As expected, Apple has announced its own mobile payment system called ApplePay, which works via the NFC support offered by the iPhone 6 and iPhone 6 Plus.
In news that won't surprise anyone in view of the recent iCloud storm, Apple touted its convenience and security.
Instead of using your credit card details, ApplePay has something called the Secure Element – this encrypts your payment info and stores it securely.
All you have to do is select Use Card on File, or Add New Card to assign which credit card you’d like to pay with. Instead of using your credit card number, it assigns a one-time payment number.
If you lose your iPhone or have it stolen, you can use Find My iPhone to suspend payments from the device. There’s no need to cancel your credit cards, which is a big plus.
Apple says it is “not in the business of collecting your data.” ApplePay doesn’t record what you bought or how much you paid for it.
You can use ApplePay anywhere you use contactless payments. Apple is also working with McDonald’s (the chain is also installing it in its drive throughs), Whole Foods, Subway, Apple Stores, Nike, Disney Stores and Disney World, among others.
It’s simple to use online too. It uses one-touch checkout, so you can buy something as easily as pressing a button, much like Amazon’s one-click payment system.
Again, no credit card details are shared, which should make it safer than rival systems.
ApplePay will rollout from October in the US. Apple says it’s working on bringing it to more countries too, so we’ll have to wait to hear about a UK launch.