Apple Pay

[kakatiya]

ApplePay: Apple also unveiled a new mobile payments platform called ApplePay, which works with the new iPhones and the Apple Watch.

The new iPhones will be able to interact with payment terminals in a simple tap. Apple has deals in place with the major credit card companies, including American Express (AXP),MasterCard (MA) and Visa (V), as well as several major retailers.

Apple touted ApplePay's security. The company said it doesn't store your credit card information on your phone -- and the number isn't even given to the merchant. ApplePay also works with the iPhone's TouchID sensor -- allowing people to pay by touching the home button while tapping their phones on a payment terminal.

 

"Our ambition is to replace this," said Cook, holding a wallet.

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