Apple Pay Ping!
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Posted on 02/12/2015 12:44:54 AM PST by Swordmaker
Apple Pay is off to a good start: by December, two out of three dollars used for contactless payments were from Apple Pay. . .
Cook explained why Apple Pay works: It respects people's needs for privacy and security, which makes it trustworthy.
It's first and foremost a value. We believe that customers have a right to privacy. And that the vast majority of customers don't want everyone knowing everything about them. ... You are not our product. That is our product. ... there's no reason why anyone, or us, that we need to know where you're buying something, what you're buying, how much you're paying, I don't want to know any of that. It's none of my business, frankly.
Cook says that over time, customers will "more and more go to people they trust with their data." And Apple Pay works because it's reliable, unlike credit cards, which are extremely vulnerable compared to Apple's system that doesn't show merchants your credit card number.
We knew that it had to be secure, because all of us are tired of people breaching our credit cards, and going online and having to reput in all of these numbers everywhere. I'm sure everyone in this room, or almost everyone in this room at least once that's happened to. It's happened to me three times.With Apple Pay, we don't — we never give the merchant your credit card number. We don't even have it. We're essentially making up a proxy for each individual transaction which prevents the passage of this number. Think about it for a minute, how secure can a card be when it has your number on the front, and this thing called a security code that anybody can see on the back!
(Excerpt) Read more at businessinsider.com ...
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They may not ‘collect’ it to hold forever, but they do ‘distribute’ it, rather freely, to the highest dollar bid.
False statement. Apple does not collect personal data or sell it. What part of "you are not the product" do you fail to understand? This has been reiterated multiple times. Apple sells hardware, not data, therefore the customers are you, and you are not their product, nor your private information, is to be sold to anyone. Apple won't even let the government get access to it. Even Apple cannot decipher what you store on their servers from your devices.
Apple enters another market ... yet again ... and turns things around, becomes a major player and is on its way! Amazing!
When Apple says “We don’t even have it.” ... how are they distributing “we don’t have it”? ... LOL ...
Let me post what you have apparently NOT READ in the article ... :-) ...
— — —
You are not our product. That is our product. ... there’s no reason why anyone, or us, that we need to know where you’re buying something, what you’re buying, how much you’re paying, I don’t want to know any of that. It’s none of my business, frankly.
— — —
And THAT is why people are piling on board ALREADY!
That isn’t correct, according to their outright statement that they openly serve as a middleman to transfer your initial token request to your card provider or bank, but once the bank sends your token back to your device in response to your initial request, they delete the transaction.
Doesn’t mean they don’t have your information in an encrypted format for a short period of time, or that it would be possible to do something with it, but it is unlikely to me that they would for the same reason that your bank doesn’t, Amazon doesn’t, and Paypal doesn’t.
Why cut your own throat?
When it first came out, I glanced at it and said “Nope. Not doing it.”
But when I researched it and saw how it works, I embraced it completely and am trying to use it where I can.
Not because it is whizzy, but because it is far, FAR more secure than using a standard credit card.
When my bank and my credit card company began pushing it on national television commercials, it sold me. Because it is far more secure than using a standard credit card, it would reduce the bank or companies losses from having to deal with fraud, which costs them a huge amount.
At the same time, I understand fully the drawbacks of a “cashless” society. But if I am going to use a cashless method of payment, why use one that is inherently flawed, rather than one that is far more secure?
I’ll have to check this out. I’ve always been a firm believer in observation of the deployment of new technology but quick to embrace it once I’ve seen enough support for it.
Also I have something to share...some time recently on one of these threads, I believe I was attacked as a “Apple fanboy”. I’ve always considered myself a practical and pragmatic end user of good tech, constantly looking to avoid the experience of the bleeding edge.
I guess it was my “Red Badge Of Courage” moment with Apple products...lmao!
You said, “Not because it is whizzy, but because it is far, FAR more secure than using a standard credit card.”
You bet! That’s the key ... right there!
ANYONE that so much even “breathes” the word “Apple” ... is soon attacked by a small herd of Apple-haters who lie in wait for an Apple thread to pop up. You’ll find that out pretty quickly.
I have been telling people why ApplePay is so incredible from an ease of use and security standpoint.
I’m not an Apple customer, which is odd, as I’ve Woz for 30 years and met Jobs just a few months after meeting Steve.
But, that doesn’t stop me from admiring the Apple world and loyalty to the product.
Further, Apple has always been about ease of use and all one has to do is look at the 1st Ipod for how intuitive that thing was for even the lamest nOOb to use.
Apple Pay, using NFC, will be a “Wave a Magic Wand”.
You go to any vendor, store, whatever and wave your phone to complete your purchase.
Think about it: No swipe of a card, no being asked for a 3 digit security thingy on the back of your card(which is a joke, because it’s on the card), No asking for I.D., etc, etc, etc.
Paypal? Fk them. Those retards have so many hoops and restrictions to use. No tying to your other bank accounts, no limits on transaction size, which is only natural as a security measure to protect the consumer because anyone could have the card.
With Apple Pay there is only one person who can make that transaction and it’s frickin secure.
ApplePay is a game changer and a direct threat to Paypal. Why? Who has a larger installed base of customers? Uhm, Apple and ApplePay is but one more extension of the culture.
Visa and debit card providers? Nothing but a hassle to use compared to ApplePay and suffer from the usual security issues.
There is no possibility of some thief recording your credit card number by hand and then using it later. ApplePay doesn’t provide a number to record.
There is no possibility of swiping your credit card as part of a transaction. You can’t just give someone your number.
ApplePay has the largest installed base compared to any other NFC provider.
GoogePay has about 10 million downloads but, there is a bell curve of understanding or learning how to use the product because it’s distributed across a wide variety of platforms.
Not so with Apple, who has an installed base of 44 million users, who are use to seamless use of applications.
Not so with other NFC applications. You have to bring up the app and then use it. This causes extra steps in the process, slowing transactions.
ApplePay, on the other hand, simply runs. Wanna buy sumpin? Wave the phone, which runs the ApplePay always.
ApplePay is a game changer, making transactions easier and with no chaos.
I’m not going to buy an Iphone, probably ever but, for everyone else Apple just made their lives easier to simply buy something.
It’s just like whipping a pile of dollars and being done with it.
Great summary. I am curious though (and yes, this is none of my business), but given your obvious admiration, why will you never own an iPhone?
Interesting read. Althiugh an Apple product users from day one, i have not looked into Apple Pay, but i will now.
That is not the official policy of any company. If there is someone selling off data to the highest bidder, it usually comes down to an individual abusing his/her position in the business.
“They may not ‘collect’ it to hold forever, but they do ‘distribute’ it, rather freely, to the highest dollar bid.”
*****************************************************************************************************
You really do not understand Apple Pay (and the FUNDAMENTAL difference between it and other payment means) or you wouldn’t make such a ridiculous statement.
Google basic business model is to collect data on users and target advertising to them based on what they are viewing or doing on the web.
Apple on the other hand, is mostly concerned with selling their devices and services.
That right there should make one feel more safe using the ApplePay system.
Preference, which became habit.
In the early days, I needed Microsoft products to work with everyone in the business world.
Although you can now use on Microsoft on Apple, it’s still habit
Good article, but it’s worth knowing that it ultimately comes from a Tim Cook presentation to Goldman Sachs, the transcript of which is found at
http://www.imore.com/tim-cook-goldman-sachs-conference
The whole thing is a fascinating read. Sure sounds like AAPL has its act together, Steve Jobs or no.
It also gives one an idea that IBM might get a real boost out of its relationship with Apple. Cook makes the case that IBM has strengths which are highly complementary with those of Apple. Can you say, “penetration into enterprise”???
Off topic: On the recent thread about the evils of Flash, someone asked where one would get support for HTML5. I assume, seeing that Apple has been dead set against Flash “forever,” that HTML5 support is built into OS X by now?
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