Apple Pay – CEO Tim Cook announced that the smartphone-based payment system will kick off on Monday Oct. 20.
“We believe Apple Pay is going to be huge,” Cook said. “It’s going to change the way we pay for things.”
Roughly 500 banks will support it, Cook said. Apple has also signed on retailers including Bloomingdale’s, Macy’s, McDonald’s, Staples and Whole Foods
Apple Pay will let iPhone 6 and iPhone 6 Plus or higher, owners spend money at participating stores simply by using their phones’ fingerprint scanner and holding the device up to the register. Just tap “Pay with Apple Pay,” put your finger on the fingerprint reader – that’s it done! Items charged go directly to your credit/debit card — whichever one you set up with Apple.
This works by sending payment information via short-range radio waves. The message goes from a dedicated chip inside the iPhone 6 or higher to the till or point of payment, using NFC, short for Near Field Communication.
Expect to see this as the norm before long at shops near you.