Apple Pay Roundup: Everything We Know, Coming in October

[Menel]

Apple Pay Roundup: Everything We Know, Coming in October

I may be mistaken, but I believe MCX Membership rules require exclusivities. And MCX has a large number of member companies, not just Wal-Mart and Best Buy. (http://www.mcx.com)



I'm not sure if MCX will gain traction, but I believe it has a better chance than ApplePay.

Currentc is a massive industry joke.

Expect to see many of those companies flee that train wreck as their contracts expire/come up for renewal.

 

[kdarling]

I have a iPhone 5S, but don't want the watch. I wonder if I can still make online payments with it instead?

In theory, Apple Pay could use the main CPU's Secure Enclave as an Secure Element... and I think they even patented such a method... but my gut tells me this is Apple and they want us to upgrade our phones instead

As cool as this sounds, I don't understand how this is going to gain traction if it's limited to people with the latest iPhone or Apple Watch.

If you mean Apple Pay, well... in a few years, most people will have the latest iPhone.

If you mean NFC payments in general, MC and Visa are pushing very hard for USA merchants to include support when they convert to EMV terminals by late 2015.

Considering how they are touting their hardware security measures, don't expect them to allow non-iPhones to use Apple Pay.

Many non-iPhones have Secure Elements either internally or have support for one in a SIM. So that's not an issue.

Of course, they don't have TouchID, but then, neither does the iPhone 5 or 5C, and Apple says those can be used with the AWatch to pay. So it doesn't sound like TouchID is a hard requirement.

With Apple Pay, your iPhone creates a virtual credit card.

To be specific, the backend systems (CC scheme or banks) will create the virtual card number when we register a real one. The real info will not be kept in the phone. Only the virtual (token) one will be.

Also any bank specific graphics associated with that particular card will be sent back to the phone to display.

The NFC terminal doesn't realise it's not a real card. It send the data about the credit card for example to Visa, Visa has worked with Apple and figures out that this is an Apple Pay virtual credit card and accepts it, so the NFC terminal accepts your card.

Yep. The virtual account number will have a special bank identifier (just as current cards do) to indicate that it's a tokenized value, so the system will know it must look up the real account number.

The nice thing is that this virtual credit card will be used only _once_ for that one payment.

Apparently the token card number itself will not change very often, if at all. There's no need for it to, since you cannot do anything with it, without knowing the other device and transaction specific cryptograms that will be sent along with it.

It's the same reason why there's usually no encryption of chip & PIN card numbers. Also, there are a limited number of account numbers available. Rotating them constantly is wasteful.

 

[dbc34]

keep telling yourself that.

Is it not? Wonder why when I go to checkout all they ask me for is 199+tax to take the device home. But don't let facts get in the way of your comments.

 

[Swift]

I got an e-mail

It was from my bank, Bank of America.

I use mobile banking. The day after apple announce Apple Pay, they said, coming soon, we will support this. Yay.

 

[CosmoPilot]

What does EMV mean?

 

[Menel]

What does EMV mean?

Europay, Mastercard, and Visa

 

[SuspiciousWink]

Please update your roundup to appropriately recognise the fact that this service, like many other initial service offerings from Apple, is only going to be available in the US and nowhere else. In none of their public releases/statements have they even said they have any intention to take it international. The only inkling of this is Tim Cook briefly indicating that they would like to try to take it else where if they can.

I find it pretty disappointing that they didn't have the foresight to think that if they made this global, it would make them the leader in NFC payments almost overnight. In terms of global NFC payments, the US is years behind everyone else - the majority of other countries have almost ubiquitous NFC enabled POS terminals, I know this to be true at home in Australia. There's not even an indication if US users will be able to use the service while overseas. This could have all been negated by simply forgetting about the banks and dealing only with credit/debit card companies - they are global companies and acting as a payment processor for them would have enabled them to take it international. But that would have meant they needed to pay MasterCard and Visa a fee, rather than the other way round and apparently the bean counters won out over whoever argued that a global service would enable even greater worldwide iPhone 6 and Apple Watch sales.

 

[thewebb]

No, you will not be able to make Apple Pay payments with your iPhone 5S because the hardware doesn't support it (there is no NFC chip in the 5S).

Again, I'm not aware of a way to use NFC for an online purchase... please explain?

 

[oddnendz]

I wasn't particularity excited about ApplePay at the keynote because I thought it be would be restricted to the major banks. A couple days ago, I was looking at my account at the credit union where my main accounts are and there was an "ApplePay coming soon" banner on the main page. Now, I am thinking I need to move my prescriptions from Walmart to Walgreens..

 

[MacVixen]

On the mcx website it seems as though a lot of merchants are participating. Is it all about cutting visa and MasterCard out of the mix?

Will all of the retailers using the mcx, also be able to use regular NFC? Alot of those merchants cannot possibly assume that their customers will only use debit cards or store credit cards, can they?

 

[SirLance99]

No, only iPhone 6 supports NFC.




Hmm. Won't there be any sort of branding? How will we know if it takes Apple Pay?

If they take NFC, it takes Apple Pay. Simple.

 

[Fenez]

On the mcx website it seems as though a lot of merchants are participating. Is it all about cutting visa and MasterCard out of the mix?

Will all of the retailers using the mcx, also be able to use regular NFC? Alot of those merchants cannot possibly assume that their customers will only use debit cards or store credit cards, can they?

They will have an app on apples app store and android to support their payment option called currentc

 

[MacVixen]

They will have an app on iTunes and android to support their payment option called currentc

Right I saw that, I'm just wondering if the option to use credit cards at those merchants will still be available or will it just be that you can't use NFC if you do want to use visa or mc.

Thanks for the quick response, btw

 

[Fenez]

Right I saw that, I'm just wondering if the option to use credit cards at those merchants will still be available or will it just be that you can't use NFC if you do want to use visa or mc.

Thanks for the quick response, btw

I'm not sure but, the way I see it is, why would you support both? The merchants not supporting nfc will be using mcx

 

[JoEw]

You're lucky to get half that from Gazelle.
There's other shady buyers out there offering more but at your risk.

ebay may get you more but it will take time to sell, box up and ship.
Then you hope the buyer isn't some guy who freaks at the site of a small defect/nick and leave bad feedback.

If he sold it 3 weeks ago, then yes, $450 not be too far off.
Once the new iPhone model comes out, the price of previous models drop significantly.

300 for working 5s at att guaranteed.

 

[xero9]

Well, I am now mildly excited.

I just now got off the phone with my bank (TD Canada Trust)'s Visa department, asking "When are we getting Apple Pay?"

The rep wasn't up to speed about Apple Pay, so I told him what it was and how it will work, and he asked to put me on hold and went to interrogate a Supervisor.

When he came back, he said he was told "You'll need an iPhone 6 or iPhone 6 Plus," and that I should wait until October, then log into my online banking, and download the app.

"You're talking about Apple Pay, right?" I asked.

"Yes, 'Apple Pay' that's right," the rep said.

Yes, fellow Canadians, he said to check online in October.

I think he was likely mistaken. Check this link: http://www.tdcanadatrust.com/produc...tronic-banking/ways-to-pay/mobile-payment.jsp

 

[RumInt]

What wallet?

I am personally excited about this. I ditched my wallet a long time ago, carry my ID and debit-card in an iPhone Speck case holder.

Just like paying with checks, the day will come. Standing in line, person in front of us pulls out a debit-card to pay, and everyone in line collectively moans.

 

[DaveOlden]

I think he was likely mistaken. Check this link: http://www.tdcanadatrust.com/produc...tronic-banking/ways-to-pay/mobile-payment.jsp

Thanks for that link, but that doesn't show me Apple Pay isn't coming, it just shows me TD's current mobile payment option.

The phone rep, quoting his supervisor, told me to log in to my bank account in October, (still weeks yet ...), when he could easily have said "We don't know yet."

I'm thinking that link is just the quiet before the announcement.

And after I got off the phone, I remembered: TD Canada Trust has US branches, so it's very likely (at least to me) that having it available for the US rollout may be benefiting the rest of TD's banking network.

 

[xero9]

Thanks for that link, but that doesn't show me Apple Pay isn't coming, it just shows me TD's current mobile payment option.

The phone rep, quoting his supervisor, told me to log in to my bank account in October, (still weeks yet ...), when he could easily have said "We don't know yet."

I'm thinking that link is just the quiet before the announcement.

And after I got off the phone, I remembered: TD Canada Trust has US branches, so it's very likely (at least to me) that having it available for the US rollout may be benefiting the rest of TD's banking network.

Maybe, and I hope it comes to Canada sooner than later, but personally, I won't hold my breath.

And FWIW, I logged into my TD visa account this morning and I received a message about it just today.

 

[StyxMaker]

No chance. Payments need to be 100% secure. They need to be secure even if you jailbreak your phone, install malware on it, anything. That's achieved by having a special chip in the iPhone 6 that does all the work and that cannot be hacked from the outside. The iPhone 5s doesn't have that chip, so it cannot use Apple Pay.



iWatch has NFC, but it doesn't have the chip that does the encryption. It needs an iPhone 6.

Apple has specifically said the the Watch will be able to do Pay in conjunction with the 5, 5S, and 5C iPhones so you are, apparently, wrong.

 

[DaveOlden]

Maybe, and I hope it comes to Canada sooner than later, but personally, I won't hold my breath.

I won't be holding my breath either, nor will I be losing sleep, but there is a reason for sooner-than-later hope.

And FWIW, I logged into my TD visa account this morning and I received a message about it just today.

Today's phone call (and your message) were just indicators, of course, but I'll be checking into EasyWeb in October, like they suggested, and we'll know then for sure.

 

[stuffradio]

$350 watch vs $650 phone is not cost effective

You need the phone as well in order to use the $350 watch.

 

[scrapple]

Anyone playing NFC stocks?

 

[vpndev]

a little patience

We haven't even got iTunes Radio yet so we've got about as much chance of seeing Apple Pay as Steve Jobs presenting the next keynote in October

Despair not - the issues are totally different.

iTunes Radio is held up because of stupid country-by-country licensing in EU. There are moves to make a single license for all of EU but the music labels are killing it.

OTOH, making Apple Pay work just depends upon EuroPay/MasterCard/Visa and some banks. EMV are already on board, and I'm sure that a number of banks will be as well.

There will probably be some delay but I expect that this is to enable a controlled rollout. The U.S. doesn't have as many NFC-enabled terminals as Europe (will change a lot by October next year) so this way they [Apple, EMV, selected stores] can get it going and fix the inevitable bugs. And then it will go worldwide.

 

[StyxMaker]

You need the phone as well in order to use the $350 watch.

But I can use the Watch with my iPhone 5 without buying a new phone.