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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
Residual Interest
The interest that accumulates on a loan or credit card balance when it is not paid off in full from one billing period to the next.
Deposits
A sum of money that is placed into a financial account for the purpose of securing a product or service.
Equity
The value of an asset or liability minus any outstanding debt associated with it. Equity is the ownership interest that a person has in an asset.