Apple announces Mobile Payment solution

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kcm7
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Postby kcm7 » Wed Sep 10, 2014 10:45 am

benhollberg wrote:Also last thing I want to do is hand my $850+ iPhone to some cashier instead of an easily replaceable plastic/metal card.


You don't hand over your phone. You hold it near the NFC card-reader and then use touch ID to confirm. Phone stays in your hand the whole time.
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-Capital One Quicksilver
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Sevenfeet
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Postby Sevenfeet » Wed Sep 10, 2014 2:03 pm

Yoshiofthewire wrote:More Info: Apple Pay Hands On (Engadet)

When reading this I am less wowed by this.
Apple is giving your iPhone a CC number (Just like Google)
They then give that number plus a one use CCV (This is new)
Most of the Major CC players are on board.
220,000 retailers will support this system at launch.

The question in my mind, will you get your rewards point / cash back if you use this?
Apple has Visa, MasterCard, American Express, Wells Fargo, BoA, Chase and Citi on board so maybe?

I don't with Google Wallet, which is why I don't use it any more.


This may end up being bigger than the watch for Apple in the long run.

First, all devices (iPhone 6/6+) are given a unique identifier for purchases. When you use the device against a PayWave terminal, the phone passes a unique transaction ID instead of the credit card number. In fact, the phone never has the actual credit card numbers stored in it...just the device number that is generated based on that card. So if the phone is stolen, you don't have to cancel all your cards. You'll also need your fingerprint on the TouchID sensor to approve the transaction, so a stolen phone is pretty useless too. So this achieves security by:

No credit card numbers that can be stolen or skimmed.

No pin numbers that can be stolen.

No CCV number to remember or get stolen...there's a dynamic number passed with the transaction for authentication.

Even if a cyberthief installs malware on the terminal, he's just getting encrypted data. And if he figures out how to decrypt it, then the transaction number which substitutes for the card is ONE USE ONLY, and was already used for the previous transaction.

You should (in theory) still have the same relationship with your credit card issuing bank, as well as all of the card benefits. Yes, there have been some issues with banks not recognizing card awards used with PayWave, but that's not Apple's fault.

Entry of your card in the phone is literally taking a photo of it (which isn't kept), the phone does the rest. And whatever card you have with Apple iTunes Store can be added automatically.

The phone has a special secure area to keep the private information, not unlike what Apple did with the fingerprint data.

Ironically, PayWave seemed to be fading as a feature on credit cards. Only one of my many cards had it...the Chase Freedom Mastercard. When Chase retired it to go to Visa, PayWave was dropped. But using this system, ALL of my cards (save Discover) would become PayWave capable.

One more thing...Apple is not keeping or selling any of the transaction data. The last thing I want is another company with my financial data. There are a lot more working PayWave terminals out there than EMV right now. I can't wait for this to launch, but alas, my iPhone 5s is still on contract for another year.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
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Chase Sapphire Preferred ($7.5K)
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MemberSince99
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Postby MemberSince99 » Thu Sep 11, 2014 8:52 am

Sevenfeet wrote:One more thing...Apple is not keeping or selling any of the transaction data. The last thing I want is another company with my financial data. There are a lot more working PayWave terminals out there than EMV right now. I can't wait for this to launch, but alas, my iPhone 5s is still on contract for another year.






Yeah sure they aren't. If you are worried about your financial data, worry about the fact the government watches and knows it all anyway so it's far from private like you might think it is, even private companies aside.

Sevenfeet
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Postby Sevenfeet » Fri Sep 12, 2014 2:20 pm

MemberSince99 wrote:Yeah sure they aren't. If you are worried about your financial data, worry about the fact the government watches and knows it all anyway so it's far from private like you might think it is, even private companies aside.


They put it up in a slide on an internationally broadcast presentation given by a fiduciary-responsible company director (Sr. VP). Apple's been sued for a lot less if they wind up breaking that one.

And yes, the governments watching everything. We know that too. But at least we won't have yet another commercial entity slicing and dicing this data for profit.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

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djrez4
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Postby djrez4 » Fri Sep 12, 2014 3:03 pm

Sevenfeet wrote:But at least we won't have yet another commercial entity slicing and dicing this data for profit.


In fact, Apple specifically called out companies that profit off of compiling personal data and stated that they were not in that business.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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