Apple has announced Apple Pay, a new category of service designed to transform mobile payments with an easy, secure and private way to pay. It work with the iPhone 6 and iPhone 6 Plus through a NFC antenna design, a dedicated chip called the Secure Element, and Touch ID.
Eddy Cue, Apple's senior vice president of Internet Software and Services, says Apple Pay is easy to set up, so hundreds of millions of users can simply add their credit or debit card on file from their iTunes Store account. Apple Pay will also work with the newly announced Apple Watch, extending Apple Pay to over 200 million owners of iPhone 5, iPhone 5c and iPhone 5s worldwide.
Apple Pay supports credit and debit cards from the three major payment networks, American Express, MasterCard and Visa, issued by the most popular banks including Bank of America, Capital One Bank, Chase, Citi and Wells Fargo, representing 83% of credit card purchase volume in the US. In addition to the 258 Apple retail...
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