Apple Pay uses contact less payment technology with the NFC along with the unique security features built into the device. With Apple Pay, user can make payment with iPhone, Apple Watch, iPad in a simple, secure and private way.
iPhone 6 experience:
With Touch ID, the payment experience is in natural motion, There is no need to wake the app or turn on the display. The NFC antenna in the iPhone knows that the device is near payment machine and brings up the app. User can just tap on the finger print home button The payment will be done and a subtle beep or vibration will let user know that the payment was done successfully.
Apple Watch Experience
In Apple watch, double clicking the button next to the digital watch crown and hold it near the card reader facing the face of the watch on the reader. A gentle pulse and beep confirm the payment was sent.
Pay within Apps
On iPhone 6, iPad Air 2 and iPad mini3, one can also use Apple pay to pay with single touch to pay within apps. Checking out is as easy as Selecting Apple pay and placing the finger on Touch ID.
How do a user setup the Apple pay
Basically passport now can store the credit card details too. To get started, user can add credit or debit card from iTunes account to passbook by simply entering card security code. To add a card on iPhone 6, iPad Air 2 or iPad mini 3, go into settings, Open Passbook & Apple Pay and select Add Credit or Debit Card. On iPhone, just open passbook, then swipe down and tap the plus sign. From there use iSight camera to enter card information or type in manually.
More Secure Payments
Everytime when we handover the credit / debit card for payment, the Identity is visible. With Apple Pay, instead of using actual credit card, when a card is added a unique Device Account Number is generated, encrypted and securely stored in a Secure Element, a dddicted chip in iPhone 6, iPad and Apple watch. These numbers are never stored on Apple servers. When some one makes a purchase, this DAN along with dynamic purchase characteristics and also a transaction specific dynamic security code is used to process the payment. So, the actual card is not involved in the transaction with Apple servers.
Below are the major banks those support Apple Pay:
American Express, BOA, barclycard, BB&T, CapitaleOne, CHASE, Citi, Commerce Bank, M&T bank, Navy Federal, PNC, REGIONS, SunTrust, TDbank, USAA, USBank, Wells Fargo
References:
https://www.apple.com/apple-pay/
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