Stock Review: A Look at Apple (NASDAQ AAPL) Pay & NFC Technology

The near-field communication (NFC) technology is just one of the many exciting new features found in the new Apple (NASDAQ AAPL) iPhone 6, but this time the company is limiting it to Apple Pay. The latter is a new mobile pay system that could reduce the need for debit or credit cards.

Apple Inc. version will use NFC in conjunction with Touch ID fingerprint scanner to ensure secure payments can be made with the iPhone 6, iPhone 6 Plus, and iWatch. It was also announced many retailers would accept Apple Pay right at launch.

A representative for Apple Inc. confirmed the new NFC technology would be limited for at least one year. The company did not mention whether the technology would be used for anything else after that period. NFC technologies have a lot of potential to be used in a variety of ways including pairing up smartphones with speakers for audio playback or sharing contact information between two devices.

Apple Inc (NASDAQ AAPL): Apple Pay

Apple Inc. previously shown their NFC technology chip has a lot to offer. The iPhone 6 with NFC was shown to unlock hotel rooms. The most realistic possibility is that Apple wants to test out the waters before expanding NFC technologies.

The iPhone 6 and iPhone 6 Plus are perhaps the most revolutionary iPhones to date. Not only does the device look different (both models are larger and thinner), the phones are also built with a more powerful battery. Even with all the exciting changes and upgrades, the NFC is still one of the biggest draws of the new device.

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Apple Inc financial news (NASDAQ AAPL)

Apple Pay makes for a much more convenient checkout, users can simply tap Apple Pay, then place the finger on Touch ID. This simplifies everything. Not only that but Appleā€™s Passbook already stores a variety of boarding passes, coupons, tickets, credit card information, and debit card information. All new users have to do to transfer card information from iTunes account to Passbook is enter a card security code.

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