APPLE'S PAY system for making secure mobile payments will come to the newly announced iPhone 6, iPhone 6 Plus and Apple Watch from October.
The Apple Pay payment option is secure, according to the firm, and a fitting part of hardware that include the "biggest advancements in iPhone history," according to Apple CEO Tim Cook.
According to Cook the hardware is great for both Apple and consumers. "Only Apple can combine the best hardware, software and services at this unprecedented level and we think customers are going to love it," he said.
Apple said that Apple Pay can be used in stores for physical goods and services in 220,000 stores at launch, and that all people need to do to make a secure transaction is wave their phone in the direction of a near field communications (NFC) reader while holding down their TouchID button.
It added a chip, called Secure Element and new to the iPhone 6 models, stores payment information in an encrypted format. Apple Pay has the backing of banks and payment processors including Amex, Visa and Mastercard.
"Security and privacy is at the core of Apple Pay. When you're using Apple Pay in a store, restaurant or other merchant, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud," said Apple SVP of Internet Software and Services Eddy Cue.
"Apple doesn't collect your purchase history, so we don't know what you bought, where you bought it or how much you paid for it. And if your iPhone is lost or stolen, you can use Find My iPhone to quickly suspend payments from that device."
The firm is pleased, and the market has welcomed the move too. Worldpay UK MD Dave Hobday said that Apple might have the weight to take such payments into the mainstream.
"If the iPhone 6 lives up to the hype, it could take a whole swathe of consumers one step closer to ditching their wallets, but things won't change overnight," Hobday said.
"Retailers should be looking to boost investment in new payment readers when it's clear customers are ready to use them en masse... There's no doubt Apple has the clout to change consumer behaviour, but we're not yet at the stage where retailers will lose a sale because they can't take mobile payments."
Security looks okay. Voltage Security VP of Product Management Mark Bower said that Apple is moving away from the "vulnerable" card and token payment system and will, with support, help cut down cyber theft.
"With this announcement, Apple validates the data-centric security model and shines a spotlight on the need for the payment world to move on from vulnerable static credit card numbers and magnetic stripes to protected versions of data - tokenized payments," said Bower.
"Through the use of this data-centric security strategy, Apple Pay reduces risk of data breaches and credit card theft where it is supported. However, the world today is still in an early adoption phase with regard to new payment methods and mobile wallets..."
You will be able to use Apple Pay in places like McDonalds, Subway, Petco and Bloomingdales, and through apps including one from Starbucks. In the US, at least. µ
Presumably 'Richard' is your next security worry
Good news if the kids need a summer job
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That's another good reason not to see it