With Apple Pay credit card payments will be made with the iPhone instead of a card. Photograph: Ted Soqui/Ted Soqui/Corbis
Apple Pay will launch in the US on Monday, according to the firm’s chief executive Tim Cook.
Initially announced by Eddy Cue alongside the iPhones 6, Apple Pay uses the near-field communications (NFC) chips in newer iPhones to make contactless payments in participating establishments. The service will also be integrated with the company’s upcoming Apple Watch and iPad Air 2.
Users scan and add a card to their iPhone, which can then make payments online and offline at retailers including McDonalds, Whole Foods and Disney’s theme parks.
As well as giving a launch date, Cook announced a large expansion in support for the service, both at the banks’ and the merchants’ end. “Just since last month, we have signed another 500 banks. They will be rolling out support later this year and next year … we’ve got a lot of great apps and a lot of great developers.”
Cue highlighted the security and privacy benefits of the service in his introduction. The technology behind Apple Pay involves sending the merchant a single-use token with which they approve the payment. Unlike a credit card number, which provides all the information required to make future payments, a merchant can’t re-use the token later – and neither can someone who steals the information.
The service will also integrate with Apple’s TouchID fingerprint sensors. Before a payment can be sent, users must authenticate themselves with their devices. As an additional security measure, Apple Pay can be deactivated remotely using the company’s Find My iPhone service.
On privacy, Cue wasted no opportunity to swipe at rival Google: “We don’t store the credit card number, and we don’t give it to the merchant … We’re not in the business of collecting your data.”
The company doesn’t store where users spend their MONEY, what they bought, “or any other details”.
Analysts praised the service as a good move, but cautioned that the overall success of Apple Pay depended on how quickly the company could roll it out overseas.
“Apple Pay will offer a huge demand reinforcement benefit for Apple devices, further strengthening the Apple ecosystem,” said Geoff Blaber, vice president at analyst firm CCS Insight. “The extent of this benefit will depend on how quickly it can roll out beyond the US. This will be a complex task due to the fragmented nature of MARKETS in regions such as Europe, and is likely to take some considerable time and investment. Nonetheless, this will be an area of considerable focus for Apple over the coming years given the significant long-term ecosystem benefits.”
Apple Pay will launch in the US on Monday, according to the firm’s chief executive Tim Cook.
Initially announced by Eddy Cue alongside the iPhones 6, Apple Pay uses the near-field communications (NFC) chips in newer iPhones to make contactless payments in participating establishments. The service will also be integrated with the company’s upcoming Apple Watch and iPad Air 2.
Users scan and add a card to their iPhone, which can then make payments online and offline at retailers including McDonalds, Whole Foods and Disney’s theme parks.
As well as giving a launch date, Cook announced a large expansion in support for the service, both at the banks’ and the merchants’ end. “Just since last month, we have signed another 500 banks. They will be rolling out support later this year and next year … we’ve got a lot of great apps and a lot of great developers.”
Cue highlighted the security and privacy benefits of the service in his introduction. The technology behind Apple Pay involves sending the merchant a single-use token with which they approve the payment. Unlike a credit card number, which provides all the information required to make future payments, a merchant can’t re-use the token later – and neither can someone who steals the information.
The service will also integrate with Apple’s TouchID fingerprint sensors. Before a payment can be sent, users must authenticate themselves with their devices. As an additional security measure, Apple Pay can be deactivated remotely using the company’s Find My iPhone service.
On privacy, Cue wasted no opportunity to swipe at rival Google: “We don’t store the credit card number, and we don’t give it to the merchant … We’re not in the business of collecting your data.”
The company doesn’t store where users spend their MONEY, what they bought, “or any other details”.
Analysts praised the service as a good move, but cautioned that the overall success of Apple Pay depended on how quickly the company could roll it out overseas.
“Apple Pay will offer a huge demand reinforcement benefit for Apple devices, further strengthening the Apple ecosystem,” said Geoff Blaber, vice president at analyst firm CCS Insight. “The extent of this benefit will depend on how quickly it can roll out beyond the US. This will be a complex task due to the fragmented nature of MARKETS in regions such as Europe, and is likely to take some considerable time and investment. Nonetheless, this will be an area of considerable focus for Apple over the coming years given the significant long-term ecosystem benefits.”
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