American multinational corporation, Apple Incorporated, has unveiled 'Apple Pay' that will enable MasterCard and Visa cardholders to use their iPhone 6, iPhone 6 Plus and Apple Watch for everyday purchases.
The two market leaders in the global payments industry (MasterCard and Visa) said they had partnered with Apple in developing Apple Pay in order to enhance the global electronic payment system.
According to the global payments technology companies, the development will make paying with mobile device become even more priceless.
Owners of the new iPhone 6, iPhone 6 Plus and Apple Watch will be able to use their MasterCard and Visa credit or debit cards from participating banks directly through Apple Pay.
At a store, consumers can simply pay by just holding their iPhone near a contactless reader with their finger on 'Touch ID' and their transaction will be authenticated, according to a statement by MasterCard.
For purchases within an app, consumers will simply touch to pay and authenticate with their fingerprint or passcode for a seamless experience without having to enter their card number or leave the app.
The statement quoted the Chief Payments Officer, MasterCard, Mr. Ed McLaughlin, as saying, “Apple has a long tradition of introducing breakthrough products with features that really matter to people. Apple Pay, combined with MasterCard's payments technology, gives consumers an easy, secure and private way to shop.”
“We have been a pioneer of mobile commerce innovation for years – including the world's first contactless and mobile payment solutions. We're thrilled that MasterCard cardholders will soon be able to make payments from their iPhone 6, iPhone 6 Plus and Apple Watch, knowing that every purchase is secure and offers all the same guarantees and benefits they've come to expect from using their MasterCard.”
A statement by Visa said a new capability called Visa Token Service would enable participating financial institutions in the United States, and eventually abroad, to be able to add Visa debit and credit cards to Apple Pay.
This, it said, would enable their customers to make easy and secure purchases at select US merchants both in stores and in apps.
The statement quoted Chief Executive Officer, Visa, Mr. Charlie Scharf, as saying, “Combining the trust, scale and security of Visa payments with Apple Pay will accelerate adoption of mobile payments. We said from the beginning that token services would provide great new consumer and merchant experiences, and you're seeing it today in our efforts with Apple, and there's more to come.”
“The combination of new digital experiences from Apple with new network capabilities from Visa provides for great payment experiences and enhanced security for millions of Visa account holders, merchants and financial institutions,” said Scharf.