Apple Pay is the new digital wallet that makes life more Appy.
A new contactless payment system that lets people use their iPhones to tap-and-pay in high street shops has been launched in the UK. Apple Pay will let iPhone 6, 6 Plus and Apple Watch owners pay for items costing up to £20 by just touching their gadgets to a payment terminal, much like contactless credit cards.
Apple Pay is in effect a digital wallet. It lets users use their credit and debit cards through Apple’s Passbook app. There are two ways to use it: in a physical high street store and online.
Only people with the latest generation of iPhones, or an Apple Watch, will be able to use it in stores. Apple Pay uses near-field communications (NFC) found in the iPhone 6, 6 Plus or Apple Watch in a similar manner to contactless cards.
What’s the competition doing?
Unlike the US, the UK has had robust support for contactless payments through credit and debit cards. Contactless payments were up 255% in 2014, while 58m contactless cards were in circulation.
Read the full article on theguardian.