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Is this the end of wallets?

September 11th, 2014

 

 

They made their mark in personal computers, smartphones and as of Sept. 9,  Apple Inc. has broken new ground yet again.

 

On Sept. 9, Apple announced the launch of its newest products the sleeker, larger iPhone 6 and iPhone 6 Plus, software update iOS 8, Apple’s first smartwatch, Apple Watch, and now Apple Pay.

 

Apple Pay is a new service for iPhone 6 and iPhone 6 Plus that offers a secure and private payment method. In partnerships with American Express, MasterCard and Visa, credit and debit card information will be secured in a chip called the Secure Element.

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When Apple Pay is used to make a purchase in a store or restaurant, cashiers will not be able to see the name, credit card number or security code. All that needs to be done is wave the iPhone 6 in front of a reader, and scan a thumbprint before making a purchase.

 

With all debit and credit information literally at someone’s fingers, one doesn’t need to constantly enter in shipping and billing information–it’s all on file in the Secure Element chip.

 

As Apple CEO Tim Cook said, this will be the end of wallets. No longer will people fear losing their wallets. The always close-by phones will contain all information that someone would need.

 

Apple Pay gives the promise of security in an otherwise frightening period of online hacking with continuous threats and breaches from large corporations like Target Corp.

 

Every product Apple officially announces breaks ground in its field. The iPhone 6 has a larger screen at 4.7 inches, compared to the iPhone 5S, which measures at four inches. The battery is larger for these new iPhones, and for the first time there is an option to purchase an iPhone with 128 gigabytes of storage.

 

While smartwatches have long been on the market, the Apple Watch becomes Apple’s first product in this field. They’re already claiming that the Apple Watch is their most personal device yet.

 

While the smartwatch will not be available until early 2015, there are 11 different watch faces available and exclusive apps that connect the Apple Watch and iPhone 6. The iPhone 6 and iPhone 6 Plus will be available for purchase on Sept. 19.

 

Editor’s Note: Information from CNN, Apple and Wall Street Journal was used in this article.