3/24/2020
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`Apple Announces Apple Pay - Apple
`
`Newsroom                     
`
`PRESS RELEASE
`September 9, 2014
`
`Apple Announces Apple
`Pay
`
`Transforming Mobile Payments with an Easy, Secure &
`Private Way to Pay
`
`CUPERTINO, California―September 9, 2014―Apple® today announced
`Apple Pay™, a new category of service that will transform mobile
`payments with an easy, secure and private way to pay. Apple Pay works
`with iPhone® 6 and iPhone 6 Plus through a groundbreaking NFC antenna
`design, a dedicated chip called the Secure Element, and the security and
`convenience of Touch ID™. Apple Pay is easy to set up, so hundreds of
`millions of users can simply add their credit or debit card on file from their
`iTunes Store® account. Apple Pay will also work with the newly announced
`Apple Watch™, extending Apple Pay to over 200 million owners of iPhone
`5, iPhone 5c and iPhone 5s worldwide. 
`
`Apple Pay supports credit and debit cards from the three major payment
`networks, American Express, MasterCard and Visa, issued by the most
`popular banks including Bank of America, Capital One Bank, Chase, Citi
`and Wells Fargo, representing 83 percent of credit card purchase volume
`in the US.* In addition to the 258 Apple retail stores in the US, some of the
`nationʼs leading retailers that will support Apple Pay include
`Bloomingdaleʼs, Disney Store and Walt Disney World Resort, Duane Reade,
`Macyʼs, McDonaldʼs, Sephora, Staples, Subway, Walgreens and Whole
`Foods Market. Apple Watch will also work at the over 220,000 merchant
`locations across the US that have contactless payment enabled. Apple Pay
`is also able to make purchases through apps in the App Store℠.
`
`“Security and privacy is at the core of Apple Pay. When youʼre using Apple
`Pay in a store, restaurant or other merchant, cashiers will no longer see
`your name, credit card number or security code, helping to reduce the
`potential for fraud,” said Eddy Cue, Appleʼs senior vice president of
`Internet Software and Services. “Apple doesnʼt collect your purchase
`history, so we donʼt know what you bought, where you bought it or how
`much you paid for it. And if your iPhone is lost or stolen, you can use Find
`My iPhone to quickly suspend payments from that device.”
`
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`Apple Announces Apple Pay - Apple
`Apple Pay will change the way you pay. When you add a credit or debit
`card with Apple Pay, the actual card numbers are not stored on the device
`nor on Apple servers. Instead, a unique Device Account Number is
`assigned, encrypted and securely stored in the Secure Element on your
`iPhone or Apple Watch. Each transaction is authorized with a one-time
`unique number using your Device Account Number and instead of using
`the security code from the back of your card, Apple Pay creates a dynamic
`security code to securely validate each transaction. 
`
`“JPMorgan Chase has been pleased to collaborate on Apple Pay to create
`a better, faster and safer payments system, which puts the customer
`first, creating an exceptional customer experience for consumers and
`merchants. Everyone wins,” said Jamie Dimon, chairman and CEO,
`JPMorgan Chase & Co.
`
`“Weʼre providing our customers with tools to make their financial lives
`better, including our 30 million digital banking customers,” said Brian
`Moynihan, CEO of Bank of America. “For them, better means simple and
`convenient. Apple Pay is another exciting move in that direction.”
`
`“Apple Pay is the kind of innovative thinking that brings the worlds of
`online and offline commerce closer together,” said Ken Chenault, CEO of
`American Express. “Weʼre excited to work with Apple to offer Card
`Members and merchants a simple and secure way to make purchases in
`stores and on apps.”
`
`Online shopping in apps with iPhone is also as simple as the touch of a
`finger. Users can pay for physical goods and services including apparel,
`electronics, health and beauty products, tickets and more with Touch ID.
`Checkout can happen with a single touch, so thereʼs no need to manually
`fill out lengthy account forms or repeatedly type in shipping and billing
`information, and card details are kept private and are not shared with the
`online merchant. For example, quickly order grill accessories for a
`backyard BBQ from the Target app, easily request a ride with Uber without
`having to create an account first or avoid the lunch line by using Rapid
`Pick-Up and paying ahead in the Panera Bread app. Simply make your
`selection and when ready to buy, use Apple Pay to complete the
`transaction.
`
`Starting in October, with iPhone 6 and iPhone 6 Plus, Apple Pay will be
`available in the US as a free update to iOS 8. Apple Pay will work in stores
`with iPhone 6, iPhone 6 Plus and Apple Watch. Apple Pay APIs will be
`available to developers in iOS 8 so they can enable purchasing physical
`goods within their apps on iPhone 6 and iPhone 6 Plus.
`
`*American Express, Bank of America, Capital One Bank, Chase, Citi and
`Wells Fargo at availability with additional banks coming quickly thereafter
`including Barclaycard, Navy Federal Credit Union, PNC Bank, USAA and
`U.S. Bank.
`
`Apple designs Macs, the best personal computers in the world, along with
`OS X, iLife, iWork and professional software. Apple leads the digital music
`revolution with its iPods and iTunes online store. Apple has reinvented the
`
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`Apple Announces Apple Pay - Apple
`mobile phone with its revolutionary iPhone and App Store, and is defining
`the future of mobile media and computing devices with iPad.
`
`Press Contacts:
`Nat Kerris
`Apple
`nat@apple.com
`(408) 974-6877
`
`Trudy Muller
`Apple
`tmuller@apple.com
`(408) 862-7426
` 
`
`Apple, the Apple logo, Mac, Mac OS, Macintosh, Apple Pay, iPhone, Touch ID, iTunes Store, Apple
`Watch and App Store are trademarks of Apple. Other company and product names may be
`trademarks of their respective owners.
`
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