Since Apple has partnered with Visa, MasterCard, and American Express for their mobile payment initiative, I figured I should explain how this might work. NFC, or near-field communication, will allow you to tap your iPhone to an NFC equipped payment terminal at the time of a payment. Your iPhone will show a notification on the lock screen allowing you to pay with a credit card. Then, using a passcode or Touch ID, you can digitally sign and verify the purchase. Then, the purchase is complete! This could potentially be how payments on iPhone could be.
|Ricardo Del Toro's EXCELLENT Concept|