Editor in Chief
- Jul 27, 2011
- Reaction score
We have a couple of intriguing things to share with you today regarding Apple's new Apple Pay mobile payment service. First, the above video is a great little demo on just how easy it will be to use the new service. Apple’s concept is as easy as it gets, which is unsurprising coming from them. Consumers paying a default card don’t even need to touch their displays in order to pay. You just need to move the handset near the payment terminal, then authenticate with Touch ID after the Apple Pay interface pops up. That's it! Very handy.
Also, it's worth sharing (especially for Apple investors) that Apple Pay will likely be a cash cow for Apple. Apple created individual deals with each bank it partnered with on this program. This includes big names like JPMorgan Chase, Bank of America, Citigroup, and many more. According to the deals struck with these companies, Apple will actually be collecting a fee from every transaction when using Apple Pay.
In conjunction with your credit card info stored on iTunes, Apple Pay uses the Touch ID fingerprint sensor combined with a new "Secure Element" functionality, and their new NFC antenna built-in to the iPhone 6 and iPhone 6 Plus. Interestingly, Apple Pay is also compatible with the Apple Watch which launches early next year.