Apple has just announced a new payments application that they will hope to allow users to purchase goods with their mobile phone, much like a number of Android devices have been doing for some time now.

This is all in order to help stop users from losing their physical credit cards.

The service will be called Apple Pay, and will allow users to simply tap their iPhone to a contactless scanner and make a payment at any shop that accepts it quickly and easily.

To do this the service will use technology that is built into the iPhone, which as you can probably guess as being NFC. This will also link with Apple’s Touch ID feature to keep it secure, as well as a new chip called Secure Element, which stores all of your information securely.

Credit cards can be stored into your iPhone via PassBook easily and accessed easily through the very same app.

In order to authenticate a payment you will need to use the Touch ID sensor, and more interestingly, in order to keep it secure, Apple won’t send your credit card number to the retailer, but in fact a one-time use number.

Apple also said that they won’t know how much you paid in a transaction, and the cashier won’t be able to see your name.

From launch, the service will support a number of banks in the US including American Express, Mastercard and Visa, and will also e accepted at 220,000 US merchant locations.

More interestingly, developers will also be able to use Apple Pay within their own applications.

Apple Pay will launch for all iPhone users with iOS 8 in October 2014.

Developing…

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