Apple Pay is a mobile payment service by Apple Inc that allows users to make payments in person, in iOS apps, and on the web.
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16 Facts About Apple Pay
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Apple Pay added that they would not track usage, which would stay between the customers, the vendors, and the banks.
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Apple Pay assumes some liability for fraudulent use of the service.
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Banks are expected to carry the burden of the service, and Apple Pay is said to have negotiated smaller transaction fees.
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Additionally, in certain markets which have a 'no verification contactless limit' using contactless cards, the use of CDCVM can enable merchants to accept transactions higher than these amounts using Apple Pay, providing their terminal software is updated to support the latest network contactless specifications.
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Apple Cash, formerly Apple Pay Cash, is a feature that allows the transfer of money from one user to another via iMessage.
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Service was in preparation for "a long time", as Apple acquired startups, hired executives and filed patents related to payments.
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Apple Pay then approached several big banks in mid-2013 and did not divulge the names of the other banks.
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Apple Pay announced an API for app developers to build Apple Pay checkout into their apps.
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The new Apple Pay enabled ATM is outfitted with the NFC reader and logo that Apple Pay users have become used to seeing since the service launched.
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On March 25,2019, Apple Pay Card was announced in partnership with Goldman Sachs and Mastercard.
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Apple Pay can be used with cards issued in 74 countries and territories worldwide.
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Unlike the equivalent physical credentials, mobile government IDs in Apple Pay Wallet operate over NFC, so no barcode is scanned when presenting.
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BusinessWeek's Joshua Brustein added that Apple Pay has a history of letting "first movers fail" with an early version of the service before releasing "a more polished version of the same idea".
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Apple Pay predicted that the service's effect on the mobile payments industry would be similar to the iPhone's effect on the smartphone industry.
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16.
Outside the United States and the United Kingdom, Apple Pay can be used with American and British payment cards at compatible NFC-based payment terminals.
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