Apple Pay to be launched this week

The coming weekend will see the launch of the iPhone-based ‘Pay’ from the house of Apple. Following the launch, US residents (no, the facility will not be made available for people living in the UK or any other country besides the US at this moment) using the newly launched Apple handsets the iPhone 6 and the iPhone 6 Plus will be able to purchase services and goods just by tapping their phones against a unique payment terminal.

Reports obtained from sources close to the Cupertino, California-based tech biggie are, however, suggesting that the company’s employees have already started using a new application for buying their lunch.

A recently leaked internal memo to people working at the American retail chain Walgreens clearly states that the company will be adopting the new payment service from Saturday, October 18. Staples, Macy’s and McDonalds are three other companies that, according to reports, have also signed contracts for adopting Apple Pay.

Media have got hold of some leaked documents that indicate that this week the Apple Store staff will need to undergo an hour-long training, during which they will be taught the process of using Pay. The documents also reveal that the system is already in use at the staff canteen Caffe Macs at the company’s headquarters in Cupertino, California.

The tech giant announced that it will be launching a payment service called Apple Pay last month when unveiling the iPhone 6 and iPhone 6 Plus smartphones. The company when announcing ‘Pay’ revealed that it is hoping see the new service replacing the traditional payment procedures using debit and credit cards.

Apple Pay will be made available on all iPhone 6 and iPhone 6 Plus. The system works using NFC chips; these are chips capable of communicating wirelessly and securely. Another prominent feature of the system is the Touch ID, a fingerprint sensor meant for being used for authenticating purchases.

When announcing Apple Pay, Tim Cook, the company’s CEO, said that the technology based on which credit and debit cards operate are extremely old and as a result outdated. He added that when it comes to these cards, users need to rely completely on exposed numbers and the highly susceptible magnetic interface, which according to him, is almost 50 years old. Cook also mentioned that security codes that accompany these cards are far from being 100% secure.

The newly launched iPhones come with a built-in iSight camera, which can be used for taking a photo of the user’s bank card; the details captured in the photo get automatically added to the new payment service under a new application called Passbook. Once this process is over, users will be able to make payments at any shop compatible to the system just by tapping their handset and pressing their finger on the phone’s Touch ID sensor.

It is believed that Apple has decided to launch the technology first in the US as people in the US get to use less sophisticated credit cards. While, in the UK, most banks offer cards carrying chip-n-PIN technology, no such technology is observed in US credit cards. Here, it must be mentioned that in the US Apple has entered a partnership with Visa and MasterCard for launching ‘Pay’.

Tagged with

Leave a Reply

Your email address will not be published. Required fields are marked *

eleven + 15 =