Apple Pay Is Here: Now you pay when you swipe your iphone

While many consumers are ready to embrace the new mobile-payments service, most retailers are not. At least, not yet

On Tuesday, Tim Cook took the stage to announce — in addition to a few other things you may have heard about — a brand new mobile payments service called Apple Pay. Instead of swiping a credit card, users of the service will swipe their iPhones (or Apple Watches), which can be preloaded with customer’s debit and credit cards using the Passbook application.
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Having one phone to rule all our cards sounds pretty great, and Apple is certainly positioned better than any other company to make mobile payments finally catch on. But there’s one issue the company still has to surmount before it can kill off plastic for good: Right now, the vast majority of retailers lack the technology to accept the company’s new payment service.

http://time.com/money/3311917/apple-pay-iphone-iwatch-passbook/