5 Interesting Facts About Apple Pay

Apple Pay is a brand new feature that was released on Monday, October 20, 2014. It is considered a groundbreaking feature and is available for the iPhone 6 and iPhone 6 Plus as it enables users to make payments directly from their phones. This is the type of feature that has been present in Android powered smartphones for several years, so Apple fans will be delighted that they can finally have such a privilege. There are a few facts about Apple Pay that you will want to know if you plan on buying an iPhone 6 or 6 Plus or if you are already the proud owner of one of them.

Apple Pay was developed and released with support from credit card companies MasterCard, Visa and American Express. This means that payments can be made if you have a credit card by one of those companies. At the same time, there is a bit more to it than that because your bank must also support the Apple Pay feature. Apple has revealed that the top banks are supporters of the feature. Some of these banks include Chase, Bank of America, Citi, Wells Fargo and Capital One.

Apple Pay is more than simply a digital wallet on your iPhone. It runs on NFC or near-field communications technology, relies on the Touch ID feature built into the iPhone 6 and 6 Plus and digitally stores your credit card information. It is also useful for adding dollar amounts to store rewards cards.

When you want to add your credit cards to Apple Pay on your new iPhone 6 or iPhone 6 Plus, all you need to do is snap a photo of your card with the phone’s camera. Apple Pay will automatically detect the name and number on the card and remember that information. You are required to enter the security code and expiration date of the card and then select which card you want to use as your default if you add more than one to your iPhone.

Your credit card number is never present on your iPhone through Apple Pay. Instead, it creates a unique number each time you make a purchase. This is known as the secure element. Every time you make a purchase with Apple Pay, the credit card issuer will receive a unique number for any transaction and that number is then tied to your credit card account.

One of the best facts about Apple Pay is that it never stores information about your credit card or information regarding your purchases on a server. Everything remains anonymous so that the item you bought and the store from which you purchased it remains private.

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