Apple Pay Debuts Today At Over 220,000 Locations
By Christine Kern, contributing writer
New Apple Pay launched today for iPhone6 and iPhone6 Plus allows users to tap and pay.
Today marks the debut of Apple’s new Apple Pay, and it comes with the release of an iOS 8.1 update.
The new digital wallet format for the new iPhone6 and iPhone6 Plus and also for the newly unveiled iPad Air 2 and iPad Mini 3 devices, uses device account numbers, a new NFC (near field communication) antenna design, touch ID, a dedicated chip called the Secure Element, and dynamic security codes to keep transactions secure and protect account information creating a one-time payment number and security code each time a user pays. It does not store credit card information, and when a consumer uses Apple Pay, the clerk does not see the customer’s name, credit card number, or security code to complete the transaction.
“Our team has worked incredibly hard to make Apple Pay private and secure, with the simplicity of a single touch of your finger,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services in a company statement. “The reaction to Apple Pay has been amazing. We continue to add more Apple Pay ready banks, credit card companies and merchants, and think our users will love paying with Apple Pay.”
Today’s launch of Apple Pay means that it will be accepted by over 220,000 retailers nationwide. Among the early merchants that will support Apple Pay are Macy’s, Bloomingdales, Walgreens, Staples, Subway, Nike, Subway, Petco, Radio Shack, Chevron, and McDonalds.
Although some major retailers like Walmart have opted out of Apple Pay, some relying on mobile payment systems of their own, it does have the backing of Visa, Master Card, and American Express, and in addition to American Express, Bank of America, Capital One Bank, Chase, Citi, Wells Fargo, and others, 500 additional banks have signed onto Apple Pay since September, according to the statement.
Leading retailers are eager to try out the new mobile payment system and hope that it will improve the overall customer experience.
“We are excited to make it easier and more convenient for our customers to shop at Whole Foods Market,” said Walter Robb, co-CEO of Whole Foods Market in the Apple statement. “We are thrilled to be one of the first retailers to accept Apple Pay across all of our locations nationwide as it offers our shoppers a fast, private and secure check out option at our stores.”
Apple CEO Tim Cook said Thursday of the new rollout, “"We think it is going to be profound. It's going to change the way we pay for things.”