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This is what keeps you from stealing someone's money: https://paymentdepot.com/blog/merchant-account-requirements/

You need a merchant account. To get one, you need to satisfy those requirements. If someone steals it all, then fine, they will be able to get the money for a short while, when people start complaining about charges they don't remember, they will shut down the account, and use any information to report the fraud to authorities, who will have the tools to prove the fraud in court and send you to prison. If you're good enough to get away with this, then you probably have skills to steal way more money and you're wasting your time. If you're not too good you'll go to prison. It's a high-risk low-reward scenario. And yes you can go around with a payment loaded in a reader (no iPhone needed actually), and tap it to people's pants to get contactless cards (not Apple Pay/other phone payments, notably, because you have to start the transaction and authenticate), but this is defeated by RFID-blocking wallets.

So if you're worried still, then know that you have 0 fraud liability. Check your statements and report any suspected fraud within 30 days, and you'll have no liability for fraud. And use RFID-blocking wallets.
Thanks for the detailed explanation. It makes sense!

I agree thieves can already do it with some reader plugged into the smartphone. But I was wondering if it could become the same story as with Tile: people could stalk someone with a hidden Tile, but it's really when Apple gets into the game that it becomes a nationwide issue, or at least a common one. As you rightly mention, there are strict requirements for activating that option in one's phone. But good hackers could find a way to circumvent these walls, like they do with any technology.

I'm not saying having this technology is not a good idea overall. I was just curious about the possible downsides. Thanks again!
 


Stripe today announced a closed beta program for Apple's upcoming "Tap to Pay on iPhone" feature, with a sign-up form available on its website. The payment platform said the feature is "coming this spring" in the United States.

tap-to-pay-on-iphone-credit-card.jpeg

Tap to Pay on iPhone will allow newer iPhones to accept payments via Apple Pay, contactless credit and debit cards, and other digital wallets, with no additional hardware required. Apple said Stripe will be the first payment platform to offer Tap to Pay on iPhone to its partners, including Shopify for its Point of Sale app "this spring."

Tap to Pay on iPhone will allow individual merchants and small businesses in the U.S. to accept contactless payments in supported apps with an iPhone XS or newer. At checkout, the merchant will simply prompt the customer to hold their own iPhone or Apple Watch, contactless credit or debit card, or other digital wallet near the merchant's iPhone, and the payment will be securely completed using NFC technology.

Apple's new feature will turn iPhones into contactless payment terminals without additional hardware like a Square Reader, providing for a simple and convenient experience. It appears that the feature will be exclusive to the U.S. at launch.

Tap to Pay on iPhone will work with contactless credit and debit cards from leading payment networks, including American Express, Discover, Mastercard, and Visa, according to Apple. The feature will be available to participating payment platforms and their app developer partners in an upcoming iOS beta version.

Article Link: Stripe Launches 'Tap to Pay on iPhone' Beta Program Ahead of 'Spring' Release
So when a thief queues up a $100 payment then smacks your wallet he just stole ur money. At least they made it easy.
 
Is a receipt sent to the purchaser somehow (from the retailer)?

If not, then surely that’s going to be problem, as these are needed for expenses and the like – or simply to reconcile bank statements at the end of the month. No record of said transaction = no use for many unfortunately.

Anyone know...?
 
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