Tim Cook’s Apple began its latest chapter with iPhone 6, Apple Watch and Apple Pay. While we wait for Apple’s iPad launch event in a few weeks, here’s what you need to know about Apple Pay.

How it works:

You will be able to pay for stuff in any physical or online retail store using a contactless touch. When you make a purchase the retailer does not see your name or card number and Apple collects no purchase history.

Token effort

Apple Pay uses NFC, the Secure Element and Touch ID. You enter your card details into the system which confirms your card with your bank, and creates a unique Device Account Number (aka a token), held in the Secure Element on your device. Transactions are authorized using the token and a one-time dynamic security code.

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