Apple Pay Review, Latest News: Apple Shrugs Off Criticism, Says Mobile Payment System Off to Great Start

Raianne Fe Aguhar Wednesday, October 29, 2014

Tim Cook, Apple CEO, introduces Apple Pay at a company event. | REUTERS/Robert Galbraith

Apple CEO Tim Cook says he feels "fantastic" about the success of Apple Pay, the company's new mobile payment technology, even if at least two retailers have disabled the device on their payment systems.

In a recent interview with the Wall Street Journal, Cook said he is "extremely pleased" with Apple Pay. "We've been at it for a week. In the first 72 hours, we had gone over the 1 million mark in activation of cards. We are already No. 1," Cook said.

"We are more than the total of the other guys. We've only been at it a week. I feel fantastic."

According to Forbes, Apple has signed up with major retailers such as Macy's, McDonald's and Whole Foods Market. However, two retailers, CVS and Rite Aid, recently disabled Apple Pay as one of their payment systems.

Apple Pay is a new digital wallet and mobile payment system that was recently announced and activated by Apple Inc. The system allows users to make payments using their iPhone 6 and iPhone 6 Plus, as well as other Apple-watch compatible devices such as iPhone 5 and all later models.

Apple Pay works with MasterCard's PayPass, Visa's PayWave and American Express's ExpressPay. The company made sure that its mobile payment system will be used by practically every Apple user by partnering with these "giants," Cook said.

Apple Pay allows you to actually swipe your phone at the counter and make mobile payments, thanks to the NFC technology. The system will only work for other Apple phones given that users have an NFC-enabled Apple watch.

According to Forbes, Apple has signed with major retailers such as Macy's, McDonald's and Whole Foods Market. However, two retailers, CVS and Rite Aid, recently disabled Apple Pay as one of their payment systems.

The two retailers defended their move, saying they themselves are currently trying to "create their own payment networks that will enable them to bypass the credit card companies and their nasty transaction fees."

Asked to comment on the matter, Cook shrugged it off, saying "It's a skirmish." He insisted that despite some criticism, Apple Pay is actually off to a great start.