Apple launches its Apple Pay mobile payment service

Apple launches its Apple Pay mobile payment service

The launch of the Apple Pay mobile payment system on Monday, October 20, has virtually turned Apple's latest iPhone 6 handset into a credit card; giving the owners of the iPhone 6 and iPhone 6 Plus handsets the ability to buy items at a number of retail stores.

The Apple Pay service has greatly simplified the mobile payment mechanism as it just requires the users of the new iPhones to tap their handsets against a payment terminal, currently available at select retail outlets.

For setting up the Apple Pay system on the new iPhones, users of the handsets have to download a software update for their devices. Thereafter, the users have to load their credit card information into Passbook, the iPhone's digital wallet.

The Apple Pay mobile payment service works only with the latest iPhone 6 models because the new handsets are equipped with a special chip which facilitates the transmission of encrypted financial data to the checkout system at retail stores supporting Apple Pay system.

With Apple already having revolutionized the mobile industry with its popular smartphones, the company's foray into the mobile payment arena is expected to provide the impetus needed for moving mainstream consumers to digital payments.

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