NEW YORK: Development is a never ending process as Apple Pay by technology giant Apple Inc allows fans Smartphone to act as a one-stop device for all credit and debit card payments, is the latest addition to the list of such endeavours.
Apple Pay is available for use on iPhone 6 variants as well as some iPads while iPhone5 users can also use it through the Apple Watch. “Our vision is to replace this, and we are going to start by focusing on payments,” said Apple CEO Tim Cook to a cheering crowd while standing in front of an image of a fat wallet full of cash and credit cards. Cook believes that Apple Pay will replace what he calls an “antiquated process”.
Apple Pay certainly feels like a modern and simple system. Setting up users Apple device with their financial information is easy, while paying is even easier. After users hold their device next to the ‘point of sale’ system store during a sale, they simply authenticate the transaction by pressing their finger on the phone’s Touch ID sensor. All communication between the Apple device and the point of sale system takes place through Apple’s near field communication antenna and is protected by a chip which encrypts financial information. One of the seven men behind the patent of this impressive technology is Ahmer Ali Khan, a Pakistani from Rawalpindi currently based in Silicon Valley.
At the moment, Apple Pay has partnered with American Express, Visa and MasterCard, and debuted in over 200,000 stores in the United States. As expected, Cook promises that Apple Pay will also be launched in international markets.