Apple Pay gets more backup from banks in US

Apple Pay, the electronic payment system introduced by technology giant Apple, which allows the new iPhone to make payments in stores, has the backing of banks that dominate 90 per cent of all credit cards transactions from the US, the company has announced.

Apple introduced the new system in September, coinciding with the launch of the iPhone 6 and the announcement of its first smart watch, the Apple Watch.

Apple said on Tuesday that 10 new banks, including Commerce Bank, support its electronic payments system and institutions that support the system account for 90 per cent of all card transactions, compared with 83 per cent in September.

The company has said that the electronic payment system will also work with Apple Watch, which will debut on the market next year.

Apple Pay is still in its initial stage, but it has generated great interest over the possibility of it replacing wallets.