Will Apple Pay change the way you use your credit cards?
The buzz around Apple's new payment system has been palpable since it was announced on Tuesday.
The payment system, Apple Pay, was unveiled along with the latest version of the company's iPhone and its new Apple Watch. Apple Pay uses a near-field communication system to make a payment from an iPhone when the user waves the phone in front of a credit card reader. The card reader picks up the card information stored on the phone to make the payment.
Apple Inc. (NASDAQ: AAPL) CEO Tim Cook, who unveiled the new payment platform, said it replaces "outdated and vulnerable" credit cards, the Silicon valley Business Journal reported. Apple Pay users can upload a credit card by snapping a photo of their card, and they can authorize it by using the phone's fingerprint reader. With a card on the Apple Pay platform, there is no longer a need for the merchant to see your name or credit card number.
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