If you think about, using a wallet and making payments with credit and debit cards is pretty antiquated; the entire process is based on technology that was invented more than five decades ago. Thus, Apple presents Apple Pay to circumvent exposed account numbers, outdated magstripes, and vulnerable security codes.
Combining seamlessly integrated hardware, software, and services, Apple Pay allows users to make payments directly from their iPhone 6 and iPhone 6 Plus thanks to the combination of the phone’s groundbreaking NFC antenna, Touch ID security, Secure Element privacy, and the convenience of Passbook.
To get started iPhone users can simply add a debit or credit card from their iTunes account or by simply using their iSight cameras, then pay with the touch of a finger using Touch ID. When the card is added to Passbook, its number is never stored or shared on your device or Apple servers and each and every transaction is authorized by a unique one-time number — a dynamic security code essentially replaces the static security code on the back of the card, effectively making it more secure than keeping cards in your wallet. If you lose your phone, you don’t even have to cancel your cards — simply use “Find My iPhone” to suspend payments for that particular device. Finally, due to the secure nature of the payments, Apple won’t even know what you bought, where you bought it, or how much you paid for it and cashiers won’t see your name, card number, or security code.
Apple Pay will work with American Express, MasterCard, and Visa and is coming to iPhone 6 and iPhone 6 Plus users in the United States this October while plans are in place to expand Apple Pay worldwide in the near future.