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Apple Pay: 5 Fast Facts You Need to Know

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Apple is unveiled one of its latest programs, a mobile payments system called Apple Pay. This is the first time that Apple has jumped into the payments business. Apple Pay was rolled out among countless other new products by the Apple family at an event in Cupertino, California.

Here’s what we know so far:

1. Cook Said Apple Pay Will ‘Change the Way We Buy’

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Tim Cook said at the Apple iPhone 6 event that his company wants to get rid of wallets. Cook said modestly at the launch event “Apple Pay will forever change the way we buy.” He added:

Whether it’s a credit card or a debit card, we are totally reliant on the exposed numbers and out-dated strip on the back.

The system will be available only on iPhone 6 from October 6.

2. You Can Use it to Pay at Restaurants

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Apple Pay is a secure, private system, that is designed to make it easier for people to buy online. You can use Apple Pay to pay the cheque at a restaurant, through the Open Table app.

3. The Big Credit Card Companies Are In

Visa, American Express and MasterCard are all on board with the project. Disney will also recognize Apple Pay.

4. Google Wallet Has a New Rival

The product will likely go head-to-head with Google Wallet.

5. Apple Pay Won’t Store Data on a Server

Apple Pay will not hold a persons credit or debit card number on server but will use a unique security code.

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Apple Pay is Apple's new digital wallet which will not hold a persons credit or debit card number on server but will use a unique security code.