Wells Fargo, Bank of America, Master Card and more are the ones trying to spread the word to use Apple Pay. Why you may ask? The answer is for the banks to save billions! Each year the banks pay out billions of dollars in fraudulent charges and claims as traditional credit cards are not secure. By switching to Apple Pay the banks stand to save a ton of money.
So why is Apple Pay so secure and safe? In lemans terms, it's because your credit card number is never given out. It never goes to the retailer, it never goes across the web, your transaction is anonymous and is not saved for marketing purposes. Each time you transact via Apple Pay, Apple generates a one time use secured token that is shared with the retailer and the bank. That's why if you ever return something to the retailer you'll notice that they can't put the credit back on your card and have to give you cash instead. That's because the retailer doesn't have your card information. How sweet is that.
So go ahead and take the plunge and start using Apple Pay. The vast majority of banks now support it and more and more retailers are coming online with it every day including: Walgreens, McDonalds, Staples, Subway, and Whole Foods. Starbucks and Albertson's have announced a future support for Apple Pay as well.
So how do you use it?
1) Go into Settings/Passbook and Add your credit card by snapping a picture of it.
2) Be sure you have setup Touch ID on your iPhone as well.
3) When checking out, simply hold your iPhone next to the checkout terminal. It doesn't even need to be turned on as the iPhone will wake when it detects the terminal.
4) Use Touch ID to authorize the transaction. That's it!
To find out more visit the Apple Pay informational website. There you can find a list of banks and retailers supporting it.
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Note: I received the product(s) mentioned above to prepare this post and no monetary compensation was received. All opinions are my own