What is Apple Pay?
Apple Pay is an extension to Apple's Passbook app and Apple's mobile payments system. Apple Pay allows users of the new iPhone 6 and iPhone 6 Plus to pay with a single touch to checkout at participating retail stores and to pay for purchases on iTunes.
Apple Pay uses NFC to exchange data with the merchant's terminal and Apple's TouchID for security and authentication.
How to setup Apple Pay
Setting up Apple Pay is simple. All that is needed to get started is adding the credit or debit card on file from your iTunes account to Passbook by simply entering the card security code.
To check if your bank is supported with Apple Pay, check the list of supported cards from participating banks.
To start using Apple Pay you need:
How to use Apple Pay
If the shop you're in supports Apple Pay (more on that later), they will have a little sensor by the till. You put your iPhone on the sensor, put your finger on the Touch ID fingerprint scanner to identify yourself, and that's it.
Is Apple Pay secure?
Apple never stores your credit card number of the iPhone. The only time the credit card number is passed between Apple and the issuing bank is during setup, which is also in encrypted form.
After the setup is completed, successfully, the card network will issue a token called a Device Account Number (DAN). The DAN is device-specific. The card network sends this DAN to Apple along with other information such as the key used to generate dynamic security codes unique to each transaction.
The DAN is stored on the Secure Element within the iPhone. The Secure Element is an industry-standard, certified chip designed to store your payment information safely. The Device Account Number in the Secure Element is unique to your device and to each card added.
Paying for goods and services using Apple Pay
Apply Pay uses Near Field Communications (NFC) for contactless payments at participating merchants. Once you authenticate the payment using Touch ID at the payment terminal, the Secure Element provides your Device Account Number and a transaction-specific dynamic security code, along with additional information needed to complete the transaction to the store’s point of sale terminal. This information is transmitted to the card issuer for verification. If the card is authenticated and the transaction verified the merchant receives a confirmation and the payment process is completed and the merchant can release the goods to the buyer.
For more information, see Apple Pay and Security Overview.
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