Apple Enlists Hundreds of Banks Ahead of Apple Pay Launch
Apple, which launches its mobile wallet on Oct. 20, has convinced more than 500 banks to support Apple Pay by early next year.
JPMorgan Chase will support Apple Pay the day it launches, the bank said. Its Chase Paymentech business is also working with developers to encourage Apple Pay integration in apps.
"We believe Apple Pay will be huge and will change the way people pay for things," Apple CEO Tim Cook said in an Oct. 16 presentation. "It's easy and secure, and a private way to pay for things."
Apple Pay uses Near Field Communication technology at the point of sale and operates through the Passbook app to initiate online payments.
Apple also revealed that Apple Pay will work for online payments through the new iPad Air 2, which will include TouchID fingerprint scan authentication.
Today's presentation provided fresh details following Apple's September announcement of the new iPhone models, the Apple Watch and the Apple Pay mobile wallet.
Apple Pay will also function through the new Apple Watch, which will make its debut in early 2015, Cook said. In preparing for the Apple Watch launch, the company will make a developer SDK kit available for the watch in November.
"We are excited to see what applications can be developed for the Apple Watch," Cook said.
Even before an official transaction has taken place at a retailer, Apple Pay has already been praised by the security industry for TouchID and the use of tokenization technology to replace sensitive payment card data.
In addition, Cook revealed that Apple will launch its new iPhones in China today, the first time the company is releasing new iPhones on all of the country's major networks at the same time. The launch in China also comes at a time when the country is undergoing a major 4G rollout, Cook added.
Cook did not mention whether China will have Apple Pay, though early rumors about Apple's mobile wallet suggested it would launch there.