Apple Pay To Launch Monday

[engine]

Apple Pay is to launch on Monday, just in time for the start of the holiday season.

Apple Inc's (AAPL.O) new electronic payments service will launch on Monday, after the iPhone maker signed up another 500 banks to support a feature that competes with eBay Inc's (EBAY.O) PayPal and other online systems.

[reuters.com...]

[Schwarzherz]

How does it work? I don't understand the part about scanning fingertip traces.

[not2easy]

Just a basic description of "How it Works" - In iPhone 6, the owner can set up payment options that verify their identity with a tap on the Touch ID which is a secure app that holds a key to a stored HD image of the owner's fingerprint, along with other verification data. The press on the Touch ID needs to match the stored image registered to the payment information. You could find out more at an apple store or on their site.

It is a fast, easy way to pay online or offline without needing to type in a lot of numbers and data on the little screen.