Apple Pay App Overview
Apple Pay App, which designed by Apple, is a digital wallet for smartphone mobile payment service. Apple users can pay via their iPhone, Apple watch or iPad. Apple Pay App can work with existing contact-less terminals. The payment service digitizes and replaces debit card chip and PIN or magnetic stripe transaction at terminals. Payments using contact-less cards are limited to £30 in the UK due to the one-factor authentication. In contrast, Apple Pay App have two-factor authentication and no transaction limit. Apple Pay App is activated with a password and the service will remain active for as long as the user wears the Apple Watch. At WWDC 2016 Apple pointed out that Apple Pay App will be entering three new markets: France, Hong Kong, and Switzerland in partnerships with Visa, MasterCard, and American Express. For the future Apple Pay App will be available to more countries and regions.
Apple introduced Apple Pay App at WWDC 2016
Apple Pay App and Bank of America
Users can now withdraw cash from ATMs of Bank of America just by clicks some options from their Apple devices. Near-field-communication (NFC) technology is used by Bank of America and it is compatible with Android Pay to select ATMs in the USA. NFC technology has already be used in many budget free smartphone modes. NFC reader was just a black box with small scale near the physical debit card reader, which looked similar to apartment key card. If you have a Bank of America ATM linked to your Apple or Android accounts, you will be allowed to withdraw cash from its ATM. However, cards from other banks aren’t compatible with Bank of America ATMs.
Apple Pay App in the future
Generally, bank of America ATM includes an oval NFC payment reader with a standard wireless payment logo affixed. Such sort is quite common in local supermarket. Researchers from Bank of America argued that all of the bank’s card-less ATMs work with any smartphone digital wallet that is enabled with near field communications and loaded with a Bank of America card. Currently Bank of America has more than 2,000 compatible ATMs, but Bank of America plans to have more than 5,000 ATMs across the USA to be compatible with Android Pay for upcoming years.