Finally, it's here. Apple is taking on the digital wallet; they are soon launching Apple Pay. It will work with iPhone 6 and iPhone 6 plus, it can start buying things officially by waving the phone or a touch of a finger, with the Point of Sale System or POS. What do users really know about Apple pay? Well, for all the excitement, is it different from other pay systems, like tap-to-pay credit cards or Google Wallet?

Apple Pay was launched by Apple in collaboration with three major credit card firms, American Express, Visa and MasterCard. The three credit card firms have more than 90% market share, according to the 2012 data by Card Hub. Apparently, Discover is not included.

Apple is a digital wallet, however, it isn't fair to associate it to one thing, it is not just made of: Touch ID, Digital credit cards, Secure element to store device-specific card numbers and NFC Radio. Apple Pay is still within the Passbook system, which was designed originally to hold digital airplane, movie tickets, coupons and gift cards; they can also use Apple Pay to add more amounts of money, like Starbucks Rewards card. However, reward card are not, in fact incorporated with Apple Pay. To use credit on a rewards card, the cashier will have to scan the single QC code from Passbook. But for now, Apple shares an integration of the timetable.

Apple Pay got the same features with Google Wallet, like the ability to hold multiple credit card in the system and hardware-level security. On the other hand, Google Wallet presently has no fingerprint recognition. Google needs a PIN in order to complete transactions, but it can be shared with anyone. Also, thinking of the recent breach in the passwords and usernames of iCloud and Dropbox. This security system is questionable. As for Apple Pay, the transaction would not push thru unless the account holder is using and touching the Touch ID pad with one of the registered fingers.