If you're referring to restaurants, the US could join the rest of the modern world where waiters bring portable credit card readers to your table when you pay your bill so your card never leaves your sight.
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Apple in Talks With Credit Card Companies Over Payment Solution, Could Launch Mobile 'Wallet' This Fall
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If you're referring to restaurants, the US could join the rest of the modern world where waiters bring portable credit card readers to your table when you pay your bill so your card never leaves your sight.
I guess it makes sense they would eventually copy Google Wallet but I think doing it with Paypal is a mistake.
I'm not sure why anyone would be concerned that this could be a bad thing because your iPhone could get stolen. So can your credit card or wallet! This solution is probably even more secure, as iPhones are password-protected.
Bitcoin - BOO!
Not a chance.
This is almost a legalized, abeit barely, pyramid scheme waiting to implode. Not with my hard earned money, thank you.
Not a chance.
This is almost a legalized, abeit barely, pyramid scheme waiting to implode. Not with my hard earned money, thank you.
Not a chance.
This is almost a legalized, abeit barely, pyramid scheme waiting to implode. Not with my hard earned money, thank you.
With my easy earned money, i'm okay with a little bit of bitcoin.
HobeSoundDarryl
macrumors G5
Restaurants is just one very obvious example. There's lots of retail where the cards leave your possession. And sure an alternative could be that portable card readers are brought to you but then you're still signing something to have a printed receipt.
No doubt the security of the cards approach can be improved too. But, if that doesn't do it, another reason to like it is added competition for the big banks behind the cards. Maybe Apple chooses not to be as greedy on the transactional fees charged to the retailer or the interest charged to the consumer?
As we say too often around here, if Apple goes there, so goes Google, Samsung, et all. That's lots of potential competition for the big banks. Lots of competitors for a similar service tend to drive some price battles. Lower fees or lower interest is generally good for us consumers.
It'll probably be heavily related to the iTunes Store credit, which is kinda good because then I'd be able to fill up my credit card with gift cards.
I can't say I've ever had my card leave my sight at a retail store.
Apple's not trying to become a bank and issue their own credit cards to compete with the banks. They want to partner with banks to support contactless payments via the iPhone. Same transaction fees, same interest rate.
Of course, if you're paying interest on a credit card, you're doing it wrong.
The data read off your card most definitely does leave your sight. You have no idea where it goes, so you have to trust the merchant.
I'm writing a server right now, and this is similar to Facebook authentication. Using a credit card is like giving a server your Facebook username and password. Nobody does that. You give Facebook your username and password, everything happens on their servers, and then they give the 3rd party server an authentication token verifying that you are logged in. There's no way for the 3rd party server to use your credentials for anything not provided to it through Facebook's API. Just like how there'd be no way for a merchant to take your credit card number and use it for anything.
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Not a chance.
This is almost a legalized, abeit barely, pyramid scheme waiting to implode. Not with my hard earned money, thank you.
I just hate it because it's used for payment for illegal services, and I'm sure the founders and anyone supporting it know that.
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And if your phone gets stolen... tough because they need Touch ID to make the payments anyway.
HobeSoundDarryl
macrumors G5
OK. Good for you.
I used to work in retail jewelry. Most customers would fill out a credit application for store credit and provide a credit card for the DP. All that would go back to the desk while they waited for an answer on the store credit.
Ever buy a car? Same sequence of events is common.
My kid just got back from 2 summer camps. In both cases, I had to share all of the credit card information an identity thief would need with people I've never met and then sign when we got to camp. That gave them all of the credit card info + signature.
Just visited Disney & Universal Studios. To buy the passes, I had to hand the card through the window to some people I never met. Then they printed some tickets and handed me one to sign.
Just stayed at a hotel. Had to hand someone a credit card "for incidentals" then sign a document to formally accept the room agreement.
Just went to the movies. Had to hand someone the credit card then sign one of the tickets that printed.
Just rented a car. Had to hand some stranger the card then sign a document in 3 places and initial it in 7 (not kidding).
All that's just everyday business. How many of those people could I name today? None. I could barely even describe what they looked like today.
Need more?
Take note for a few days and see if your own pieces of plastic never leave your possession. Is it possible to avoid? Sure. But I'd prefer the coming way in which there's no plastic exchanged, no account numbers shown, no signatures exchanged.
I'm really excited for this to happen. This is the thing I most want them to announce at the next media event.
While more security is always welcome, if it's not as convenient, I'm not interested. In the very unlikely event something does happen, it's pretty easy to dispute a charge.
Also, card technology is not standing still. The US is finally starting to join the rest of the world with chip-and-pin cards. My credit union got them about a year ago.
I think the concern is more about the 16 year old teenager taking your card out of sight more than anything else. Or the 30 year old with the credit card fraud conviction that you don't know about that you're handing your card to.
Correct. Bypassing 3rd party, it's either:
1. Apple getting greedy: Price remains the same for customer (us)
2. Apple being smarter: Slight reduce in price for customer (us) while Apple still gain better profit.
wrong model
It could, but why? You could just securely pay you bill from your iPhone. You only need the reader if you're using a chip+PIN card.
They'd have portable card readers for folks with Samsung Galaxy S5's. Hah !
It could, but why? You could just securely pay you bill from your iPhone. You only need the reader if you're using a chip+PIN card.
They'd have portable card readers for folks with Samsung Galaxy S5's. Hah !
I said leave my sight. If the cashier at the movie theater was writing down my card number I'd see it.
chip+PIN, or chip+signature
I received a chip card from Citi a while ago. "Great", I thought, "I'll be able to use this in Europe and avoid the hassle". Not so fast. When I queried Citi, they that that it does NOT work in Europe as chip+PIN, but just as a swipe card. Looking at the accompanying flier more closely, I discovered that it's actually a "chip+signature" card, and has no PIN. So it's a bit more secure in that the chip can't be cloned, but that's it. I don't understand why they're doing half-measures but they are.
I received a chip card from Citi a while ago. "Great", I thought, "I'll be able to use this in Europe and avoid the hassle". Not so fast. When I queried Citi, they that that it does NOT work in Europe as chip+PIN, but just as a swipe card. Looking at the accompanying flier more closely, I discovered that it's actually a "chip+signature" card, and has no PIN. So it's a bit more secure in that the chip can't be cloned, but that's it. I don't understand why they're doing half-measures but they are.