes straight to your credit or debit card — whatever you’ve set up with Apple. Apple Pay works by sending payment information via short-range radio waves. The message goes from a special chip inside the iPhone 6 to the register. It’s called NFC, short for Near Field Communication.
On its website Apple said, “Now paying in stores happens in one natural motion — there’s no need to open an app or even wake your display thanks to the innovative Near Field Communication antenna in iPhone 6. To pay, just hold your iPhone near the contact less reader with your finger on Touch ID. You don’t even have to look at the screen to know your payment information was successfully sent. A subtle vibration and beep lets you know.”
