Apple Pay

Apple Pay is a mobile payment and digital wallet service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. It is supported on the iPhone, Apple Watch, iPad, and Mac. It digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. Apple Pay does not require Apple Pay-specific contactless payment terminals; it works with any merchant that accepts contactless payments.[1] It is very similar to contactless payments already used in many countries, with the addition of two-factor authentication via Touch ID, Face ID, PIN or passcode. The service lets Apple devices wirelessly communicate with the point of sale systems by using a near field communication (NFC) antenna, a "dedicated chip that stores encrypted payment information" (known as the Secure Element), and Apple's Touch ID and Wallet. It is available in the United States, United Kingdom, Canada, Australia, Brazil, United Arab Emirates, Kingdom of Saudi Arabia, Russia, China, New Zealand, Singapore, Japan, Taiwan, Hong Kong and most recently Germany, as well as various other European nations.[1] Apple Pay supports most major credit card or debit card schemes, including American Express, Visa, Mastercard, and UnionPay. Participating banks vary by region.

Device compatibility
The service is compatible with iPhone 6 and newer, iPad Air 2 and newer, Macs with Touch ID, and all Apple Watches. Users with the iPhone 5 and 5C can use the service through an Apple Watch, though it lacks Touch ID security. (The iPhone 5s has Touch ID but not NFC; iPhone 5s users must use an Apple Watch and confirm using Touch ID on the iPhone 5s.)[2] Instead, Apple Pay is activated with a passcode and remains active for as long as the user wears the Apple Watch.[3] It can store 8 or 12 cards depending upon the device.