Apple Pay is a digital wallet and electronic payment system developed by Apple Inc. The service allows users of certain Apple devices to make transactions digitally. Apple Pay was designed to replace the traditional magnetic stripe card system, which was described as “outdated and vulnerable” by the company’s CEO Tim Cook at the launch of the new service in September 2014.

Thus far, Apple Pay has gotten a lot of positive reviews from financial experts and customers. There have been a lot of failed attempts by many renowned technological companies – including Google – to launch an electronic payment system in the past. Any apprehensions people may have had about Apple Pay seems to be easing away as the world gets to know more about the service.