Fox and Friends:
Fox Business: Varney & Co.:
WHAT IS APPLE PAY?
The days of fumbling through your wallet for your credit card may be numbered as Apple Pay rolled out today. How does it work and is it safe?
- Apple Pay is a secure and private way to use a new iPhone or the forthcoming Apple Watch to pay for transactions online and at retail stores instead of using your credit card.
- The reason security experts believe it will catch on is due to the way Apple talks with your bank in a safer way that storing credit cards. Rather than keep your credit card number and provide it each time you pay for something, Apple Pay signals your bank who then sends a unique payment code that is good only for that moment on that phone at that one particular store. It is like cutting up your credit card after each purchase making the number worthless to a crook.
- You will begin to see Apple Pay terminals at cash registers in 220,000 stores like Starbucks, Walgreen’s, Panera Bread, Macy’s, Chevron, Whole Foods, McDonalds, Staples amongst others.
- It will not cost extra for purchases
- Begins Monday 20 October
WHAT DOES APPLE PAY DO FOR ME AS A CONSUMER
- Easy – use one touch to checkout at store
- Store clerks never see your credit card number
- Leave wallet at home
- No payment or transaction history is ever stored by Apple
- Better security
- Also works for online purchases at retailers. (Uber, Target, OpenTable)
MY CREDIT CARDS WORK FINE AND GIVE ME 2% CASHBACK, WHY WOULD I SWITCH TO APPLE PAY?
- you would use your same credit cards and still earn cash back
- it does not cost extra to use Apple Pay
- your credit card would be better protected from credit card fraud since your card number is never shared with retailers, clerks or stored in the vulnerable payment systems that have seen hacks steal millions of customer credit cards like the Target breach amongst others.
- your credit card is still covered for theft as it would be as a piece of plastic credit card if stolen
WHAT YOU NEED IN ORDER TO USE APPLE PAY
- only works with new iPhone 6 or iPhone 6 Plus and the Apple Watch when it comes out early 2015
- Apple IOS version IOS 8.1 or later update
- Apple Pay is a game changer for payment systems worldwide, credit card security and ease of paying for things in life.
- Apple has made more progress at getting banks and retailers to embrace Apple Pay than competitors Google Wallet, PayPal and is more secure since it does not store data like other competing payment technologies.
- Apple Pay success will drive other “tap to pay” technologies to advance like Google Wallet
HOW TO ADD YOUR CREDIT CARD IN APPLE PAY
- On iPhone 6 or iPhone 6 Plus, open Settings >
- scroll down to Passbook & Apple Pay >
- select Add Credit or Debit Card
Watch my Apple Pay demo at the Apple conference: