There`s been a lot of buzz about mobile wallets over the past few years, but most of us still carry our actual wallets with us when we`re out running errands, or doing anything where we are likely to have to pay for something. That could change with the release of the iPhone 6 and iPhone 6 Plus.
The new Apple phones feature Apple Pay, an app that lets people use their credit and debit cards without actually having the cards on them. Citi has announced that they will fully integrate their account services with Apple Pay, so that Citi banking and credit card customers no longer have to carry their cards.
How it works
When buying something in a store or online, Apple Pay lets users make a payment with one touch, or even a wave. The built-in Near Field Communication (NFC) antenna on the iPhone 6 and iPhone 6 Plus make it possible to pay for something just by waving your phone in front of the bar code.
First, users must upload their credit or debit card information to the Apple Pay app. After that no card is needed. Online purchases from within an app will be particularly easy. Everything can happen on the iPhone itself, from the shopping to checkout.
Citi’s Barry Rodrigues said that the company is excited about the possibilities offered by Apple Pay. “We are looking forward to delivering to our cardmembers another way to simply and quickly make payments for a broad range of purchases such as buying a coffee, groceries or purchasing digital music,” said Rodrigues.
More than just Citi
Many other banks and credit card companies are already onboard with Apple Pay, not just Citi. American Express, Bank of America, and Chase will all make their credit and debits cards available to work with Apple Pay.
In addition, folks can upload their store loyalty card information to Apple Pay, so they don’t miss out on earning points and saving money with cards like the Walgreens and Starwood Preferred Guest loyalty cards.
Coming soon, pay by watch
Once we’ve all gotten used to paying with our phones this fall, Apple will introduce the Apple watch in early 2015. The Apple watch will also have Apple Pay, so people can simply squeeze a button and buy something.