WATCH: Apple CEO Tim Cook unveiled Apple Pay, a new mobile payment platform built into every iPhone 6 and iPhone 6 Plus
NEW YORK – Apple is betting that people want to pay with a tap of the phone rather than a swipe of the card.
The technology company on Tuesday introduced a new digital wallet service called Apple Pay that is integrated with its Passbook credential-storage app and its fingerprint ID security system.
The announcement came as Apple introduced several new products including a new, larger iPhone 6 and a watch. Apple Pay is designed to let iPhone 6 owners use their smartphones to pay for purchases at brick-and-mortar stores as well as online via apps. The company says it’s easier and more secure than using a credit or debit card. And it puts Apple in direct competition with services like PayPal and Google Wallet.
So-called mobile proximity payments…
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