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A Comprehensive Outline of the Security Behind Apple Pay
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It's not suppose to replace currency, that's being done with Interact, credit cards, Paypal and other like services, and e-transfers. Most people here don't think that it is a replacement for cash. You're simply assuming we do for some reason. All Apple was saying about ApplePay was that it was a replacement for your wallet so you don't have to carry all your cards around.
The documents I have seen from First Data say the tokenization process includes validation and approval by the card issuer.
I would expect it to require the CVV at a minimum, and probably a correct billing address.
I could see Google using a method similar to Apple's, but with a relationship to the banks where the banks would give up this information to Google in exchange for money. Wouldn't be as profitable as Apple's model where Apple gets money.
Not all were from iCloud. Not all celebs were using iPhones. And it was a community of hackers getting into celeb accounts of various cloud servers, Apple's iCloud being one of them.
You're right. I guess I can do that - but why would I pay a 20% interest (which starts IMMEDIATELY, no grace period) and a cash advance fee to do this?
But, you're right - for ATM withdrawals ONLY, this PIN is used. I've never done one, so I don't have any clue what those PINs might be, or what is required to set them up.
Your point? I'll ask again and maybe you can actually answer the question:
So even if they did get hacked again, what financial information is there to steal?
I'm sure the Apple Pay token generator will be a much more valuable target than someone's financials...
The merchant pays the same fee as for a presented credit card.
The iPhone holder pays the same amount as he would pay with a credit card.
The issuing bank pays a small amount of their fee to Apple: 15 cents per $100 charged.
The little we know about how tokens are generated are that you would need AT LEAST three things:
- The original account number
- The device-specific identifying information to help generate the token
- The token algorithm
If you got the algorithm, it wouldn't do much good without the other two things.
agree that cc security is pretty lax in the u.s.. at gas pumps though (and some other places) they at least require the zip code of the billing address to be entered.
The credit card companies all charge around 2% of the cost.
If an item at a store costs $100, the card holder pays $100. The store only gets about $98. Of that $2 that mastercard/visa/amex/discover gets, Apple gets a small portion of that, about 15 cents.
I've been doing this with my American Express Blue card since about 2003. In the US. So we have had NFC for quite some time. It just hasn't grown much. The times I used it was great but it was always a crap shoot if it would work.
Some gas stations around my area have started asking for zip codes, but most still do not. It probably varies where you live, and where high crime areas are.
If this system they have come up with lets you pay for anything up to any amount, I would personally be hesitant of using it for high amounts for a while, it's security would need to prove itself first.
I think this is already handled by the credit card company or bank -- nothing different than how it works now.
I would think ANYTHING is more secure than the current system. Credit cards are stolen all the time. Physically stolen is the least of my concern - it's usually some cashier at some store that swipes the card under the counter or someone hacking into accounts at a store.
Anything that doesn't transfer my credit card number at a store is welcome to me. Apple Pay is very intriguing.
Yes it is very different, in the UK any current system we have for contactless payments is limited to very small amounts for the purpose of reducing any fraud, if this Apple system lets you spend any amount then it is very different to any current system in the UK.
Then again we don't have Apple pay and I have no idea when it will be launched in the UK, and if it if the regulators will allow the system to let you spend any amount you want.
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A Comprehensive Outline of the Security Behind Apple Pay
Not consumers, not merchants, VISA does.
Typically VISA gets $0.10 + 1.20-1.65% of transaction.
Apple gets 0.15% of the transaction, taken from VISA's cut.
Not consumers, not merchants, VISA does.
Typically VISA gets $0.10 + 1.20-1.65% of transaction.
Apple gets 0.15% of the transaction, taken from VISA's cut.
The article is doing some reality distorting of its own.
The examples from Microsoft and Google are proprietary solutions that require giving financial information to another party on top of the ones already handling it. Thanks, but I don't need their help.
The one in Japan is a closed system to replace cash in some instances. The cited article even admits it isn't popular outside that country.
The EMV standard uses existing systems, and Apple isn't inserting itself into the process. It's also worldwide, if issuing banks choose to participate.
Apple isn't late to the party: they waited until the party was really ready to start.
I wonder if we'll be able to use it at toll booths. I'm pretty sure you can use a chip credit card in much of Europe for this purpose.
I believe those merchants who committed toPay and were mentioned in the keynote have committed to having capable POS terminals in ALL their locations (not sure by what date however, but the commitment is there to upgrade them all).
Which is what I was eluding about.