Apple Pay, an anxiously awaited-for app that allows users to buy things with their iPhone 6 devices, will debut on Oct. 20, CEO Tim Cook announced on Thursday during the Apple Launch.
Retail stores including Sephora, Panera Bread and BJ's Wholesale Club will accept Apple's new form of payment, CNN Money reported. Apple Pay use will also be offered at roughly 500 banks and a total of 20,000 other stores.
The participating stores will accept Apple Pay from iPhone 6 and iPhone 6 Plus users by holding the phone's fingerprint scanner up to the register. Paying for something with the app takes just two steps: hit "Pay with Apple Pay" and place your finger on the fingerprint reader. Then a customer's items will be paid for.
It works via Apple because the company sends payment information through short-range radio waves. A high-tech chip inside the device sends a message to the register, in a process called Near Field Communication.
Competitors are right on Apple's heels with similar products, edging for a dominant spot in the marketplace. Google Wallet, Square, Amazon's credit card reader, and Alibaba's Alipay are the other main electronic payment suppliers, Yahoo Finance reported. Last month, eBay said it would turn its PayPal subsidiary into a public company.
Apple assured its technology is safe and will keep payment information secure. Credit card numbers aren't stored directly on the device; instead each purchase is issued a one-time code. Apple Watch, expected to be released next year, will also use Apple Pay.
Earlier on Thursday, a memo to Panera Bread employees spilled the beans about Apple Pay's release date, Mashable reported. The leak contradicted talk that Apple was going to debut the technology this week. Panera also indicated in the memo that it expects to see users buying items with Google Wallet or SoftCard, perhaps indicating that the eatery will accept those types of electronic payments as well.
