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Hmm, I didn't realize there may be more than one secure element. I assumed there would be one secure element that held both the fingerprint and payment data.
 
And of course the 6/6+ and on will also work with the watch, and it appears Apple Pay may work on the watch even without a phone connected to it.
 
No, they are separate. The Secure Element is a chip compliant to the NFC standard's requirements that can store credentials and run Java Card applications (such as payment apps). You can find a little information about the components involved in Apple Pay starting on page 24 in this document:

http://images.apple.com/privacy/docs/iOS_Security_Guide_Oct_2014.pdf

Interesting, thanks for the link.

So really the only way to use Apple Pay with a 5/5S would be with the Apple Watch and only then through POS terminals? Or do you think there will be a way for the watch to send payments online if connected to the phone?
 
So really the only way to use Apple Pay with a 5/5S would be with the Apple Watch and only then through POS terminals? Or do you think there will be a way for the watch to send payments online if connected to the phone?
Apple states on the product page that the watch can only be used for in-store purchases.
 
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