Apple Pay the New Mobile payment Overviews

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Alongside the announcement of the iPhone 6 and 6 Plus, Apple also came up with another first, at least for them.

Finally apple has decided to use Near Field Communication (NFC) on their next generation iPhones. Together with the connectivity is Apple Pay, a new mode of mobile payment service that will use the iPhone’s Touch ID and Secure Element, a dedicate chip designed for the Pay that will keep all your information safe and secure.

Users should first register their debit or credit cards on their iTunes account. American Express, MasterCard and Visa are currently being catered, while Bank of America, Capital One Bank, Citi and Wells Fargo are also joining Pay in the process. Losing your credit cards won’t make you run over to the nearest bank; simply suspend any transaction via Find My iPhone. Another good point is that card numbers won’t be stored on your device, let alone on Apple’s servers. Each transaction will generate a unique Device Account Number which is then encrypted on the Secure Element. A one-time unique number will likewise be created using the Device Account Number that substitutes the security code of your credit card.

JPMorgan Chase also extended a helping hand for Apple to fulfill this one of a kind transaction and the both, according to chairman and CEO Jamie Dimon has created a “better, faster, safer payment system”. For now, 258 US Apple retail stores will support Apple Pay as well as leading retailers Bloomingdale’s, Disney Store, Walt Disney Resort, Duane Reade, Macy’s, McDonald’s, Sephora, Staples, Subway, Walgreens and Whole Food Market.

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