Apple has finally launched the hotly anticipated payment service called Apple Pay.
The service was first demonstrated at the September 9 event, where the iPhone 6, 6 plus and Apple Watch also made an appearance.
With Apple Pay, a buyer only needs to hold the iPhone near a wireless reader at the point of payment and press a thumb on the home button of the iPhone. This will activate Apple’s Touch ID finger. Apple’s CEO Tim Cook says, within 10 seconds, you are out the door.
This is Apple’s innovation into the U.S. payment markets; you don’t need to access your phone, input numbers, and carry-out other rigorous verification processes. You won’t even have to wait, or try same process again when it fails to initialize payment, on Google wallet or PayPal. With the Apple Pay, all those hassles become history.
Currently, Apple Pay supports credit and debit cards from American Express, MasterCard and Visa and cards from Bank of America, Capital One Bank, Chase, Citi, Wells Fargo. The firm says over 500 new banks have signed on to Apple Pay to allow customers make purchases in stores and within apps.
Image via Erickson