EVERYTHING YOU WANT TO KNOW ABOUT APPLE PAY
What exactly is Apple Pay?
Apple Pay is basically a wireless payment system that will allow you to make payments by holding your Apple Watch or iPhone 6 and above close to the payment point in a shop.
You can use your fingertip to authenticate. You no longer have to remember PIN numbers or carry plastic cards in your wallet. The system will also work online with the help of apps.
HOW DOES IT WORK?
Apple Watch and iPhone support the NFC technology, which allows you to securely transfer data wirelessly between two devices that enjoy physical proximity. This technology is ideal for making mobile payments. All you have to do is to hold the Apple Watch or iPhone next to a payment point compatible with this technology and then authenticate.
APPLE PAY COMPATIBILITY
Older versions of the iPhone are not supported, but there is a way to get around this. If you pair your Apple Watch with an older version of iPhone, you will be able to make payment with that as well.
IS IT SAFE TO MAKE PAYMENTS WITH APPLE PAY?
It is. It is perhaps safer than the old card payments we have been making for years. This is probably because when you make payments with Apple Pay, the staff at the retail outlet will not be able to see your card number or name.
The iPhone applies a one-time code instead of the data stored in your debit or credit card to process the payment. Retailers don’t have to keep any of this information.
Now in case you lose your iPhone, you can remotely stop the use of all payment information stored on it through ‘Find My iPhone’.
HOW TO APPLY FOR APPLE PAY?
If you use iTunes, you probably already have your payment information on Apple’s system so you can start using Apple Pay as long as you have an iPhone 6 or above. Adding a new payment card is also easy.
Using the camera on your iPhone, grab a photo of the payment card you would like to add. The phone comes with clever software that can pull out all relevant details. The next step is to verify with the bank that the card you have added is indeed yours.
After you have completed the verification process, you can add that card to the Passbook application.
APPLE PAY SUPPORT
Right now, around 70% of stores support Apple Pay in the US. These include Disney, McDonald’s, Nike, Staples, Whole Foods, Subway, and many more. Apple has won the support of MasterCard, American Express, and Visa. It has also entered into agreements with major banks.
It is growing rapidly in Europe and the UK.