MasterCard Launches NYC Hub To Showcase Mobile Payments System

Companies are under pressure to adapt and take advantage of mobile payments.
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Companies are under pressure to adapt and take advantage of mobile payments. Credit card giant MasterCard is doing just that at its newly launched innovation hub in New York's Flatiron District, where the company is demonstrating how consumers can integrate their credit cards into Apple Pay at some 220,000 participating retailers. The company says its a revolutionary way to pay. To get started, take a picture of your credit card to store the info into Apple Pay. Then, simply hold up your phone to the reader at the store's register, while placing your finger on Touch ID. The phone vibrates to let you know the payment went through. TheStreet's Scott Gamm reports from New York.