Five Things You Didn’t Know about Apple Pay

CUPERTINO, CA - SEPTEMBER 10: The new iPhone 5S with fingerprint technology is displayed during an Apple product announcement at the Apple campus on September 10, 2013 in Cupertino, California. The company launched the new iPhone 5C model that will run iOS 7 is made from hard-coated polycarbonate and comes in various colors and the iPhone 5S that features fingerprint recognition security. (Photo by Justin Sullivan/Getty Images)

Earlier this month Apple held a press conference to introduce the world to the company’s latest devices and software upgrades, and among Apple’s newest innovations is Apple Pay, a cool new way for  iDevice users to make purchases.  According to Apple’s website, “Apple Pay will change how you pay with breakthrough contactless payment technology and unique security features built right into the devices you have with you every day.”  This means that iPhone users will essentially never have to worry about forgetting their wallet at home again, and also argues that using an iPhone to make payments offers a more complete level of security.  However, there is more to Apple’s virtual wallet; here are five things that you didn’t know about Apple Pay.

5. Apple makes money on users transactions.

According to The Financial Times, Apple stands to gain 15 cents on every $100 transaction made with Apple Pay.  Reporting that this is an “unprecedented deal, giving Apple a share of the payments’ economics that rivals such as Google do not get for their services.”

4. Users can pre-load credit card information.

Apple’s new method of payment is compatible American Express, MasterCard, and Visa.  One feature, although the level of security has not yet been verified, allows users to take a picture of their credit card using the phone’s camera, and upload that information directly into Passbook.

3. Apple Pay will work with Apple Watch as well as the iPhone(s).

During Apple’s recent press conference the company also revealed that they would be introducing the “Apple Watch,” a new work out tracking wrist device that would also include many of Apple’s trademark features.  This watch, along with Apple’s two new cellular devices, the iPhone 6 and 6 Plus, will initially be the only devices that support Apple’s new wallet.  Users who wish to use Apple Pay with their Apple Watch can do so be selecting their credit card of choice from the watch’s screen, and holding their wrist up to the “contact less reader.”  Once the watch is released, later iPhone models that are compatible with the watch will also be able to use Apple Pay.

2. Apple Pay will not be accepted at Walmart or Best Buy.

While Apple Pay will be accepted at most major retailers, Walmart and Best Buy, two of the biggest companies in the world, have decided to hold out on Apple’s latest technology.  Both company’s refusal may have to do with the fact that, in 2012, they teamed up to create their own virtual wallet.

1. Apple Pay uses touch ID.

Apple Pay helps users keep their credit card information secure by using Apple’s touch ID, which requires the users finger print before unlocking.  While this security feature has proven to be somewhat faulty, it is still more secure than the use of a four digit pin.

(Photo by Justin Sullivan/Getty Images)

Written by Camille Moore

Camille has a master's degree from Saint Joseph University's Writing Studies program, and she currently works as the Writing Center Assistant Director at a small university in western Pennsylvania. Camille's writing has been published on several websites, and she enjoys writing articles and short stories in her spare time. You can follow Camille on Twitter @CamealAshley.