Abstract：Apple launched its mobile payment system, Apple Pay. The service will allow users to make payments using their iPhone or Apple Watch, making transactions more convenient and secure.
Apple launched its mobile payment system, Apple Pay. The service will allow users to make payments using their iPhone or Apple Watch, making transactions more convenient and secure. Apple Pay will be compatible with major credit and debit cards, and will work with over 220,000 retail locations across the United States. Apple Pay Later1 allows users to split purchases into four payments, spread over six weeks with no interest and no fees.2 Users can easily track, manage, and repay their Apple Pay Later loans in one convenient location in Apple Wallet.
The technology behind Apple Pay is designed to protect users' personal information and financial data. When a user makes a payment, their credit or debit card information is not stored on the device or on Apple's servers. Instead, a unique Device Account Number is assigned to the transaction, which is encrypted and securely stored on the device's Secure Element. This means that even if a user's device is lost or stolen, their personal information and financial data remain safe.
Apple Pay is set to revolutionize the way we make payments, making transactions faster, easier and more secure. With its advanced technology and widespread compatibility, Apple Pay is poised to become the go-to mobile payment system for millions of users around the world.
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