Leave Your Credit Cards At Home: Apple Pay Offers A Virtual Payment Process

October 21, 2014  |  

The just-debuted Apple Pay may replace your wallet. But it will definitely change the way retailers and restaurants in the United States do business.

Apple Pay is the tech giant’s mobile payment product and it works on the iPhone 6 and iPhone 6 Plus for online as well as brick-and-mortar store purchases. Industry experts say this could mean the end of physical credit cards. Already, checkout counters in more than 220,000 stores, such as Whole Foods, McDonald’s and Chevron, are expected to soon be equipped with readers.

To use Apple Pay, you have to position the iPhone near one of the readers at a store, hold your finger on your Touch ID and the item paid for. “A vibration and a beep will let users know that checkout was successful. There’s no need to do anything else,” reports ABC News.

As far as security concerns with Apple Pay, neither Apple nor merchants will see or store any of your private data. So need to worry about the current rash of security breaches that have plagued many major retailers.

You merely take a photo of your credit card and add it to their phone’s Passbook. Once you do this, the card is assigned a unique device account number, encrypted, and stored in the phone’s Secure Element Chip.

And at check out, “the device account number and a dynamic security code are used to complete the transaction. Apple will never know what you purchased, the company said, and you’ll still get rewards points on the credit cards you use,” reports ABC News.

You can also use Apple Pay with the two new iPads that hit the market last week — the iPad Air 2 and the iPad Mini 3. Users add their debit or credit card info from their iTunes account or take a photo with the tablet’s camera. When users want to pay for something, they tap the home button and the transaction is complete.

Apple Pay also works such apps as Target, Uber and OpenTable.

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