Re: Apple Pay

On 9/9/14 1:57 PM, Stéphane Corlosquet wrote:
> Apple just introduced Apple Pay in their live event at 
> http://live.arstechnica.com/apples-september-9-2014-event/
>
> Quoting:
> Our mission is to replace your wallet, starting by focusing on payments.
> ...
> Digging for your cards is antiquated.
> The magnetic stripe interface is outdated and insecure.
> Most people who have worked on this have started with a 
> self-interested business model and worked outwards..
> We've created a new payment process called Apple Pay
> ...
> Apple Pay is built into every iPhone 6 and 6 Plus using NFC, the 
> standard for mobile payments.
> A new chip called the Secure Element stores your payment info 
> encrypted and securely.
> ...
> Now, with just a touch, you've paid.
> ...
> When you add a new card, we don't store the number, and we don't give 
> it to the merchant.
> You get a device-only number protected by the secure element.
> Every transaction generates a one-time code that is used.
> You can suspend payments using Find My iPhone, since it doesn't 
> directly use your card there's no need to cancel it.
> ...
> Apple doesn't know what you buy, where you buy it, or how much you paid.
> Cashier doesn't even see your name, credit card number, or security code.
> ...
> Starting in the US with AmEx, MasterCard, Visa.
> Also supported by a number of banks, 83% of all credit card volume in 
> the US.
> You can use it in 220,000 stores that already support contactless 
> payments, also working with Macy's, Bloomingdale's, Wallgreens, 
> Staples, Subway, other stores.
>
> -- 
> Steph.

Yep!

Just need to take a look at their APIs and other technical details.

Apple is an important player in this space, for sure.


-- 
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Kingsley Idehen 
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OpenLink Software
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