Remember all the search engines before Google? That is how you will remember this product and Apple Pay and Google Pay.
There is something called Looppay that is going to blow all of these away. Currently, you need a fob on your keychain or a special case for your phone but starting with the Galaxy 6, it will be included in many (maybe all) Samsung phones.
The trick is that it physically acts as though you are swiping a card when all you are doing is pressing a button and holding it near the card reader. It tricks the card reader into thinking it has been swiped.
So here are the steps...
1.) Purchase hardware - Either the fob, a special phone case or a smart phone with the hardware baked in.
2.) Associate your debit cards, credit cards, gift cards, etc with your Looppay account.
3.) Open the Looppay app on your phone to pick which payment option you want to use for the current transaction.
4.) Press a button on your phone, case, fob, etc... and hold the device near a card reader.
The reader then thinks you actually swiped the card you chose.
It already works in 100% of businesses that accept credit cards. There is no lag in adoption rate as you wait for merchants to keep up to date.
And it can be read by other devices close by. . . and it turns out that Android devices are keeping the fingerprint scan in an insecure, unencrypted IMAGE file where it can be easily be found and used by any external hacker or unprivileged app. Definitely NOT secure. . . and this was every Android fingerprint scanning phone!
The magnetic card swipers are being phased out, nitzy as being insecure and easily hacked.
All merchants are going to have to have NFC capable devices by October of this year.
Fobs can be stolen. . . and have been discontinued. Looppay cases add a lot of bulk and weight to the phones you attach them to.
It takes these steps to use LoopPay:
Loop pay does not tokenize your transaction and merely transmits your current card details and shares all that with the merchant. It does nothing to make your data more secure or more private. There are NO private agreements with the card issuing banks to establish such tokenization which will increase security and end card and ID theft or credit card theft. You still allow purchase tracking at the merchant.
Here's what it takes to use ApplePay on an iPhone:
And here's what it takes to use ApplePay on an Apple Watch:
The transaction is completed between you and your bank without involving Apple, the merchant never sees your data or your card number, or anything personal, even your name, and the data transmitted never repeats so it cannot be intercepted and re-used by a man-in-the-middle attack, and is a single use tokenization and cannot be re-used. . . so the transaction is completed securely and anonymously to the merchant.
Both devices are extremely secure and neither keeps any of the user's fingerprints in images or passcodes in open files anywhere on the devices for comparison purposes. Remove the Apple Watch from your wrist and it cannot be used. The iPhone, without your fingerprint cannot be used. . . and a copy of your fingerprint will not work. Nor will your detached finger. It has to be a living finger with your fingerprint, it actually reads the subcutaneous ridges beneath the fingerprint, not the fingerprint itself.
Not so on LoopPay. Sorry, nitzy. LoopPay is a poor substitute.