I've had a chance to play with Apple Pay. Works reasonably well... So...

When you hold the phone close to a NFC terminal, a screen comes on where you can select the card you want to pay with. This screen is very buggy and every time you try to select a different card than the default... It selects the default...

Anyway... Then you Touch ID (which seems to be a more strict version than the one used to unlock the phone).

That unlocks the card data, and the screen prompts you to tap against the terminal.

It then vibrates when payment completes.

So far I've tried it with Amex, Chase CSP and Citi AA Exec WEMC.

Amex has the best implementation as it shows all your transaction data. It identifies itself as Amex ExpressPay AID. No PIN support.

Chase identifies as PayWave and supports low value ticket mode (no signature below $x).

Citi identifies as PayPass and supports PIN authentication! Not sure what the CVM list looks like.

All cards basically turn into a virtual card (random card number and expiration - Amex expires in 2 months, Chase when the physical card expires, Citi in 3 years).

As far as I can see, there's nothing magical about the implementation. It should work in other countries with EMV contactless terminals.

Very cool.