Apple Pay delivers a double whammy, bridging in-store and online mobile payments

Gigaom

Apple didn’t just deliver one mobile wallet at its iPhone 6 and Apple Watch launch event on Tuesday. It delivered two. Its new Apple Pay service, which will launch on the iPhone 6 and iPhone 6 Plus in October, combines two mobile payment methods that are often conflated to represent entirely different types of transactions: using your phone in lieu of plastic to pay at the cash register, and buying goods online over your mobile phone.

[company]Apple[/company] will bridge the two using a unified wallet that consumers will actually want to use and merchants will actually want to accept, Apple CEO Tim Cook said during his keynote (check out Gigaom’s liveblog for all the details from the event). The problem with previous mobile wallets, Cook said, is that they’ve been designed around self-interested business models – for instance, driving dollars into carriers’ own wallets, in the case of Isis/Softcard…

View original post 570 more words

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.

Fortune

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?

EM:…

View original post 774 more words

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…

View original post 728 more words

With iPhone’s fingerprint feature, Apple takes biometrics into mainstream – Lynchburg News and Advance

See on Scoop.itMobilePayments101

The Guardian With iPhone’s fingerprint feature, Apple takes biometrics into mainstream Lynchburg News and Advance “If this has been implemented right, every enterprise that enforces a password or PIN lock on the device will begin using the…

See on www.newsadvance.com