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A Comprehensive Outline of the Security Behind Apple Pay
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I think you missed the point.
Yes, EMV cards have been used for years outside the US. But, it still suffers from the same basic problem: the personal account numbers are still transmitted to the merchant. Although they are encrypted on the card, they are still unencrypted during transit through the merchant's and payment processor systems to the issuing bank.
This is what tokenization fixes, and what makes
pay different. It doesn't work without changes to the backend systems to map the alias number to the actual account number.Apple didn't "sign up" anyone. All they did was ask if they wanted to be a part of the promotion. There is NOTHING that retailers have to do for Apple Pay other than have a NFC POS. This was all marketing at it's best.
All those places you mentioned above have taken NFC payments for a while now. I know as I've used it. Panera being my go to place. They are stunned when they see me do it.
So all you are waiting for is Apple to apply the update to your iPhone.
Same with the WalMart/BestBuy "CurrentC" system.
I must admit that I have reservations about giving WalMart access to my bank account.
Marketing.
They didn't "sign up" those merchants, except for joint promotions to help the uninformed realize where they could actually use their iPhone 6's to pay for transactions.
Exactly what I said. Nothing needs to be done except for Apple to update your phone.
So, if that's the case, why is it not available until some time later this month?
Just because Apple Marketing is drrraaaaggging it out for maximum media impact? Somehow I doubt that.
If these folks have NFC POS -- why stop customers from spending money ??
This does not make sense. At least, not to me.
10/2015 for most merchants. 10/2017 for unattended fuel dispensers.
What Apple has done is provide an incentive for merchants to pay a bit more for the NFC option. As you said, they have to buy a new terminal anyway.
A password isn't secure either.
As far as I understand it, if someone robs you, they just take your watch, demand your pin/password, and tap it in to check it. The watch won't even need the pin to be entered again as the thief goes on a major shopping spree at your expense.
What I don't understand then is why did BestBuy and Wal-Mart blatantly come out and say they were NOT supporting Apple Pay?
There are changes that have to be made in backend systems to support it. Apple, the banks, and payment processors would be doing final testing of 8.1 now that the iPhone 6 is widely available.
If you have a contactless card, you can use it anywhere you see the sideways WiFi icon. Then, if your bank supports it, you can repeat with the iPhone later this month.
There's not a single novel thing about Apple Pay that hasn't been done by Goigle Wallet.
Tokenization was already done there. The "cryptogram" is a CVV3/dynamic CVV.
The only semi interesting thing is using Touch ID to unlock the Secure Element. And storing card details on device instead of man in the middling like Wallet.
As far as I understand it, if someone robs you, they just take your watch, demand your pin/password, and tap it in to check it. The watch won't even need the pin to be entered again as the thief goes on a major shopping spree at your expense.
Right now, a thief just steals your credit card and goes on a major shopping spree at your expense.
Which is easier? Just taking your credit card or taking a watch, your phone, and your passcode?
In implementation...but this isn't some sort of alien Canadian technology they're using.
So, you mean virtually everything about Apple Pay that anyone cares about wasn't done by Google Wallet. Tokenization is more than the CVV3.
Because they don't support NFC in their point-of-sale terminals: it's either missing or turned off. At least that's the technical reason.
The business reason is that their "alternative" provides them at least two significant benefits:
- They can track every purchase you make.
- They can only debit from a checking account. That means they don't have to pay credit card processing fees. ACH fees are much lower.
I'd like to know how to get my credit union on board with Apple Pay. They are not nationwide and are only locally operated but I'd love to have this on my iPhone 6.
Simple.
Walmart and Best Buy Opt Out of 'Apple Pay' as Apple Leverages Required Point-of-Sale Upgrades
Walmart and Best Buy don't want to spend the money to upgrade their POS terminals, let alone the systems supporting them.
BL.
A password isn't secure either.
As far as I understand it, if someone robs you, they just take your watch, demand your pin/password, and tap it in to check it. The watch won't even need the pin to be entered again as the thief goes on a major shopping spree at your expense.
I believe
Watch will have biometric sensors in it that will know if the watch is on your, and only your, wrist. Or at least I thought that was in the keynote, maybe I'm just making it up.
The word you left out is "secure," it's a secure convenience.
The fact of the matter is credit card companies here in The States have been so woefully lax on security...likely because they don't want the bottom line (read: keep the stockholders happy) to be affected by a true security upgrade.
They, along with the banks, will gleefully hop on board the Apple Pay bandwagon. If Apple Pay really takes off, and I'm not saying it will or it won't, look for the banks to start trying their own system when they get tired of paying Apple the transaction fees.
Not going to see Samsung with any "we did this first" TV spots anytime soon, either.