At the iPhone 6 Apple event on September 9, 2014, Apple Inc. announced that on October 20, 2014 it will start a new service called “Apple Pay” in the United States. It is a mobile pay and digital wallet service that users can pay for retail and online purchase using many Apple devices. Major banking institutions including Wells Fargo and Bank of America; major credit cards including Visa, MasterCard and American Express; and more than 500 other regional banks have already signed onto the service, according to published reports. Apple will use the service at more than 220,000 retail locations including Apple Stores and retail outlets. Already announced retailers include McDonald’s, Macy’s, Chevron, Panera Bread and many others. It appears that the use of Apple Pay for retail purchases are limited to iPhone 6 and iPhone 6 Plus at this time but in coming months it is sure to expand and revolutionize how you pay for your purchases and services securely and effortlessly.
It’s a new global strategy that Apple intends to use to replace credit and debit cards for many users. This new approach is a unique contactless payment system that comes with enough security to make the user comfortable.