Why Apple Pay took so long to get here

Master Card and Visa both implemented tokenisation to secure the Mobile Payment transaction from Apple Pay, so a token for the card is stored and transmitted not the card number.


Among the debut of new iPhone models and the reveal of its long-awaited Watch, Apple [fortune-stock symbol=”AAPL”] on Tuesday announced a new mobile payments system, named simply Apple Pay, that promises to accomplish what preceding systems from Google, Square, and others have not: gain traction with regular people.

The system is expected to go live in October with support from Visa, MasterCard, American Express, Bank of America, Capital One, Chase, Citi, and Wells Fargo. Barclays, Navy Federal, PNC, USAA, and USBank are expected to follow.

Despite quite a bit of hype and investment in mobile payments, no one seems to be able to kill the plastic debit or credit card. What makes this time different? Fortune spoke with Edward McLaughlin, chief emerging payments officer at MasterCard.

F: You and I have previously spoken at length about the difficulty of consumer adoption of mobile payments. What makes this time different?


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Apple poised to deliver mobile payment system that just works

Eric Dunstan

Screen Shot 2014-09-04 at 9.06.31 PMI started off my week with a trail run and then a quick stop off at a downtown locally owned coffee joint. The coffee shop is filled with laptop toting Silicon Valley types, local Lululemon wearing trail bunnies and a myriad of salon and spa employees on their way to bill $150 for a 1-hour deep tissue massage. I stood in line and waited to pay for my overpriced cup of coffee. I’m an old school guy and paid in cash while most people paid using their debit/credit card. It seems strange to me to pay for something so cheap with plastic…but, hey, I AM old school right? However, of the 10+ payment transactions I saw, no one paid with his or her phone using the NFC feature of the payment reader. Now don’t panic…you are not the only one who has not seen the NFC technology in action. Very…

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