Apple has taken aim at the credit card’s five decades-old magnetic strip, promising to overhaul an “antiquated” US payments system by letting customers pay for transactions with their iPhones.
“Payments is a huge business,” Tim Cook, chief executive, told an Apple product launch event on Tuesday. “We’ve created an entirely new payment process.”
The California-based company has previously upended industries from music to mobile phones and, with other prominent technology companies such as Google and Facebook, is considered a threat by the biggest US banks.
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