Apple announces Mobile Payment solution

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Yoshiofthewire
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Apple announces Mobile Payment solution

Postby Yoshiofthewire » Tue Sep 09, 2014 4:02 pm

So we are all on the same page:
Apple Pay allows you to pay at the counter with your iPhone 6 (TheVerge)
Apple Pay comes to the iPhone for handling mobile purchases, NFC in tow (Engadet)

The Highlights:
Works with 83% of cards (Visa, MasterCard and American Express)
Works at a large number of merchants already, like McDonald's
Uses a One time use number and your thumb print to pay
Works where ever PayPass and PayWave are accepted
Is NFC based in nature, like PayPass and PayWave
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Postby djrez4 » Tue Sep 09, 2014 4:24 pm

I understood it to be entirely coded - not even a one-time use number like Citi provides, but a scrambled series of meaningless letters and numbers that is in no way connected to your card.

Either way, I'm due for an updated phone. One of the new iPhones will be filling my pocket (and emptying my wallet) next week and an Apple Watch will be on my wrist when they come out.
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Postby Yoshiofthewire » Tue Sep 09, 2014 4:33 pm

OK, now that we are all on the same page.
What does everyone think of this?

I think this is a very nice perfectly created buggy.
I have already gone on about the death of NFC payments, so I won't repeat that here.
Let's just say, a year ago, this might have helped.

Today, it is so much meh.

Yes, I am a loyal follower of the Google, but nothing against Apple's Payment system is exclusive to Apple. They have done everything correct with this, accept take to long to release it. Mobile payments are dead, and we can thank at&t, Verizon and T-Mobile for that.
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Yoshiofthewire
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Postby Yoshiofthewire » Tue Sep 09, 2014 4:37 pm

It can't be "scrambled" if it works anywhere PayPass and PayWave are accepted.
It can be a One Time Use number without your name on it.
Or "Your Name" could be XHSUGUNSDVIASDKGHOIUAS
They have deals with Visa, MasterCard and American Express.
So they are probably generating numbers on demand.
But it has to be a regular number to work at existing registers.

Or at least that is my guess since my Visa PayWave Debit card will gladly present the full card number IN THE CLEAR to my Android Phone if I ask. This card no longer leaves the sock drawer.

EMV NFC pay card reader on Google Play
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Postby darkguy2 » Tue Sep 09, 2014 6:50 pm

Yoshiofthewire wrote:OK, now that we are all on the same page.
What does everyone think of this?

I think this is a very nice perfectly created buggy.
I have already gone on about the death of NFC payments, so I won't repeat that here.
Let's just say, a year ago, this might have helped.

Today, it is so much meh.

Yes, I am a loyal follower of the Google, but nothing against Apple's Payment system is exclusive to Apple. They have done everything correct with this, accept take to long to release it. Mobile payments are dead, and we can thank at&t, Verizon and T-Mobile for that.


It could work if your phone is doing the transaction. Look at it this way.

You go up to pay for your goods and the cashier rings you up. When the order is totaled you use you iPhone to pay. When you swipe it the readers tells your phone what the charge is and gives a unique string. You accept it and pay, your phone is the one who charges your CC. When it is approved a transaction ID is sent to the reader that allows it to look up the transaction and see if it went through or not. All this ID shows is the original string that was given to your phone and if it was approved or not. So at no point is ANY of your info given to the reader.
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Postby Yoshiofthewire » Tue Sep 09, 2014 8:29 pm

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.
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Postby benhollberg » Tue Sep 09, 2014 8:42 pm

I'm going to watch the presentation later tonight but from what I have read I don't think I'll using this. I've never tried NFC for a wallet and I don't plan to. Also last thing I want to do is hand my $850+ iPhone to some cashier instead of an easily replaceable plastic/metal card.
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Postby djrez4 » Wed Sep 10, 2014 7:09 am

Email from Chase this morning:

Introducing a new way to pay from Apple® and Chase

Chase is excited to join Apple in announcing Apple PayTM. It's an easy, secure and private way to pay and will be available soon with the new iPhone® 6 and iPhone 6 Plus.

We're proud to partner with Apple to support this exciting new way to pay. Apple Pay, like our award-winning Chase Mobile® App, is another way we're committed to providing the tools you need to manage your finances on-the-go.

So what is Apple Pay?
Apple Pay will allow you to use the iPhone 6 and iPhone 6 Plus to pay for purchases in stores and online at participating merchants with the touch of your finger. And as you'd expect from Apple, it'll be incredibly easy to use.
Featuring the latest technology, Apple Pay is secure. Your account number is not stored on your phone, and only your fingerprint can authorize a payment.
Using your Chase card with Apple Pay will be easy
You'll still enjoy all the benefits, service, and rewards your current Chase card offers.
Once your card is set up on iPhone 6, you can checkout and pay quickly.
When available in October, many Chase Visa® credit and debit cards will be supported.*
Watch for more details on using your Chase Visa card with this great new feature once it becomes available. In the meantime, to learn more about Apple Pay, visit
Apple Pay.

Thank you for choosing Chase.

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Postby takeshi » Wed Sep 10, 2014 8:52 am

Yoshiofthewire wrote:Yes, I am a loyal follower of the Google, but nothing against Apple's Payment system is exclusive to Apple. They have done everything correct with this, accept take to long to release it. Mobile payments are dead, and we can thank at&t, Verizon and T-Mobile for that.

Apple has been a game changer in the past and does have a lot of influence so there is a chance that they could actually make mobile payments take off where others have failed. However, the recent celebrity thing may have impacted their trust with consumers and could cause problems for launching Apple Pay.

Despite what a lot of tech geeks assume it's not just a matter of being first and/or exclusivity or even technical superiority. The whole end user experience matters and Apple generally has a good track record in that arena -- though they've certainly had their failures as well.

We'll just have to see how it pans out. I can't really provide any meaningful commentary on this as I haven't been paying much attention to Apple Pay since I'm not upgrading this cycle. My wife is but she just charges everything to her UMPE and I don't think she would see any benefit to this.

Yoshiofthewire wrote:When reading this I am less wowed by this.

It's not really you or I or any other user of this site -- or even other credit sites -- that will make or break Apple Pay. It's mass acceptance and that can be a tricky thing to predict.

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Postby jumbo » Wed Sep 10, 2014 10:07 am

Google tried the NFC payment thing but didn't really catch on.
I think the Apple payment solution will be more popular than what google tried.
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