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Apple Pay
A mobile payment and digital wallet service that allows users to make payments using their Apple device.
More Details
Apple Pay is a mobile payment and digital wallet service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. It is available on devices running iOS 8.1 and later, including the iPhone, iPad, and Apple Watch. To use Apple Pay, you need to add a credit or debit card to the Wallet app on your device.
Example
If you are an Apple user, you can use Apple Pay on your iPhone to pay for groceries at a checkout register. To do this, you first need to add a credit or debit card to the Wallet app on your iPhone. Then, when you are ready to pay at the register, hold your iPhone near the payment terminal and use Touch ID or Face ID to confirm the payment.
Related Terms
Withdrawal
The removal of funds from a bank, savings, or investment account, as allowed by the terms and conditions of that account.
Auto Payment
A payment that is made on a recurring basis without the need for the payer to manually authorize each transaction.
Automatic Transfer
A process in which funds are automatically moved between accounts. In personal banking, it can be used to transfer money or make payments.