Apple Introduces ‘Pay,’ Its First Major Foray Into Digital Payments

Apple Pay has been introduced.

Apple Pay enables consumers to pay for goods with their iPhone using NFC and Touch ID. A credit card is securely and anonymously stored inside the phone—Apple doesn’t know what you buy or how much you pay for it, and the cashier doesn’t even learn your name.

While Apple has already secured some big retailers early on, including Nike, McDonald’s, and Disney, Pay won’t be available in Canada immediately.

“Security and privacy is at the core of Apple Pay,” says Eddy Cue, Apple’s senior vice president of Internet Software and Services. “When you’re using Apple Pay in a store, restaurant or other merchant, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud.”

“Apple doesn’t collect your purchase history, so we don’t know what you bought, where you bought it or how much you paid for it,” he added. “And if your iPhone is lost or stolen, you can use Find My iPhone to quickly suspend payments from that device.”