What does apple pay mean?

System: iOS 16. 1.2

ApplePay is a NFC-based mobile payment function released by Apple at the 20 14 Apple Autumn New Product Launch Conference. ApplePay is Apple's mobile payment and electronic cash service, which is integrated into AppleWallet application, and can only be paid by mobile devices such as iPhone, AppleWatch and iPad(iPadAir2, iPadmini3, iPadPro or later) introduced by Apple.

Payment limit:

According to the information provided by ICBC, the payment card in ApplePay is valid for five years, and no annual fee and loss reporting fee are charged. The ApplePay payment card applied by the customer uses a unified account with the existing credit card bound, sharing the credit limit of the account. The single payment limit of ApplePay payment card is RMB 20,000, and the daily cumulative payment limit is RMB 50,000. Customers can apply for adjusting the credit limit of the card through ICBC outlets, e-banking and other channels. If the customer adjusts the credit limit of the physical card, the ApplePay payment card will not be adjusted synchronously.

Except for some cases, such as using the "password-free visa-free" function of UnionPay chip credit card within the password-free limit, or overseas password-free online transactions, ApplePay requires the password to be the same as the physical card and cannot be modified separately. If the password of the physical card is adjusted, the password of ApplePay should also be updated synchronously.