A leaked Walgreens memo suggests that Apple Pay will be rolling out to its stores nationwide this coming October 18th. That’s just a few days after Apple’s second major fall event on October 16th that will introduce the new iPads, iMacs and OS X Yosemite. The Walgreens memo states that customers with an iPhone 6 will be able to use the service straight away.
Apple Pay uses NFC (near-field communications) technology to transmit payment information from your iPhone to the stores terminal. Android phones have had NFC and mobile payments capability via Google Wallet for years and Walgreens has accepted it for some time now. Mobile payment advocates are hoping that Apple Pay might spur on mobile payment adoption and that it might turn into a standard. Those who’ve never used mobile payment systems on a smartphone are equally resistant to it due to privacy and security concerns.
“Security and privacy is at the core of Apple Pay. When you’re using Apple Pay in a store, restaurant or other merchant, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “Apple doesn’t collect your purchase history, so we don’t know what you bought, where you bought it or how much you paid for it. And if your iPhone is lost or stolen, you can use Find My iPhone to quickly suspend payments from that device.”
Apple has already confirmed other large retailers that have agreed to adopt Apple Pay, McDonald’s and Macy’s being two others. What do you think of Apple Pay? Are you ready for NFC payments? Let us know in the comments below or on social media.Source: Capital OTC
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