The much anticipated Apple Pay is finally here.
The new mobile payments system for the iPhone 6 and 6 Plus will be up and running this afternoon following the release of a software update for Apple's iOS mobile operating system. Here's a quick primer on the technology that could one day (but not today) render physical credit cards obsolete.
How does it work?
There are two ways to use Apple Pay.
Apple Pay will let iPhone 6 and iPhone 6 Plus owners spend money at participating brick and mortar stores simply by using their phones' fingerprint scanner and holding the device up to the register.
Apple Pay works by sending payment information via short-range radio waves. The message goes from a special chip inside the iPhone 6 to the register. It's called NFC, short for Near Field Communication. But NFC is only available in the newest iPhones.
Availability Apple Pay will be available in the US starting Monday, October 20 with iOS 8.1. For shopping in stores, Apple Pay will work with iPhone 6, iPhone 6 Plus and with Apple Watch™, upon availability. For online shopping within apps, Apple Pay is available on iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3. Users should contact their bank to determine their card’s eligibility, some banks may not support all card types. Apple Pay will be available in select retailers and apps in 2014. For more information visit www.apple.com/apple-pay.
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