Apple Pay to launch, 500 more banks signed up

On today’s Apple iPad and Mac event the company announced as it was expected, its new online payment system, the Apple Pay on October 20. It has unveiled its new payment system on the September mega event, alongside its brand new NFC-equipped iPhone 6, iPhone 6 plus models and the Apple Watch.


It was also announced by the CEO of Apple, Tim Cook that 500 additional banks have signed up since the announcement of its initial partners on the last month event. Initially the service will be available only in the US where the banks will roll-out Apple Pay till the next year.

It was previously announced by Apple that its Apple Pay would support American Express, MasterCard, and Visa cards through the selected issuing banks in the US including Citi, Bank of America, Capital One, Wells Fargo, Chase, American Express PNC, Navy Federal Credit Union, Barclays, USBank, and USAA.

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It seems that with its launch all of the partners may not start its operations. While Apple is making it available from this Monday, still the partners need to announce their start of the service.

Apple says it doesn’t collect any transaction information, ensuring the protection of the user’s personal information. Payment transactions over the Apple Pay are between the user, the merchant and the user’s bank. Apple Pay is the faster and easiest to use in the stores for payments. It needs just to hold your iPhone near the contactless reader while keeping a finger on Touch ID. With this service now there’s no need to manually fill out lengthy account forms.

Apple Pay service will be available in the US from Monday, October 20 with the new iOS 8.1. It will work with iPhone 6, iPhone 6 Plus and Apple Watch For shopping in stores wile for online shopping within apps, it is available on iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3.

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