Last year, Apple CEO Tim Cook revealed the ability to buy things using just your phone — a tap-and-pay system called Apple Pay. Today, he announced that the number of places accepting Apple Pay has tripled to over 700,000, including vending machines. To access the new mobile payment software, you must have an iPhone 6 or 6 Plus and at least iOS 8.1.
Here's what else you need to know about the new mobile payment option:
- You can use the card that's already associated with your iTunes account or a new card.
- Apple says it won't know what you bought or where — or how much you paid — for security reasons.
- It started in the US with the six biggest banks but now works with over 2,500 banks.
- Hundreds of thousands of businesses will accept it, including McDonald's, Subway, and Walgreens.
- Online payments work at Target, Uber, Panera, and more.
- You can use it with Apple OpenTable to pay restaurant bills.
- It uses an NFC antenna, Touch ID, Passbook, and what Apple calls the Secure Element.
- It will work with Apple Watch [1] when it debuts in April.