After the set of Apple devices launch, Apple unveiled their payment service named as ‘Apple Pay’. Apple claims that this service is reliable, highly secured and fast.
Apple has tied up with major payment network like American Express, Master Card and Visa to make them work with Pay. The new payment service will work with the new iPhone devices, thanks to the embedded NFC chip in the A8 processor. Apple says they have designed a dedicated chip, called the ‘Secure Element’ for Apple Pay. It carries out the whole process securely.
For making a payment via Apple Pay one need to add their card to the iTunes Store. Apple generates a dynamic security code from your card, replacing the static data on the back of card. User need to click a picture of the card and add it to the online service for further verification.
It will also work with the Apple Watch. A unique device number is assigned to each device via the Secure Element. Apple also claims that no user card data is stored into the device. If a customer reports a lost device, will suspend all further payments. With Apple Pay user can securely pay with the tap of their phone. Apple Pay API will be available to developers to integrate to their apps. It will be available in the US as a free update to iOS 8.