This morning, during a special event at The Flint Center in Cupertino, Apple officially announced their foray into the Payments Industry via NFC and the announcement of Apple Pay.
Click here to read TSG’s commentary.
Following years of speculation, and countless leaked images of the iPhone 6’s NFC chip leading up to Apple’s event, millions of Americans will begin paying for goods and services with the new iPhone 6 in October 2014.
In regards to security, Apple is poised to prove to consumers they have nothing to worry about. Payments are securely stored in the device’s ’secure element.’ Payments are then made using Touch ID and Passbook to complete checkouts using a dynamic security code.
To be successful where others have fallen, Apple needed partners. Last week Visa, MasterCard, and American Express announced they would work with Apple on their initiative. Not only that, but Apple has negotiated with bank partners that encompass 80% of all credit card volume in the U.S.
In terms of retailers, Apple announced partnerships starting with McDonalds, Macy’s, Bloomingdale’s, Walgreens, Staples, Subway, Whole Foods, Disney, Petco, Nike, OpenTable, Groupon and more.
Stay tune for TSG’s round-up of news in NewsFilter this Friday
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