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What is Apple Pay?

Apple customers who own the iPhone 6, iPhone 6 Plus, iPad Air 2, iPad mini 3 and the Apple watch are able to add their debit or credit card information to their devices in Passbook. If they have their debit cards entered on their iTunes accounts, all they have to do to activate Apple Pay is to add their card’s security code, located on the back of the card.

Apple Pay is Convenient

Apple Pay makes in-store purchases easier for people who own one of several Apple devices. The customer simply has to hold his phone, watch or iPad to a reader that then collects the customer’s card information. Using the iPhone 6 as an example, this device contains a Near Field Communication antenna inside. This antenna enables the customer to quickly pay for his purchase, without even having to remove his credit or debit card from his wallet. All the customer needs to do is choose Apple Pay and place a finger on the Touch ID on the front of the phone (large circle at the bottom center of the phone).

Payment Method is Secure

Credit card processing is secure using Apple Pay. Because the customer never needs to remove his credit or debit card from his wallet, other customers can’t see his name, the credit card number, expiration date or the security code on the back of the card.

When the Apple owner adds debit or credit card numbers to his device, Apple creates a Device Account Number, which is stored inside the phone’s Secure Element. The Secure Element is a dedicated chip that stores the credit card information – it is never stored on the Apple servers. Going even further, the Device Account Number is paired with a dynamic security code generated for the specific purchase, which further increases security. If the device owner loses his phone/iPad/watch, he can electronically wipe the device, which removes all of his account information from the device. He can also deploy Find My iPhone, which suspends Apple Pay.

Apple Pay is Accepted in Several Stores

While Apple Pay is a new method of electronic payment, more and more stores are choosing to accept Apple Pay, creating merchant accounts to enable this form of payment. Participating merchants display one of two symbols that alert their customers to their participation in the Apple Pay program. Apple Pay is also available in apps on the above Apple devices.


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