Apple Pay Mobile Payment Platform review | finder.com
Phone_Pay_Apple_Shutterstock_450-150x150

Apple Pay

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

Apple Pay allows you to make contactless payments using only your iPhone or Apple Watch. Here’s how it works and how you can use it.

How does Apple Pay work?

Contactless payments are nothing new. Most credit cards support tap and go payments, whether it’s using Visa’s underlying payWave infrastructure or Mastercard’s PayPass.

Apple Pay fundamentally works the same way, except instead of digging your credit card out of your wallet and tapping it on the terminal, you tap your iPhone or Apple Watch. Your fingerprint or a secure code is used to verify each purchase made from your chosen bank account or credit card.

The inclusion of NFC (Near Field Communication) chips built into these devices creates a “virtual” card and doesn’t distinguish between whether it’s a payWave or PayPass card, or an Apple Pay device. Apple Pay isn’t the only competitor in the smartphone payments space, with Google’s Android Pay and Samsung Pay also set to launch by the end of 2016.

ApplePay_450

Is Apple Pay secure?

Apple Pay is as secure as a standard NFC “tap and go” credit card. It uses the same underlying infrastructure that authorizes card payments, but Apple Pay’s usage of fingerprints for biometric authentication gives it an added layer of security. As that fingerprint data is stored securely on the device, it can’t be stolen from elsewhere in the network. This feature gives Apple Pay an added layer of security when compared to credit cards.

People won’t be able to get your fingerprint data, so they won’t be able to make unauthorized transactions even if they steal your phone. A stolen credit card, on the other hand, can be used for small transactions (typically under $100) without additional verification.

It’s worth noting that if you’re using the Apple Watch as your Apple Pay device, a passcode is used instead of TouchID. This feature is slightly less secure, although the fact that no identifying credit card information – your credit card number, expiry date and so on – is stored or visible on an Apple Watch or iPhone during an Apple Pay transaction means it’s more secure. The usual protections that your institution offers against fraud should also apply to any Apple Pay transaction.

iPhoneSE_450

What do I need to use Apple Pay?

To access Apple Pay you need an iOS device with Apple Pay compatibility. On the iPhone side, that’s the iPhone 6, iPhone 6 Plus, iPhone 6s, iPhone 6s Plus and iPhone SE. If you’ve got an Apple Watch, you can use it with any of those devices, as well as the iPhone 5, 5c and 5s.

You don’t have to update your iOS installation on your iPhone every time there’s a new update, but if you’re on an older iPhone device with a much older iOS variant, you may have to update to access Apple Pay. Once you’ve passed that hardware hurdle, you need a financial institution that supports Apple Pay in America.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site