Apple's new Apple Pay payment system
Apple reveals new Payment System that will "...forever change the way all of us buy things..." according to Apple CEO Tim Cook.
Apple unveils new ‘bigger’ iPhone 6 and "Apple Pay" payment system
Apple announced a pair of iPhones with larger screens, one is 4.7 inches (which will likely be called iPhone 6) and the other is 5.5 inches (most likely the iPhone6+). The current iPhone 5S has a 4 inch screen. The new iPhones are scheduled to go on sales on September 19. Apple also announced a new ‘smart’ Apple-watch.
Just as important as the new hardware, Apple unveiled a new digital payment system they are calling Apple Pay; Apple CEO Tim Cook said, “Apple Pay will forever change the way all of us buy things…” it is an entirely new and different payment process. You should be able to simply tap your phone on a payment terminal and put your finger on the home button of your iPhone 6 for identification. The payment solution will be able to access credit cards in the Passbook application along with other ‘merchant related’ credits like ‘gift cards’ with all of the information stored in a new ‘secure element chip’ within the iPhone 6. The link between the iPhone and the merchant’s payment terminal will be via a one-time payment number with dynamic security code so that the actual credit card identification data never has to pass to the merchant. Apple Pay should be available within the United State sometime in October, 2014.