Apple unveils Apple Pay; A Mobile Payment System

If you followed our Live Blog Yesterday, you would already know about the 2 new iPhones and the Apple Watch. Along with the new iPhones Apple announced its Mobile Payment Solution; Apple Pay.

Apple Pay lets users add payment cards to Passbook with their phones’ cameras, securely storing your data. It supports Visa, Master Card, and American Express, and a number of big-name banks are similarly on board.

Beyond tap-to-pay at retail locations, Apple Pay will manage payment details for online purchases through participating merchants.

With the iPhone 6 and 6 Plus supporting NFC, Apple Pay mobile payments will be available at some 220,000 retail locations across the US. Apple Pay will be a US-exclusive for the time being. Even then, it won’t be available immediately following the iPhone 6 release, and will instead go live sometime in October.

Source – Apple