4 Big News about Apple Pay from Yesterday’s Event

October 17, 2014     By : LTP Team

At an exclusive event yesterday, Apple made a host of announcements about new developments around its devices and software as. There were some major revelations made at the event highlighting Apple’s payments roadmap.

Apple Pay to go live on Monday

The new payments system can be used actively post Monday. iPhone 6 and iPhone 6 Plus users can start making payments at numerous retailers and partner merchants. Users can link Apple Pay to their bank accounts thanks to Apple’s collaboration with banks and credit card issuers. The new payments system would actively use a combination of features like NFC, secure element, tokenization and biometric authentication to enable payments.

Almost 3 dozen merchants accept Apple Pay

Merchant Acceptance

Apple revealed an exhaustive list of merchants where you can start making purchases from Monday using Apple Pay. These basically include branded retailers with whom Apple had been trying for collaboration even before the advent of Apple Pay. Apple has already tied up with banks and credit companies like american express, MasterCard, Visa, etc. in order to support the authentication and authorization system behind Apple Pay.

iOS to be updated to version 8.1, brings Apple Pay

The new mobile OS upgrade will bring the Apple Pay compatibility to iPhone 6 and iPhone 6 Plus. The beta version of the firmware had already revealed how Apple Pay could be setup for compatible iDevices. The new firmware would bring in new updates to payment apps like Passbook. The new Passbook would help in storing payment information effectively. The new update will also bring support for use of Touch ID to facilitate Apple Pay.

New iPads with Touch ID authentication

Apple revealed the next generation models of iPad Air and iPad mini equipped with Touch ID authentication. But the tablets don’t have NFC, which means that they will primarily be equipped for making in-app payments using Apple Pay. The Touch ID would indeed help in authenticating payments. The absence of NFC makes it doubtful whether the iPads can be used in point-of-sale scenarios.

Finally, post October 20th, the payments industry will witness the innovation that Apple wishes to bring forth.

LTP Team

A group of content writers, bloggers, journalists and editors from the Lets Talk Payments team.

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