Dubbed Apple Pay, the system will allow iPhone users to purchase goods at hundreds of thousands of retail locations. Users add credit or debit card information (Apple Pay will work with Visa, MasterCard and American Express) to their phone, which can then be used to pay for goods simply by holding the phone near a terminal at any tap-and-pay enabled cash register. Because the system requires a new chip for security purposes, it will only be available on the new iPhones unveiled on Tuesday. The payment system will initially be available in the U.S.
Add your card
Input your bank card data to your iPhone. The information is stored in the device’s Secure Element chip.
Touch to pay
The system uses near-field communication technology, the wireless signal already used in tap-to-pay cards.
Confirm identity
Apple’s Touch ID fingerprint sensor provides the final link in the verification. Fingerprints are stored on the device itself and are not backed up to the cloud.