The launch webcast screwups are likely to hurt this more than the iPhone - between that and the 'nude selfie' thing Apple's reputation as a provider of online services looks bad, which is a pity as this seems to be a well thought-out product. But with so many strategic partners and a an inevitable large install base that's probably just a bump in the road.
How is this not a problem for Apple's recent announcement that another company is already called "Apple Pay"?
From what I gather, it's a tokenized mobile payment system using NFC. The cool part would be the "dynamic security code" - essentially a 2 factor authentication.
Most likely performs a card not present transaction on a back-end system. I imagine each merchant will have to get setup to acquire finds from this payment method.
I'm fine with this - I believe 2 factor authentication and tokenization is the way to go with payments, but I'm hoping for some innovation on the POS end so that the payment networks have a standardization.