Apple Reveals Apple Pay Mobile Payment Platform

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Apple also unveiled their new mobile payment platform called Apple Play. Here are the details:

• Apple Pay will work with the three major payment networks: American Express, MasterCard, and Visa.
• To get started with Apple Pay, you can simply add a card from your iTunes account.
• Apple Pay will be available in the U.S. in October 2014
• There’s no need to fill out lengthy account forms. Card details are kept private and won’t be shared with the online merchant.
• Apple Pay is built through relationships with great retailers and partners.
• Apple Pay works with the top bank issuers that handle 83% of the credit card purchase volume.
• There are more than 220,000 merchant locations that accept contactless payment.
• Cashiers don’t see your name, your card number, or your security code.
• Apple doesn’t know what you bought, where you bought it, or how much you paid for it.
• It generates a dynamic security code, replacing the static security code from the back of your card
• Each transaction is authorized with a one-time unique number.
• When you add a card to Passbook, its number is never stored or shared on your device or Apple servers.
• To add a different card, just use your iSight camera.

This is going to be a huge opportunity for Apple, and this program should prove to take the company to a whole new level in taking care of their customers.