Apple Pay to Launch Next Week

Apple today announced that customers can start making payments with Apple Pay on Monday, October 20.

Apple Pay, which will be available only in the US initially, uses Touch ID to enable NFC-based payments at retailers.

“Our team has worked incredibly hard to make Apple Pay private and secure, with the simplicity of a single touch of your finger,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services.

“The reaction to Apple Pay has been amazing,” Cue added. “We continue to add more Apple Pay ready banks, credit card companies and merchants, and think our users will love paying with Apple Pay.”

Apple Pay is designed to protect the user’s personal information. Apple doesn’t collect purchase history, so when you are shopping in a store or restaurant we don’t know what you bought, where you bought it, or how much you paid for it. Actual card numbers are not stored on the device; instead, a unique Device Account Number is created, encrypted and stored in the Secure Element of the device, according to Apple.