Broken livestream be damned, Apple barreled bravely forward with their highly anticipated press conference today in California. One of the biggest announcements to come out of it was the reveal of the new Apple Pay virtual wallet service.
Relying on an NFC chip mounted inside the top edge of both the new iPhone 6 and iPhone 6 Plus, Apple Pay will allow consumers to do away with all of the fumbling around with silly, outdated ideas like cards, IDs, and security codes. Working in combination with the Touch ID sensor located in the Home button, Apple Pay will theoretically make the payment methods stored in your stolen phone useless to thieves - unless they get the bright idea to begin lopping off fingers, I suppose. But even if that should be the case, there’s no need to cancel your cards on your way to the hospital as payments from the device can be shut off via Find My iPhone. Pretty nice to not have to deal with that whole hassle, I would say.
Apple Pay integrates with Passbook and can import the credit card that users already have on file with iTunes. Using the iPhone’s camera, they can also snap pictures of their other cards to add them to the options on file as well, but apparently the credit card number itself is stored on neither the device, nor Apple’s servers. Instead, each transaction will be authorized by a one-time use unique transaction number and a dynamic, shifting security code. Let’s hope this calms fears of trusting cash to the cloud in the wake of last week’s leaked celebrity selfie disaster.
Starting off, Apple Pay will work with all three of the major credit card providers (Visa, MasterCard, and Discover), as well as pretty much all of the major U.S. banks, totaling 83% of the consumer purchase volume. There are also deals in place for a growing number of retailers, restaurants, and other folks who want your money to use Apple Pay as it launches. McDonalds, Panera, Whole Foods, Walgreens, Staples, and more are already involved, with Disney, Chipotle, Sephora, Nordstrom, and others due by the end of the year.
Apple Pay is only available with the iPhone 6 and iPhone 6 Plus and is due to roll out in the U.S. this October, with the rest of the world still to be announced. Provided they can actually suss out the security issues, I have to admit this does sound like a pretty neat idea. A growing number of retailers have NFC readers at their point-of-sale and it certainly beats having to fumble with your ID when that one store decides to ask for it when a dozen others never bother.
What do you think? Are you ready to abandon your actual wallets just yet and trust that your iPhone’s battery won’t die during a particularly long day out? Let us know how you feel below.