Apple Pay is a mobile payment and digital wallet service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. It is supported on the iPhone, Apple Watch, iPad and Mac. It digitizes and can replace a credit or debit card chip and PIN or magnetic stripe transaction at a contactless-capable point-of-sale terminal. Apple Pay does not require Apple Pay-specific contactless payment terminals; it works with any merchant that accepts contactless payments. It is very similar to contactless payments already used in many countries, with the addition of two-factor authentication via Touch ID, Face ID, PIN or passcode. The service lets Apple devices wirelessly communicate with point of sale systems by using a near field communication (NFC) antenna, a “dedicated chip that stores encrypted payment information” (known as the Secure Element), and Apple’s Touch ID and Wallet.
It is available in the U.S.A., U.K., Canada, Australia, Brazil, UAE, Russia, China, New Zealand, Singapore, Japan, Taiwan, and Hong Kong, as well as various other European nations. Apple Pay supports most major credit cards or debit cards, including American Express, Visa, MasterCard and UnionPay etc. Supporting banks vary.