Author Topic: ApplePay  (Read 1139 times)

Dwight (DW)

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ApplePay
« on: November 06, 2014, 03:56:27 PM »
Had first experience with it today by accident. I was checking out at Home Depot. I opened my wallet/iPhone case to pull out my credit card and to my surprise the ApplePay app was launched and open. 

I looked at the terminal. It looked like the same old type. Didn't see the NFC dashboard you see on some terminals. I thought what the heck, put my finger on the button.  It dinged and receipt printed out. The cashier was as shocked as I was. She had never seen that before.

My receipt shows the random generated CC number. Not my real CC number. Pretty friggin awesome because Home Depots prior CC breach caused my last CC to be replaced.

It feels so much safer knowing merchants won't know my real CC number. We need all merchants using it. I've had my CCs replaced 5 times. I'm sick of fraud.

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Re: ApplePay
« Reply #1 on: November 09, 2014, 05:54:25 AM »
This will likely work because it is getting a roundabout push from regulatory changes.

http://pando.com/2014/09/11/the-hidden-brilliance-behind-the-timing-of-apples-adoption-of-nfc/

There’s another major change set to occur in the payments landscape that will require the majority of these nine million merchants to deploy new hardware in their stores in the next year.

As of October 2015, any merchants that do not support EMV credit cards – smart cards with integrated circuits that enable point of sale authentication and help prevent fraud – will be liable for the fraudulent use of counterfeit, lost, and stolen cards. EVM cards are read at the point of sale by inserting the end of the card featuring the chip into a payment terminal, rather than swiping the familiar magnetic stripe on the back of the card. Consumers then enter a PIN to authorize the transaction. (If you’ve traveled internationally, you’re likely familiar with this system).

These EMV cards and the resulting transactions are far more difficult to counterfeit than what Americans consider “standard” credit cards. While EMV is the norm around the world, only about 14 percent of US merchants support this technology today and very few consumers own credit cards incorporating these chips.

Why does this matter to Apple Pay? Because millions of merchants will be required to purchase and install new card-reader hardware in the next year in order to comply with this standard. And when these merchants shell out for new card-readers, something they might do at most once or twice per decade, there’s a good chance they’ll opt for all the “bells and whistles.” Following Apple’s announcement, NFC is right at the top of the list of must-support technologies. Hence we could see a dramatic spike in NFC support in this country. (Big h/t to Wealthfront CEO Adam Nash for pointing out the brilliance of this timing.)

« Last Edit: November 09, 2014, 05:56:53 AM by Admin »