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Today at its keynote event, Apple announced it’s hotly anticipated payment service, Apple Pay.
And just as quickly as it was unveiled, payment processor Stripe has revealed how developers can integrate Apple Pay into Stripe. Well, that was fast.
Stripe is popular among service-oriented businesses like Lyft, Exec, and Postmates. The company has taken an interest in developing everything from payroll processing to new forms of digital currency. No doubt, Stripe is keen to get on board with the next wave of payment methods.
Stripe’s integration also means that competitors, like eBay’s Braintree or Ripple Labs, will likely be providing integration in the near future in order to stay competitive.
Apple says it’s working with Visa, Mastercard, and American Express as well as the six “biggest” banks for Apple Pay. So far, consumers can expect the payment method to be accepted at Duane Reade, Subway, Macy’s, Walgreens, Mcdonald’s, and of course, Whole Foods when the feature is released in October.
The NFC-powered wallet is a serious update, not only to available digital wallets but also to traditional in-person credit card payments. For one, Apple Pay doesn’t actually store your credit cards. Instead, it keeps device-only account numbers representing each of your cards, so a cashier never has to see your account number or name. Apple Pay also replaces the three-digit code on the back of credit cards with a dynamic security code.
It will be interesting in the days ahead to see who else decides to integrate with Apple Pay and what it means for companies that don’t.
To see what else Apple unveiled today, head here.
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