CUPERTINO (dpa-AFX) - MasterCard Inc. (MA) said that Apple (AAPL) unveiled Apple Pay that will enable MasterCard cardholders to use their iPhone 6, iPhone 6 Plus and Apple Watch for everyday purchases. MasterCard noted that it worked with Apple to deliver a seamless and secure payment experience.
For consumers and merchants alike, that means that every purchase made with a MasterCard using iPhone 6, iPhone 6 Plus and Apple Watch will offer the security, benefits and guarantees of any MasterCard transaction.
The company noted that Apple Pay transforms mobile payments with an easy, secure, and private way to make purchases. By integrating Apple hardware, software and services, Apple Pay creates a unique and incredibly intuitive experience for iPhone 6, iPhone 6 Plus and Apple Watch users.
Owners of the new iPhone 6, iPhone 6 Plus and Apple Watch will be able to use their MasterCard credit or debit cards from participating banks directly through Apple Pay. At a store, consumers can simply pay by just holding their iPhone near a contactless reader with their finger on Touch ID and their transaction will be authenticated. For purchases within an app, consumers will simply touch to pay and authenticate with their fingerprint or passcode for a seamless experience without having to enter their card number or leave the app.
The company stated that Apple Pay will be made available for U.S. consumers via a free update to iOS 8 this October. MasterCard cardholders will be able to make simple and secure payments in the apps of top merchants, as well as contactless payments at some of the most frequented U.S. locations including major stores, restaurants, transit providers, fuel and convenience stores, and all Apple Store locations. One of the first to accept Apple Pay via iPhone 6, iPhone 6 Plus and Apple Watch will be MasterCard's long-time partner Major League Baseball.
Payments via Apple Pay integrate with the MasterCard Digital Enablement Service or MDES.
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