Apple launched Apple Pay – That can perform mobile payments in easy way

Apple has announced a new category of service which can perform mobile payments in easy way, the service is Apple Pay. The service is secured and private way to pay. The service is an added feature with iPhone 6 and iPhone 6 Plus, Apple Pay works through a groundbreaking NFC antenna design, it uses a dedicated chip called the Secure Element. With the help of Apple pay the users can simply add their credit or debit card details and use them for downloading the iTunes from store, this facility is available on newly launched Apple Watch also. There are three major payment networks Apple using for the support of credit and debit cards payment on iTunes store. The payment networks are American Express, MasterCard and Visa which are issued by most popular banks. The Bloomingdale’s, Disney Store and Walt Disney World Resort, Duane Reade, Macy’s, McDonald’s, Sephora, Staples, Subway, Walgreens and Whole Foods Market are also included in the Apple Pay. Apple Pay can also be used in Apple Watch which can be used as Virtual wallet at 220,000 merchant locations across US, the feature can also be used to buy apps on App Store.

The payment is very secure and had privacy, the cashier person can’t get any value while paying through Apple Pay, none of the values like Credit card number, person name and security code. “Apple doesn’t collect your purchase history, so we don’t know what you bought, where you bought it or how much you paid for it. If the user phone is stolen or lost, user can use Find My iPhone to quickly suspend payments from that device” said Eddy Cue, Apple’s senior Vice President. When user adds credit card or debit card details with Apple Pay, it will not store the actual card number anywhere may be on device nor the Apple servers, instead it generates a unique device Account Number and assigns. Whenever a transaction is carried it generates one-time unique number, instead of using the   security code from the back of the card. “Apple Pay is the kind of innovative thinking that brings the worlds of online and offline commerce closer together,” said Kean Chenault, CEO of American Express, he also expressed his wish to work with Apple Pay with the card members. It is a finger touch distance for the user to buy from stores using Apple Pay. Users can pay all services including apparel, electronics, health and beauty products, tickets and more with Touch ID. The Apple Pay is available with iPhone 6 and iPhone 6 plus from October, it is available first only in US, it is a free update to iOS 8.