Apple's New iOS 8.1 supports Pay. Banks are attracted to Pay.
Near Field Communication is being adopted by many retailers.
The new iPhone 6 (both sizes) have a NFC antenna for secure payments offered through the Pay process. This is linked to the Passbook app. Because Apple has pushed the NFC technology there are many venues, retailers, and banks getting on board.
Banks just naturally want secure, non-hackable transactions. And Pay provides the wireless link between the iPhone and NFC reader. The beauty is in the fingerprint scan on the phone as the device is brought near to the NFC reader.
The credit or debit card that you have set up for the transaction is never handled by the clerk at the cash register. The card's security code is never exposed, and a special one-time dynamic security code is created for that one transaction. That special code then evaporates, never to be seen again. Your card is therefore non-hackable.
Many pundits are predicting that iPhone sales will increase immensely based on secure payment technology that no other smart phone offers. End-users want the best that new technology has to offer, and Apple's new iPhone 6 has that.
Pay Retailers: I am thrilled that Stater Bros. Markets have the NFC modules for using Pay. When I got some groceries today the checkout was quick and secure. I simply placed my thumb on my iPhone's fingerprint scanner while holding the phone about one inch from the NFC module. Slick
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Tomorrow I am treating myself and three others to Subway meals where I can use Pay for the purchase transaction. Walgreens has seen two visits by me in as many weeks to get items I no longer buy from Walmart. The reason? Pay.
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Retailers who are supporting the lesser payment technology will be doing some backpedalling within the next few months to try to win back customers who have walked away from them because Pay is not available.
As days pass there are more people expressing their belief that the MCX with its CurrentC process will fail. The method requires users to provide their banking information so that mobile payments to merchants will be debited from a checking or other banking account. That circumvents the bank card charges the merchants would otherwise pay. CurrentC has already been hacked even before it has gone active for the public.
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Many have stated their expectation that Pay will continue to gain traction and become the preferred mobile payment form of the majority of consumers.
The ability to perform an Pay transaction from the iPhone's lock screen is just so slick. The fingerprint reader functions at that level while holding the phone near the NFC module. Apple will be the first to offer a smart phone that reads our minds. LOL
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