Apple today announced Apple Pay, a service which the company calls “an entirely new payment process.” Apple Pay is only available in the U.S. for the upcoming iPhone 6 and iPhone 6+, and integrates with Apple’s Passbook app (which originally launched with iOS 7).
Speaking on stage at its keynote event, Apple chief Tim Cook criticized credit cards, a technology “five decades old.” With this launch, Apple has set up partnerships with major retailers like McDonalds, Whole Foods, Disney, Target.
The announcement follows earlier reports which originally described an NFC-powered digital wallet for the iPhone 6, built in partnership with American Express and Visa. During the event, Apple revealed that Apple Pay also supports Master Card.
It’s been clear for quite some time that Apple would eventually invest in mobile payments. Back in April, Apple revealed that its users had registered a whopping 800 million iTunes accounts, many of which have credit cards attached. And during the first quarter of this calendar year, Apple users apparently dropped $5.2 billion in iTunes purchases.
Banking technology site Bank Innovation reported hours ago (ahead of the event) that Square and PayPal partnered with Apple on its upcoming payments service. Square had its own wallet app, but pulled it back in May.
More to follow.
For a complete list of everything Apple announced today, head here.
Apple designs and markets consumer electronics, computer software, and personal computers. The company’s best-known hardware products include the Macintosh line of computers, the iPod, the iPhone and the iPad. Apple software includes t… read more »
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