Eddy Cue, Apple Senior Vice President of Internet Software and Services,
discusses the new Apple Pay product on Tuesday, Sept. 9, 2014, in Cupertino, Calif.
IMAGE: JOSE SANCHEZ/ASSOCIATED PRESS
Posted on 03/07/2015 8:01:33 PM PST by Swordmaker
The Apple Watch won’t officially launch until Monday and while many details — like the price — are still up in the air, Apple exec Eddy Cue just offered a much more thorough explanation on how Apple Pay will work with the wearable.
Cue, Apple's senior vice president of software and services who also happens to be a longtime Golden State Warriors fan, was at Friday's game at Oracle Arena in Oakland, California, to help with the official rollout of Apple’s mobile payment system at the team store.
Oracle Arena is the second basketball stadium to adopt Apple Pay, and the company previously rolled out the system to a handful of baseball stadiums last year. Having Apple Pay at big venues like stadiums, where speed and convenience are huge factors in people’s decisions to make purchases, can help encourage people who may not be used to mobile payments, Cue said.
“Anything that makes things more convenient and easy to use helps with adoption,” Cue told Mashable. "When the quarter’s over and you want a drink, you want to get it as fast as possible. And now we’re going to make it even easier because we will be able to pay with the watch.”
Cue, who was wearing a stainless steel Apple Watch — though he made his purchases with an iPhone 6 — offered a few more details on just how Apple Pay integration will work with the watch. As long as users have their iPhone nearby and their watch is unlocked, then they simply need to double tap the watch's side button — no need for Touch ID or even a passcode.
“You don’t have to authenticate on the phone," Cue explained. "Your watch has to be unlocked and your phone can unlock your watch and so it knows, if I took my watch off and gave it to you it would know. If I wanted to pay right now I could just pay with the watch and not have to take the phone out at all or unlock it."
He also confirmed that Apple Watch users will be able to use Apple Pay even if they are still using an iPhone 5, which doesn’t support NFC or Apple’s Touch ID. Since the watch itself is equipped with NFC, "you just type in your code," either on the watch or on your iPhone.
Though NFC-based mobile payments predate Apple Pay by several years, user interest wasn't high until Apple entered the space with the launch of the iPhone 6 last year, which has also reignited interest from competitors. Earlier this week, Samsung revealed plans for its own payments system, Samsung Pay, which has similar functionality as Apple Pay, though it uses different technology. And Google is rumored to be working on its own Android Pay system.
When asked about the new potential competition, Cue touted the security of Apple Pay and said other companies would have to implement at least the same level of security and privacy in order to succeed.
"The secure way is really critical and making sure that the card is tokenized… the fingerprint and then the privacy piece is really important,” Cue said. "You don’t want anyone else knowing that I’m buying whatever I'm buying. I think those are bars that we’ve set now for payments that I think if anybody else wants to do you have to do at least that."
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Don’t they call that PayPal?
No. It's ApplePay. . . a completely secure way of paying through NFC payment stations with your iPhone 6 and 6plus that cannot be compromised by people stealing your data or card numbers. You show your credit card to the iPhone, it then validates it with your bank, who validates with you that you are the legitimate owner of the card and the iPhone. When you want to purchase something, it generates a one time token for each transaction supplied by your card issuing bank and even the store does not get the data. You make the purchase simply by holding your iPhone close to the NFC enabled credit card machine and simply press the TouchID home button on the iPhone. Done. The merchant just knows they've made a sale. It's private and safe.
Even if someone steals your iPhone, they cannot use it, because it requires your living fingerprint to invoke the sale. . . or even open the iPhone. Your credit/debit card data is not even stored on the iPhone. . . and the tokenization is stored in 256 bit AES encrypted hash code in a Secure Enclave location built into the processor. ApplePay.
I prefer cash.
It does sound cool. Makes sense.
It is. I use it when I buy from MacDonalds, in the Chevron MiniMarts, Walgreens, and HomeDepot now. The clerks in Chevron didn't even know their machines could do it. . . but for some reason their system still prints out a receipt to sign or requires inputing a PIN. It's not supposed to require that.
Cash can be stolen from you.
I like to keep it under my mattress. It gets better returns there than the local bank.
Does it work with just one credit card. IE you sync it with your B of B Visa and that is the only one that it works with?
There is a reason why I ask. I use several cards and pay them off monthly. I use them only after their cycle date and I have a minimum of 454 days to use their money interest free.
So far, over 800 different cards from 107 banks have signed up with ApplePay. I don't know about B of B. . . but Bank of America is one of the banks, as is Wells Fargo, Chase, Citibank and quite a few other major and smaller banks. You can check the list current as of yesterday here.
I have six cards in my iPhone 6 now and can select which one I want to be the default card and switch to another card for any single purchase and it will revert to the default for the next purchases.
That is fantastic. It makes all the difference.
Sorry I meant B of A.
BFL
I can’t help but imagine unintended purchases with either the phone or the watch.
I'm impressed. It's just like the gas pumps of the last twenty years!
If you think the merchant doesn't get your card number at the gas pump you are naive. . . and you type in your zip code to validate your card. . . which means they have your address already. Oh, WOW!
A friend of mine owns an AMPM miniMart. They only take debit cards. . . but yes, they get the full card number on the pump kiosks. Sorry. You. Are. Wrong.
Did you really think all of us who buy gasoline at the pump were going to believe your false description of the transactions we have all made?
Apple’s CEO just announced my numbers were a tad bit off. Try over 3,000 card issuing banks and 700,000 locations that accept ApplePay.
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