It was announced by Tim Cook on February 13, 2015 at the White House Summit on Cybersecurity and Consumer Protection at Stanford University that the federal government has endorsed Apple Pay. [1] This comes at an apropos time since the news headlines today show that hackers may have stolen over $1 Billion from banks worldwide. [2] "The hacker gang that looted as much as $1 billion worldwide from banks was unusual: It stole directly from the banks, instead of ripping off their customers," reports the NY Times. [3] You can watch the announcement below:
Procurement cards issued by the government for expenses will also be supported by Apple Pay and the payment system based on NFC will be available to U.S Federal government services from September. [4]
You can read more information on Apple Pay update here.
End Notes
[1] Obama’s Visit to Silicon Valley Is a Big Win for Apple Pay, Bloomberg Business
[2] New Report Says Computer Criminals Stole Millions From Banks
Banks in Russia, U.S. and Eastern European may Have Lost $1 Billion, Report Says, By DANNY YADRON And EMILY GLAZER
Feb. 15, 2015 3:51 p.m. ET, Wall Street Journal
