Apple Moves Cautiously With Pay, So Don't Expect a Big-Data Play
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Apple wants to claim more space in your pocket and on your wrist. Oh, and it’s coming for your wallet, too.
On Tuesday, CEO Tim Cook introduced Apple Pay, a payment system that ships aboard the two new, larger iPhones the company rolled out. Users can make transactions with one tap, using Apple’s Touch ID fingerprint sensor and new near-field communication, a technology the company is adopting for the first time. Apple Pay will also work on Apple Watch, the wearable device the company is selling starting in 2015.
For the digital wallet, Apple is partnering with financial giants Visa, MasterCard and American Express, eleven banks and multiple retail partners. All told, it should work with contactless payment systems at over 220,000 merchants in the U.S., according to the company.
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