Transforming Mobile Payments with an Easy, Secure &
Private Way to Pay
Apple® today announced Apple Pay™, a new category of service
that will transform mobile payments with an easy, secure and
private way to pay. Apple Pay works with iPhone® 6 and iPhone 6
Plus through a groundbreaking NFC antenna design, a dedicated chip
called the Secure Element, and the security and convenience of
Touch ID™. Apple Pay is easy to set up, so hundreds of millions of
users can simply add their credit or debit card on file from their
iTunes Store® account. Apple Pay will also work with the newly
announced Apple Watch™, extending Apple Pay to over 200 million
owners of iPhone 5, iPhone 5c and iPhone 5s worldwide.
Apple announces Apple Pay-transforming
mobile payments with an easy, secure and private way to pay.
(Photo: Business Wire)
Apple Pay supports credit and debit cards from the three major
payment networks, American Express, MasterCard and Visa, issued by
the most popular banks including Bank of America, Capital One Bank,
Chase, Citi and Wells Fargo, representing 83 percent of credit card
purchase volume in the US.* In addition to the 258 Apple retail
stores in the US, some of the nation’s leading retailers that will
support Apple Pay include Bloomingdale’s, Disney Store and
Walt Disney World Resort, Duane Reade, Macy’s, McDonald’s,
Sephora, Staples, Subway, Walgreens and Whole Foods Market. Apple
Watch will also work at the over 220,000 merchant locations across
the US that have contactless payment enabled. Apple Pay is also
able to make purchases through apps in the App Store℠.
“Security and privacy is at the core of Apple Pay. When you’re
using Apple Pay in a store, restaurant or other merchant, cashiers
will no longer see your name, credit card number or security code,
helping to reduce the potential for fraud,” said Eddy Cue, Apple’s
senior vice president of Internet Software and Services. “Apple
doesn’t collect your purchase history, so we don’t know what you
bought, where you bought it or how much you paid for it. And if
your iPhone is lost or stolen, you can use Find My iPhone to
quickly suspend payments from that device.”
Apple Pay will change the way you pay. When you add a credit or
debit card with Apple Pay, the actual card numbers are not stored
on the device nor on Apple servers. Instead, a unique Device
Account Number is assigned, encrypted and securely stored in the
Secure Element on your iPhone or Apple Watch. Each transaction is
authorized with a one-time unique number using your Device Account
Number and instead of using the security code from the back of your
card, Apple Pay creates a dynamic security code to securely
validate each transaction.
“JPMorgan Chase has been pleased to collaborate on Apple Pay to
create a better, faster and safer payments system, which puts the
customer first, creating an exceptional customer experience for
consumers and merchants. Everyone wins,” said Jamie Dimon, chairman
and CEO, JPMorgan Chase & Co.
“We’re providing our customers with tools to make their
financial lives better, including our 30 million digital banking
customers,” said Brian Moynihan, CEO of Bank of America. “For them,
better means simple and convenient. Apple Pay is another exciting
move in that direction.”
“Apple Pay is the kind of innovative thinking that brings the
worlds of online and offline commerce closer together,” said Ken
Chenault, CEO of American Express. “We’re excited to work with
Apple to offer Card Members and merchants a simple and secure way
to make purchases in stores and on apps.”
Online shopping in apps with iPhone is also as simple as the
touch of a finger. Users can pay for physical goods and services
including apparel, electronics, health and beauty products, tickets
and more with Touch ID. Checkout can happen with a single touch, so
there’s no need to manually fill out lengthy account forms or
repeatedly type in shipping and billing information, and card
details are kept private and are not shared with the online
merchant. For example, quickly order grill accessories for a
backyard BBQ from the Target app, easily request a ride with Uber
without having to create an account first or avoid the lunch line
by using Rapid Pick-Up and paying ahead in the Panera Bread app.
Simply make your selection and when ready to buy, use Apple Pay to
complete the transaction.
Starting in October, with iPhone 6 and iPhone 6 Plus, Apple Pay
will be available in the US as a free update to iOS 8. Apple Pay
will work in stores with iPhone 6, iPhone 6 Plus and Apple Watch.
Apple Pay APIs will be available to developers in iOS 8 so they can
enable purchasing physical goods within their apps on iPhone 6 and
iPhone 6 Plus.
* American Express, Bank of America, Capital One Bank, Chase,
Citi and Wells Fargo at availability with additional banks coming
quickly thereafter including Barclaycard, Navy Federal Credit
Union, PNC Bank, USAA and U.S. Bank.
Apple designs Macs, the best personal computers in the world,
along with OS X, iLife, iWork and professional software. Apple
leads the digital music revolution with its iPods and iTunes online
store. Apple has reinvented the mobile phone with its revolutionary
iPhone and App Store, and is defining the future of mobile media
and computing devices with iPad.
NOTE TO EDITORS: For additional information visit Apple’s PR
website (www.apple.com/pr), or call Apple’s Media Helpline at (408)
974-2042.
© 2014 Apple Inc. All rights reserved. Apple, the Apple logo,
Mac, Mac OS, Macintosh, Apple Pay, iPhone, Touch ID, iTunes Store,
Apple Watch and App Store are trademarks of Apple. Other company
and product names may be trademarks of their respective owners.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140909006536/en/
AppleNat Kerris, 408-974-6877nat@apple.comTrudy Muller,
408-862-7426tmuller@apple.com
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