Apple Pay which is set to hit the markets in October will make mobile payments that more easy. More and more partners are joining the platform and are being touted as a revolutionary new feature. Apple had rolled out its very own mobile payment solution along with its next iteration of iPhone. The Apple Pay will be supported by the new NFC enabled iPhone devices and Apple Watch.
Apple Pay basically envisages giving its users the ability to make payments using their NFC-enabled devices by simply tapping them on sale points. Apple has cleverly gained a head start by using more than 800 million account users on its iTunes platform to push the technology into the mainstream.
The new payment platform from Apple could be used to make payments with iPhone 6 as well as some older iPhone devices like the iPhone 5, 5S, and 5C and the Apple Watch, which is expected to hit the market in early 2015. The Cupertino giant has roped a virtual Who’s Who like credit card networks Mastercard Inc. (MA), Visa Inc. (V), and American Express Company (AXP). The above three virtually controls approximately 83% of the total plastic transactions. It has also garnered support from major US retailers such as Starbucks Corporation (SBUX), Sephora USA, Inc, Macy’s, Inc. (M), McDonald’s Corporation (MCD), and The Walt Disney Company (DIS) have agreed to accept Apple Pay. The Apple Pay platform is touted to move into the mainstream markets quickly with new users and partners added every day.
Apple Pay uses the NFC Chip technology. It generates a radio signal which allows devices to communicate with one another in close proximity. Apple pay also incorporates security features like Touch ID sensors, Passbook elements like a dedicated chip to store encrypted payment transaction data, and one-touch checkout.