Apple Pay

Apple Pay is a mobile payment and digital wallet service by Apple Inc. that lets users make payments using an iPhone, Apple Watch, or on the web using Safari. It is supported on the iPhone, Apple Watch, iPad, and Mac. It digitizes and can replace a credit or debit card chip and PIN or magnetic stripe transaction at a contactless-capable point-of-sale terminal. Apple Pay is similar to other NFC payment systems such as Google Wallet and Samsung Pay.

History

Apple Pay was announced at Apple's September 9, 2014 event. The feature was first set to launch in the United States in October 2014. Apple Pay expanded to the United Kingdom in July 2015, followed by Canada in November 2015, Australia in December 2015, China in February 2016, Singapore in April 2016, and Hong Kong in July 2016.

Functionality

Apple Pay uses the EMV Payment Tokenisation Specification. The service keeps customer payment information private from the retailer by replacing the customer's credit or debit card FPAN with a tokenized Device Primary Account Number (DPAN), and creates a "dynamic security code [...] generated for each transaction". The 'dynamic security code' is the cryptogram in an EMV-mode transaction, and the Dynamic Card Verification Value (dCVV) in a magnetic stripe data emulation-mode transaction.

Security

Apple Pay is designed to be secure which prevents the device account numbers from being re-used. If the iPhone or iPad is lost, the user can suspend the service through the "Find my iPhone" service. To pay with Apple Pay, users hold their authenticated Apple device to the point of sale system's NFC pad and the payment is made.

Compatibility

Apple Pay is compatible with most major credit and debit card providers, including Visa, MasterCard, and American Express. Participating banks vary by region.

See also

• Google Pay
• Samsung Pay
• Contactless payment
• Mobile payment
• Digital wallet

Apple Pay Resources
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