Apple unveils a new mobile payments service dubbed "Apple Pay"
- 10 years ago
ROUGH CUT (NO REPORTER NARRATION)
At a star-studded event in Cupertino, California on Tuesday, Apple unveiled a new watch, two larger iPhones and a mobile payments service dubbed "Apple Pay."
Each phone will come equipped with its new payments service, which launches in the United States next month and allows users to pay for items in stores with their phones instead of physically presenting their credit or debit cards.
The move gives Apple access to a trove of data on how consumers shop in brick and mortar stores, where more than 90 percent of U.S. retail sales are still conducted.
Barclays Capital said in a Sept. 5 note that the mobile payments feature would give Apple "one of the largest sets of consumer transaction data in the U.S."
Each new iPhone will come with a "secure element" chip and a near-field communications, or NFC, antenna.
At a star-studded event in Cupertino, California on Tuesday, Apple unveiled a new watch, two larger iPhones and a mobile payments service dubbed "Apple Pay."
Each phone will come equipped with its new payments service, which launches in the United States next month and allows users to pay for items in stores with their phones instead of physically presenting their credit or debit cards.
The move gives Apple access to a trove of data on how consumers shop in brick and mortar stores, where more than 90 percent of U.S. retail sales are still conducted.
Barclays Capital said in a Sept. 5 note that the mobile payments feature would give Apple "one of the largest sets of consumer transaction data in the U.S."
Each new iPhone will come with a "secure element" chip and a near-field communications, or NFC, antenna.