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Apple Pay to Launch With 500 More Bank Partners

The mobile payments service will officially become available on Monday.

Apple Pay will officially launch Monday, the tech company announced during a news media event Thursday afternoon.

Apple CEO Tim Cook said during the event that the company had signed up 500 new banks and several additional retailers to support the mobile payment platform, beyond the partners that were initially announced.

When the company formally unveiled Apple Pay on Sept. 9, it said the NFC-based system would be available in more than 200,000 retail locations, including Whole Foods, Subway, McDonald's, and Macy's. It also announced a number of bank partners.

During Thursday's event, Cook recapped the features of the mobile payment system that were revealed last month. He also said the latest iPads would support Apple Pay to make online purchases -- though they would not be equipped for point-of-sale transactions in physical retail locations just yet, as the latest iPhones are.

Apple Pay is built into the iPhone 6 and iPhone 6 Plus. Users can add a credit card from an iTunes account or add a new card by snapping a picture of it with the device's camera. Once the card information is uploaded to Apple Pay, consumers can hold their iPhone in front of a special reader at participating retail locations. The purchase will be confirmed with the Touch ID fingerprint scanner.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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DarrenTE
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DarrenTE,
User Rank: Apprentice
10/21/2014 | 12:32:20 PM
Re: Interesting Times
The current NFC implementation will be in MSD/Masgstripe format.  I want to hear more on how Apple Pay will use the EMV-embedded chip for EMV-formatted NFC transactions when multiple cards are present on the phone.   How do they plan to sync the chip with multiple banks?
Becca L
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Becca L,
User Rank: Author
10/21/2014 | 10:41:04 AM
Re: Interesting Times
Good point, Nate. IMO, the customer won't care about these risks. I even doubt there's been much change in attitude about storing sensitive pics in the cloud since the famous hack.

Average consumers and celebrities are so used to having little-to-no negative impact from credit fraud - the credit company is responsible for and corrects the damage, and takes the financial hit. In these matters convenience trumps security.
Nathan Golia
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Nathan Golia,
User Rank: Author
10/19/2014 | 11:02:32 PM
Re: Interesting Times
Amen to that. Of course, that does introduce another vector of risk into the credit entering process. Photos could be accidentally stored or sent to the cloud — like many celebrities recently found out — putting accurate card info into the wilderness.
Byurcan
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Byurcan,
User Rank: Author
10/17/2014 | 5:48:36 PM
Re: Interesting Times
Opportunities available in all walks of life in Australia...

https://www.youtube.com/watch?v=ef3beK367tA
Becca L
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Becca L,
User Rank: Author
10/17/2014 | 5:40:09 PM
Re: Interesting Times
I think this is one of the most important advancements for payments. Interestingly, I was telling my roommate's mother who was visiting from Australia about depositing checks with a smart phone pic, and she was intrigued, had never heard of such a thing. News and application of image info capture tech is still making its way around the world and into the mainstream, but I bet Apple Pay is going to give that a big boost.
Byurcan
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Byurcan,
User Rank: Author
10/17/2014 | 4:51:19 PM
Re: Interesting Times
Yes, using imaging technology to capture information is definitely something banks can implement more than they are currently doing.
Becca L
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Becca L,
User Rank: Author
10/17/2014 | 4:38:51 PM
Interesting Times
I'm very excited to see how the first few weeks of Apple Pay play out. I received a flood of emails from banks and credit companies I'm associated with the day of the Apple Pay announcement proudly stating they were signed up for the system, I bet I'll get more on Monday!

I think one of the brilliant things Apple's done is made it so easy to upload new credit cards. Typing in credit info is a serious annoyance to UX, I think this will be a game changer.
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