Apple Pay, the mobile payment product from Apple, is set to launch at U.S. stores on Monday, changing the checkout experience at some of the largest restaurants and retailers in the country.
Apple Pay works on iPhone 6 and iPhone 6 Plus devices for both brick and mortar and online purchases. Some industry experts are calling the service a credit card killer, ABC News reports. With Apple Pay, customers no longer need to pay with cash or credit or debit card, potentially speeding up check out lines.
[quote text_size=”small” author=”– Tim Cook” author_title=”Apple CEO”]
We believe Apple Pay is going to be huge. It’s going to change the way we pay for things. The journey begins (Monday) and we can’t wait.[/quote]
More than 220,000 checkout counters at major stores, including McDonald’s, Chevron and Whole Foods, will be equipped with the contactless readers on Monday. More than 23 store brands have been listed by Apple that will accept online Apple Pay payments, Computer World reported. Apple will support credit and debit cards from MasterCard, Visa and American Express.
More than 500 financial institutions are already backing Apple Pay, the Wall Street Journal reported. Along with major card issuers like JPMorgan Chase and Bank of America, many regional banks like Regions Financial Corp in Birmingham and smaller banks like Webster Financial Corp in Waterbury will offer Apple Pay.
Shoppers simply position their iPhone near the reader, hold their finger on the TouchID and the transaction is complete. The technology uses a Near Field Communication (NFC) antenna in the iPhone 6 that communicates with the payment point.
Apple Pay promises to improve credit card transaction security, as neither Apple nor merchants see or store credit card information. Users set up payment by taking a photo of their card and adding it to the iPhone’s Passbook, which assigns a unique device account number and stores it on the phone’s Secure Element Chip. A dynamic security code is then generated for every transaction.
