Apple announce Apple Pay at their September Event 2014

Apple announce Apple Pay at their September Event 2014

Tim Cook and Eddie Cue unveiled Apple's solution to replace the traditional wallet and revolutionalise the way we shop online and in store by announcing Apple Pay.

As Tim Cook pointed out "When you think about it, paying for stuff is a real pain. There are a lot of little steps you have to take every time you break out your wallet. Credit and debit cards have exposed account numbers, outdated magstripes, and vulnerable security codes. The entire payment process is based on technology invented more than 50 years ago."

Apple Pay combines seamlessly integrated hardware, software, and services and is built into the iPhone 6 and iPhone 6 plus models with groundbreaking NFC antenna, the security of Touch ID, the privacy of the Secure Element and the convenience of Passbook.

To get started with Apple Pay, you simply add a card from your iTunes account.

Apple Pay will work with the three major payment networks: American Express, MasterCard, and Visa.

Eddy Cue was quick to point out that to ensure the highest security and privacy, Apple doesn’t know what you bought, where you bought it, or how much you paid for it. It generates a dynamic security code, replacing the static security code from the back of your card.

Apple Pay will work with the three major payment networks: American Express, MasterCard, and Visa and works with the top bank issuers that handle 83% of the credit card purchase volume.

Apple Pay is starting in the U.S. but will be available in other countries in the near future.