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Hands-On First Impressions of Apple's New Payment Initiative, Apple Pay
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I bank with a small local bank... not one of the big banks listed in the keynote.
Does that matter?
My debit card has the VISA logo... so why would ApplePay have to partner with a particular bank?
Does that matter?
My debit card has the VISA logo... so why would ApplePay have to partner with a particular bank?
There is value to the credit card companies in knowing where you shop, which stores you visit and how much you spend. (Profile Apple customers, work out where they also shop, sell that insight to Apple and/or target these types of customers through advertising) Two of these pieces of information will be gone by using Apple Pay, so the banks/cc companies will actually be giving up revenue streams by being on board. Apple might need to compensate them for that...
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PayPass here in Aus, with purchase verified in about 1 sec. 5-10secs for Apple Pay to verify? I'd rather get my wallet out while I'm waiting for my Sandwich Artist to make my sub and be gone before the cashier can ask me how my day has been
You're right.
Recently the credit card providers proposed an extra charge to intermediary companies like Apple and Google, if they don't pass on the purchase info (category of product) that they're used to collecting.
No idea if either company got them to drop the idea or not.
To gain acceptance, retail stores have to support it. The same stores that have been too cheap for years to invest in chip and pin card readers. This is going absolutely nowhere. Nice idea but no one is interested in customer convenience or security. Just the cheapest way to do business.
The banks and credit card companies are now pushing for it because lets face it, the current system is a joke security wise with near constant fraud and hacks (like the target hack).
Refreshing to read something positive amongst all the negative drivel that seems to have pervaded MR today.
The
Watch is imho a visually striking wearable, with countless personalization options, that will no doubt be refined as time goes on, and with the SDK and a lead time of at least 4mos, the possibilities for this device are literally off the charts.As far as ApplePay is concerned, if the security turns out to be as solid as we are led to believe after today's keynote, I would think there is an excellent chance the way we pay in person or online, or even use ATMs, is going to change drastically in the next 5-10 years.
autrefois
macrumors 65816
A few questions
Does anyone know if TouchID is required for this, or if there's a way to use Apple Pay with your phone's password instead?
As someone else brought up, is there a way (either through TouchID or password) to allow other people to pay using your phone, or to have the same card used with more than one phone? This would be very convenient for families as long as there were obviously ways of restricting it. Could be useful for businesses, too (instead of giving gem the company card and worrying it might get lost).
Lastly, is it true that your bank has to be in the Apple Pay program -- it's not just the fact that you have a Visa / MasterCard, but also that your specific institution supports it which determines whether or not you can use Apple Pay? This could be a challenge for smaller banks and credit unions and their customers if it is difficult or costly to implement.
I think it sounds very promising and more secure than what's currently in use for most scenarios, but it might take a while for it to be useful / usable for everyone in the US, much less the rest of the world.
Does anyone know if TouchID is required for this, or if there's a way to use Apple Pay with your phone's password instead?
As someone else brought up, is there a way (either through TouchID or password) to allow other people to pay using your phone, or to have the same card used with more than one phone? This would be very convenient for families as long as there were obviously ways of restricting it. Could be useful for businesses, too (instead of giving gem the company card and worrying it might get lost).
Lastly, is it true that your bank has to be in the Apple Pay program -- it's not just the fact that you have a Visa / MasterCard, but also that your specific institution supports it which determines whether or not you can use Apple Pay? This could be a challenge for smaller banks and credit unions and their customers if it is difficult or costly to implement.
I think it sounds very promising and more secure than what's currently in use for most scenarios, but it might take a while for it to be useful / usable for everyone in the US, much less the rest of the world.
Stealing Cards?
If all you have to do to add your card to the Apple Pay system is to take a picture of your credit card, what's preventing your waiter or bartender from doing the same thing with your card? It sounds like it just got a lot riskier to use your credit card in public.
If all you have to do to add your card to the Apple Pay system is to take a picture of your credit card, what's preventing your waiter or bartender from doing the same thing with your card? It sounds like it just got a lot riskier to use your credit card in public.
That's a good point... There HAS to be some kind of verification step to ensure that you're the owner of a card you add (right?!)
NFC chips have been greatly advanced since then, but we're talking the entire solution is revolutionary and patented. Sorry, but this system is being adopted, along with its API across the globe.
You can count on Apple having worked with banks, credit card companies, directly and with IBM to get this to work from end to end, including the n-tier enterprise apps leveraging it.
They can already take a photo of your credit card and use it online. The whole point of Apple Pay is that you don't give out your credit card, so it's more secure.
Actually it is not easy money. It is one of the hardest things to do. Security is a big thing and for each card that is compromised by a store, website or bank that is compromised can lead up to fines that can go into the millions for small or tens of millions for medium size companies. For Apple given that they have over 500 million Apple IDs this could be billions if not tens of billions.
There is this thing called Payment Cardholder Information Data Security Standards Council. They have to abide by a very rigorous set of standards plus if they are compromised pay each merchant a good deal of money for stolen cards unless Apple struck a deal since they can just auto-update people's card instead of sending them a new one.
Even then, Apple would still most likely face a hefty fine if a breach and information was stolen.
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I'm guessing to re-issue cards to the phone / user's new device if there is a compromise of data.
Apple will definitely get something out of it. By getting the retail stores to move onto this system, Apple will also get more people to buy an iPhone, sign up with iTunes, and buy into the eco-system.
Banks are trying... all the ATM's in my area now will accept cash and checks without envelopes. This was a random push by themselves to make their ATM's better. The old way sucked, but I don't think people were complaining about it. I could be wrong.
I think you nailed it with "unless everyone on Earth is equipped with an iPhone" - I'm pretty sure that's the future Apple wants.
Seriously, educate yourself and RTFA on how the technology works before judging it. You don't have to physically go out and test anything on every single system before releasing it. What you've described IS "releasing it."
By law, swiping is about to become a thing of the past anyway - we (in the US) have to switch to the chip & pin system by Oct 2015. This is better, and seeing how Apple has negotiated great rates for online and off-line transactions, maybe it'll finally urge the shops to convert over.
The card's picture is probably matched with your personal information in your iTunes account. Apple did mention a bank verification step; I'm guessing if the two pieces of data are drastically different, it won't let you add it.
While I am excited for the iPhone 6, I think this is the best announcement today. Not a huge fan of the watch, but I think it's okay.
Long term, I think this payment system will really take off. It's also great for me as I am one who wants to get rid of keys and a wallet. This brings me one step closer. Although it doesn't work in all the stores I need it to, it works on some of the important ones in my neighborhood, so that is a start. Combine this with the August Smart lock, and I can drive my car, unlock my door, and buy groceries all with my phone! Pretty awesome.
Long term, I think this payment system will really take off. It's also great for me as I am one who wants to get rid of keys and a wallet. This brings me one step closer. Although it doesn't work in all the stores I need it to, it works on some of the important ones in my neighborhood, so that is a start. Combine this with the August Smart lock, and I can drive my car, unlock my door, and buy groceries all with my phone! Pretty awesome.
I understand that can still be done today. I'm just saying it looks like it's easier for those people with iPhones to steal credit cards and use them in public places than before. If I snap a photo of some dude's card at the bar, I can then use it at a sports stadium instead of only shopping online. No one knows that I'm using a stolen card because there is no card or even a "SEE ID" written on the back.
I wonder how they implemented adding cards to the payment system. It can't be as simple as taking a picture of the card.
TouchID is required to use Apple Pay. There is no using the phones password.
That would be a convenient feature.
I don't know. You might be able to but some of the benefits of 'if card is compromised then you don't need to get a new one' might not work for smaller banks.
I bet the feature's stake on having support of lots of small banks and credit union. Apple will need to make it a quick rollout or it could cost them adoption.
Ahh. That makes more sense. I didn't get a chance to watch the presentation yet. Thanks.
There's no way Apple Pay will block CC companies from seeing where you shop and what you bought. I don't know who's paying who, but that info is most likely false.
Not to mention all the retail stores and sit-down restaurants that don't currently use a consumer cc terminal at all (the cashier or server swipes the card).
Apple Pay sounds cool for the places which will use it, but the idea that it will kill the credit card anytime remotely soon is def. hyperbole....
But you do, if that restaurant or bar doesn't have an NFC reader...
[I'm assuming, though, that what is said above is true, about some verification step that involves matching the name on the card with the name on your iTunes account... or something similar]
Apple is in business to make as much money as possible, to keep millions of share holders happy. You think this shouldn't be the case? They should not add revenue streams unless they have your stamp of approval? What planet do you live on?