Apple today launched its new Apple Pay service via the company’s latest iteration of iOS 8.
Once the update is downloaded, Apple’s iOS 8.1 will allow users to make payments using the NFC-capabilities of the iPhone 6.
Apple Pay will allow iPhone 6 and 6 Plus users to pay for goods and services using their phone’s Touch ID fingerprint scanner at select retailers that support the service. Apple is saying that it doesn’t collect its customers’ purchase history and actual card numbers are not stored on the device.
Apple Pay supports credit and debit cards from the three major payment networks, including American Express, MasterCard and Visa. In addition to American Express, Bank of America, Capital One Bank, Chase, Citi, Wells Fargo and others, who announced support in September, more than 500 new banks from across the country have signed on to Apple Pay.
A number of retailers have point-of-sale (POS) terminals that will support payment with Apple Pay, including McDonalds, Office Depot, and Walgreens, among others. Still, larger chains like WalMart have not yet updated their equipment to accept Apple Pay.
The new 8.1 iOS update also brings with it features like Continuity, which allows users to seamlessly shift between their iPhone and another Apple product, such as an iMac or a Macbook Air. Users can also answer calls and send SMS on their computers when their iPhone is nearby.
After a rough week for the market last week, Apple shares Monday were up just over 1 percent in early trading to $98.90.