Apple is acting like the mob, I don't know what percentage is being kicked back to Apple probably from Visa's 2-3% or if this is on top of that.
To my thinking chip level security is pretty damn difficult to overcome when it get's cracked which it will. I don't like NFC one damn bit.
I hope it withers and dies.
VHS versus Beta.
Nah.... just folks trying to push their format. Users (as in all market driven decisions) will force a change.
From another article on the subject:
Former Walmart CEO Lee Scott is reported to have said, “I don’t know that MCX will succeed, and I don’t care. As long as Visa suffers.”
Doubtful. Banks in the US are required by law to be 70% onto the chip technology by October 2015. Unlike Europe which uses chip and pin, the US will be using chip and signature.
I do think the chip technology is a little more secure than our old mag stripe cards.
Oh please, this is the stupidest thing. A vast conspiracy to fight one particular method of payment. Sorry to disappoint, but these readers have been broken for ages. With the rollout of ApplePay, many Google Wallet users (as well as SmartPass dongle holders, etc) were really hopeful that the mass of machines that have been broken for the longest time would finally be fixed.
Shocker, they weren’t. Mostly because most stores don’t replace POS terminals until they are entirely no longer functional. They are expensive gadgets, and whoopie if the NFC reader is broken, the customer will whip out the credit or debit card that is attached to anyway.
As for security - how secure is your credit card? (Hint: Not at all.) NFC is an order of magnitude more secure than any normal US credit card or debit card. The NFC defeats one of the most common credit & debit card frauds currently in action: that of taking a video of your debit card and entering the pin while you are in line at the market.
To my thinking chip level security is pretty damn difficult to overcome when it get's cracked which it will. I don't like NFC one damn bit.
As for NFC, it is supposed to be insecure. It can be eavesdropped, it can be jammed, but it should not be susceptible to man in the middle. Of course the client could be flawed and get fooled into accepting invalid server credentials, but that is fixable. In short, there is no chip level security, no link level security, only application level security and that can be fixed if it is flawed.
“The app, when it launches next year, won’t replace your plastic credit card. Instead, it will withdraw directly from your checking account”
Which means you lose the numerous builtin benefits of using a credit card in uncertain situations. The credit card company is your friend if things don’t go right, especially online purchases. I’ve never failed to get my money back from a CC company on a bad online transaction. Only a modicum of documentation is needed, like an email receipt and a statement the item was broken, faulty, not what was ordered, etc.
Except for very rare situations, like autopaying my Xcel gas bill because they won’t take a credit card, I NEVER allow direct deduction from my bank account.
They have every right to do this. I myself would rather see a retailer-centric system succeed than a Wall St banks + Apple system
1. Allows merchants to track all of your purchases (ApplePay and Google Wallet use a random token which uses a different code for every transaction and can't be tracked).
2. Can't use credit or debit cards.
3. Pulls money straight from your savings or checking account and has NO LEGAL PROTECTIONS FOR FRAUDULENT PURCHASES (unlike credit and debit cards).
4. Promises to store all of your sensitive financial information “in the cloud.”
I don't think I would want you in charge of my monies with your perspective.
“A more secure way to pay. CurrentC will provide a more secure payment experience than traditional methods by storing users’ sensitive financial information in its cloud vault rather than locally on the mobile device. Furthermore, the application uses a token placeholder to facilitate transactions instead of constantly passing the data between the user, merchant and financial institution.”
http://www.nfcworld.com/2014/09/03/331179/retailer-owned-payments-venture-mcx-unveils-currentc-brand/ By the way, Apple does get a small portion of the transaction, but it's also responsible for the portable fingerprint authentication system and ApplePay environment. However, it's getting its cut from Visa/MC/Discover/AmEx and not the vendors.
There is an encrypted area in the A8 chip that securely holds sensitive information, in case you were curious.
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Is this going to be Crib Death for Apple Pay and end up like Firewire and Thunderbolt?...
...I hope it withers and dies.
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Jeez, you seem like a BetaMax and HD-DVD kind of guy. Apple Pay is going to be VERY successful. I deal with CVS and every time I fill a prescription there I’ll try to use Apple Pay to pay from my bank’s “debit card”. When they tell me they don’t accept Apple Pay with its minimal cost (from CVS’ perspective) I’ll whip out the old American Express card (which costs CVS a relative “arm and a leg”) and let them eat the costs.
CVS, as it always has done, will bend to its customers’ desires and accept Apple Pay. I predict that the not-ready-for-prime-time CurrentC will have a relatively short life span before it is discontinued and fades from the marketplace.
2-3%. PayPal is 4-5%.
BFL