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Apple in Talks With Credit Card Companies Over Payment Solution, Could Launch Mobile 'Wallet' This Fall
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That's a great idea. Waiter brings your bill and it's got one of those QR code things on it. Scan, touch-I'd verify, pass code as well if you're paranoid, done. VISA will love this, as the further you're removed from the concept of cash the more likely you are to spend it.
And this is just one threat... the bigger threat in the future (right now actually) will be servers getting hacked and taking your info (Target?). Apples not perfect, but I trust them more with having my encrypted info on their servers than anyone else.
Think sapphire bigger screens or iwatches are the next big thing? I think its this mobile payment stuff...
Pro: fewer cards in one's actual wallet or money clip, and who can't appreciate that.
Con: if the phone battery dies (or for a lot of people WHEN the phone battery dies) the user is truly F'd.
So, I don't see mucking around with the UI as a barrier b/c Touch ID will get you in quick even if it's not a wireless scheme, but mediocre battery life does make it a pointless novelty right now.
I havnt run out of juice in years... your more likely to run out of gas going to the store.
People said the same thing about Beats.
I'm not saying it's gonna happen, but I wouldn't be terribly surprised if it did.
lots of people have access to data
The cashier is not your problem. Even if he/she were, the number would be captured by a camera - writing it down is too obvious.
No - the problem is with all the other people in the system who have access to the unencrypted data. And, as the Target case shows, those also who are outside "the system".
If Apple's system uses a protected exchange between your iPhone and the handler of the payment then no-one will ever have that stuff. And that would be a HUGE win.
If this happens I am sure Samsung will try to copy it. Then we'll see how secure their technology is, for they will have to indemnify the processor against technology errors, just as Apple will have to do.
The cashier is not your problem. Even if he/she were, the number would be captured by a camera - writing it down is too obvious.
No - the problem is with all the other people in the system who have access to the unencrypted data. And, as the Target case shows, those also who are outside "the system".
If Apple's system uses a protected exchange between your iPhone and the handler of the payment then no-one will ever have that stuff. And that would be a HUGE win.
If this happens I am sure Samsung will try to copy it. Then we'll see how secure their technology is, for they will have to indemnify the processor against technology errors, just as Apple will have to do.
I understand what you're saying but I'm nearly certain that This won't happen. Neither party is interested.
I cant even remember the last time anyone has asked for id. Just swipe a card. If its over 50, they want a signature that they never check.
Huh? Individuals (except maybe 90 y.o. grandmas and grandpas, and yes, they have to be 90+) don't bring their checkbook out of the house. I don't know what kind of distopian novels you are reading but visit the U.S. before spouting such foolishness. Checks are not widely used. Heck cash isn't even used much anymore. I rarely have more than needed for a haircut in my wallet.
Individuals do keep a checkbook in the house, yes, to pay taxes and contractors that don't accept CCs. Businesses use checks when its the easiest way to distribute money, but a much of it is electronic.
Consider Amazon's recent attack on retail stores with the Amazon phone. You go someplace, see something you want, and in two days its at your home. Apple, with the help of big blue, could give retail stores access to information they desperately need to compete.
Imagine if you could predict when a customer was going to arrive and what products (including sizes, flavors, etc.) they prefer. Then you could offer it at the best price to ensure purchase. Custom experiences for consumers, with less hassle, and lower cost (to the consumer as well as the business).
Imagine if you could predict when a customer was going to arrive and what products (including sizes, flavors, etc.) they prefer. Then you could offer it at the best price to ensure purchase. Custom experiences for consumers, with less hassle, and lower cost (to the consumer as well as the business).
chip+PIN is a joke anyway. The PIN is stored ON the card! They're doing you a favor by still wanting a signature.
If you have any doubts about my claim, Google it. I also tried some experiments of my own, but the final nail(s) in the coffin were I received a new card from Amazon (couldn't resist the free $15 credit
) and when I called to activate it I needed to pick a PIN. It said during the first use I would have to sign for it as the PIN needed to be downloaded onto the card on first use.I also noticed as soon as I press 'ok' after entering my PIN, it immediately says "PIN OK", but takes a while for it to come back with an approved transaction.
Kind of scary, seeing as I've heard in Europe people were able to have a fake card with a chip on a cable that ran up their sleeve to a device that says "Yup, this random PIN this guy just entered is good!".
Well, we definitely haven't heard any rumblings about it. So yeah, most likely it won't happen.
As opposed to the VERY secure dropped/lost/stolen or duplicated credit card?
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EXACTLY. Can you imagine the savings they would see avoiding chargebacks?!
chip+PIN is a joke anyway. The PIN is stored ON the card! They're doing you a favor by still wanting a signature.
If you have any doubts about my claim, Google it. I also tried some experiments of my own, but the final nail(s) in the coffin were I received a new card from Amazon (couldn't resist the free $15 credit
I also noticed as soon as I press 'ok' after entering my PIN, it immediately says "PIN OK", but takes a while for it to come back with an approved transaction.
Kind of scary, seeing as I've heard in Europe people were able to have a fake card with a chip on a cable that ran up their sleeve to a device that says "Yup, this random PIN this guy just entered is good!".
Been using a chip & pin for years - now I'm past that and onto PayWave.
Better get used to the idea of chip & pin cards there Bucko, credit card companies are forcing both US banks and merchants to adopt EMV, by Fall 2015, with severe consequences if they don't. Good Luck travelling in Europe, without a chip & pin card.
Uh, yeah, as they say, your mileage may vary. Just because YOU haven't run out of battery in years doesn't mean its not a common occurrence for others. In fact the "backup phone battery" accessory business is quite large. It all depends on how one uses their phone.
...Why? How? When you buy something off of iTunes or the App store, yeah, they take a cut, because you're paying Apple for the music/apps and they give the developers/artists/creators their share, but if you're buying groceries, apple had nothing to do with providing you the content, only the method of payment. Do credit card companies ask for a share of the money paid for groceries? No. (Mind the small transaction fee). So, no, I don't think that Apple would take a share of the money paid for products.
I agree with you on everything. Although, it'll be years before you'll be able to do what you want to do at every single location. Most places don't adapt to new ways til they are forced to.
its pretty clear that NFC will go behind that radio window in the back of the iphone 6. That will truly be a killer feature, buy stock in Visa the revolution is about to hit high gear
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uh yeah credit card companies take over 2% of the amount that you paid as a fee that the retailer pays to be able to accept the card. That is not a small transaction fee it is huge and adds up really fast
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uh yeah credit card companies take over 2% of the amount that you paid as a fee that the retailer pays to be able to accept the card. That is not a small transaction fee it is huge and adds up really fast
Well Apple ain't going to do it for free, they're going to get a processing fee.
They already have this. I pay my bill by swiping my card at my table, and the waiter doesn't even have to bring me the bill OR a portable credit card reader. It's been like this for years.
Most stores don't even process checks as checks anymore, they run them through as a debit/EFT and the money comes out of your account instantly. Can't write a bad check/bounce a check because the merchant already knows you don't have the money in your account.
If the iPhone 6 adopts NFC, it will be a game changer for the technology. Even if it is a hybrid of NFC and their own technology. Something to give NFC some legs and a much needed boost.
I went to a large music festival this summer and all the food vendors were cash only. There were a few ATMs inconveniently spread out throughout the grounds. I just imagined what it would be like if we actually acted like it was 2014 and were able to use contactless payments in situations like that.
If Apple can eliminate the 3rd party transaction processors, it would enable them to provide the service without established minimum charges and also develop a system where it is still profitable for the merchant (and Apple, of course) to accept their payment system. Currently, the legal minimum charges are $5 for debit and $10 for credit. And there is a gas station near where I work that still charges a premium for using a credit card (aka a "cash discount"). Their large sign displays the same price as the competitor across the street, but then there is a smaller sign that displays the credit price (I reported the station to the franchisor because I felt like they were misleading customers by having one price on the sign and another price on the pump. They compromised by putting the smaller sign up).
Long used to the idea (has been in use in Canada for a long time now), however still think it's far insecure.
Been using MasterCard PayPass for even longer. Love the crap out of PayPass!