Apple Unveils NFC Mobile Payments Platform Called Apple Pay

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After years of reportedly tiptoeing around it, Apple finally confirmed plans to introduce a mobile payments platform using Near Field Communication (NFC).

The new service, called Apple Pay, was announced during Apple’s big media event on Tuesday. Based on a video demonstration, the service will let users make payments in stores simply by scanning their phones.

Tim Cook, Apple’s CEO, introduced the product by noting that most consumers and businesses still rely on a “fairly antiquated payment process.”

“We’re totally reliant on the exposed numbers,” Cook said in the presentation, “and the security codes that all of us know aren’t secure. It’s no wonder that people have dreamed of replacing these for years. But they’ve all failed.” Read more…

More about Apple, Mobile Payments, and Business

via Mashable http://ift.tt/WEwQZf

Seth Fiegerman

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