Apple Pay was first introduced. The mobile payment method that is first released with the iPhone 6 and the 6 Plus, is also compatible with Apple Watch and earlier models of the iPhones and iPads.
The service was first announced when by Apple by CEO Tim Cook, describing that 'magnetic stripe card payment process as broken for its reliance on plastic cards' is "outdated and vulnerable magnetic interface", "exposed numbers", and insecure "security codes".
Apple partnered with American Express, Mastercard and Visa to initiate the project that started in January 2013. Their joint solution was a system where single-use digital tokens would replace the transfer of personal information, and their joint work was hoped to become a "standard for mobile payments".
The iOS 8.1 software accompanying the service's October 2014 launch activated Apple Pay.
Apple Pay does not require Apple-specific contactless payment terminals and will work with Visa's PayWave, MasterCard's PayPass, and American Express's ExpressPay terminals. Initially, the service has begun its use in the U.S..