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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
Disbursement
The release of funds from an account for the purpose of making a payment or meeting a financial obligation.
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.
Direct Deposit
A method of electronically transferring funds from an organization, such as an employer or government agency, into an individual's bank account.