Apple revealed plans for a new mobile payment...
Apple revealed plans for a new mobile payment system called Apple Pay during a Tuesday event in which the company unveiled a number of new products, including the iPhone 6. (See separate report above in this issue.) “We're totally reliant…
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on the exposed numbers and the security codes that all of us know aren’t secure,” said Apple CEO Tim Cook during his presentation. Apple Pay allows users to scan a credit card, Cook said, uploading the information into their phone or Apple Watch -- a new wearable smart watch the company announced Tuesday. Cook said this process will be more secure because it generates a different code each time a user pays, reducing credit card information exposure. Apple has faced FTC action over unauthorized in-app mobile purchases, agreeing to refund at least $32.5 million in January (CD Jan 16 p12). Apple account security was also questioned after the hacking of dozens of celebrities’ Apple accounts. Apple Pay will be available in October, said the company’s website (http://bit.ly/1tIjfyR).