Oct 21, 2014 05:25 PM EDT
As if Apple hadn't given consumers every reason to keep their iPhones strapped at the hip, it turns out that a new development will add yet another reason to be inseparable from their device. In the newest update for iPhone 6 and 6 Plus smartphones, Apple released a way for iPhone users to utilize the phones as credit cards... without the card.
Earlier this morning, Apple launched its Apple Pay service which promises to make payments easier with its "breakthrough contactless payment technology and unique security features."
However, the innovation will mostly be experienced by iPhone 6 and higher iPhone and iPad version owners, as only these devices make use of a special chip required for the digital credit card transactions. The custom-created chip transmits encrypted financial data to the retail store's checkout system, allowing you to make pay for your coffee or your gas without even so much as pulling out your wallet.
The technology has a Near Field Communication antenna which senses payments to be made via the contactless reader. By selecting Apple Pay and placing one's finger on Touch ID, payment in over 220,000 participating retail shops could be made in an instant. And for notification for the transaction, a beep with a soft vibration means payment was successfully made.
Apple Pay may be utilized by downloading a software update for the iPhone. Then the user will have to load his or her credit card information in iPhone's digital wallet known as Passbook. The owner can also just open Passbook, then swipe down, tap the plus sign, and use iSight camera to enter the card information.
Apple said that the technology is secure as a Device Account Number is assigned, encrypted, and securely stored in the Secure Element, a dedicated chip in iPhone, iPad, and Apple Watch. These will be used to process the payment. Apple also said that credit card information is never shared with merchants.
And users don't have to worry about credit card information theft once the iPhone device gets lost or stolen because of its Find My iPhone feature that could wipe important information on the device once it is put in Lost Mode.
Apple Pay puts the user's privacy in its utmost secrecy, as it doesn't disclose any user information in the purchase transactions made.
Apple Pay is accepted in the major credit card networks such as Visa, Mastercard, and American Express, and sees to expand its coverage of establishments were the mode of payment can be made.
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