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ApplePay info for Devs
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ApplePay info for Devs - September 16, 2014, 10:39 AM

If you are curious about and want more detail in the security for the new ApplePay system.

Check out this thread in the blackberry forums. Guy seems to have some pretty good insider knowledge from the banking side of the house.

Apple Pay: I can't stop laughing - Page 6 - BlackBerry Forums at CrackBerry.com


I started a new thread b/c this "could" be a significant improvement for paying merchants.

Discuss...

  • Banks are very interested in protecting their bank-client relationship. With Apple Pay, transactional information and credit/debit card numbers are only known by the card-issuing bank and Visa/MC/Amex. For banks, they dislike unnecessary parties being involved. With the way Apple Pay is set up, Apple will not be able to track transactions or know card numbers as a unique token is generated for each card that is added. Only recent transaction information is stored only on the phone, although I'm unsure of the duration. Merchants know there was a transaction, but don't know the actual credit/debit numbers used or even the name of the person. The only way for t
  • The current implementation of Google Wallet is only beneficial to Google. He made sure to bring up Google's ability to track transactions as well as their storage of credit/debit card numbers as to why banks dislike Google Wallet. For banks, it's the choice of paying either a certain percentage (I read 0.15%) of all transactions or giving up valuable information about their clients. Not a hard choice to make at all.
  • Softcard/Isis is a terrible solution as they involve mobile carriers. As history has taught us, they are terrible at providing updates. Their implementations tend to be problematic and against the best interest of consumers such as their app stores and the junk they have placed on phones.
  • Banks have a massive incentive for customers to use Apple Pay. It looks they were very involved in the Apple Pay design process and worked overtime to make sure they were ready for rollout. They may actually offer rewards or promotions in the future to encourage its use.
  • Apple Pay required massive infrastructure changes as well as new encryption methods from banks and credit card networks due to the use of tokens. Bank and Visa/MC/Amex employees involved with Apple Pay worked under constant overtime and the utmost security for a year just to prepare. In the US, Apple Pay is a massive change for NFC and anyone who says NFC has already been done is ignorant in assuming it's the same.
TL;DR: Apple Pay provides valuable customer data information only to those who should be involved, why involve Google or any other third party? Carriers suck, as expected. Banks invested significant amounts of time with Apple on Apple Pay and may offer promotions to encourage its use.


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September 16, 2014, 11:43 AM

Follow-up questions:
(1) Google's implementation, wouldn't it violate certain FDIC and Banking Privacy Laws? Banks trading off transaction & ID information in exchange for a free reduction.

(2) If Apple Pay required a new encryption and token method that banks and financial intermediaries worked on, why wouldn't they roll out the same encryption mechanisms for ATM and Credit Cards?

(3) I'm still not sold on NFC taking off.



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September 16, 2014, 11:58 AM

I think the simple answer is $$. They dont want to spend it unless they got something to generate the money back.


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September 16, 2014, 12:00 PM

Quote:
Originally Posted by Heist View Post
(3) I'm still not sold on NFC taking off.
This


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September 16, 2014, 12:13 PM

You don't need to be sold on NFC taking off. It already has. Look at Europe. They have the ability to pay using NFC everywhere. I think it's great. I will be using my Apple Watch and carrying my Coin card as a back-up so I can hopefully slim down my wallet even more.
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September 16, 2014, 12:37 PM

The fact that banks have apparently invested so much labor into this way of making payments says a lot...

ill be getting the watch as well so i look forward to making my payments this way.


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September 16, 2014, 04:06 PM

Quote:
Originally Posted by SaS View Post
You don't need to be sold on NFC taking off. It already has. Look at Europe. They have the ability to pay using NFC everywhere. I think it's great. I will be using my Apple Watch and carrying my Coin card as a back-up so I can hopefully slim down my wallet even more.
Look at Soccer and F1 here in America.
NFC is big in Europe and Asia.
I'm not sold that it will catch fire here in the US. It's been fettered about in various forms for over a decade. I remember the first implementation in the Exxon/Mobile Speedpay keychain dongle. Then came EZPass toll modules in NYC to get over the bridges and tunnels.

Fast forward 15 years and its adoption has still be low level at best.



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September 16, 2014, 04:09 PM

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The fact that banks have apparently invested so much labor into this way of making payments says a lot... ill be getting the watch as well so i look forward to making my payments this way.
I think banks are growing tired of being burned in dipping/skimming scams and wanted to invest in something with a deep pocketed partner that avoided the mutli-billion dollar development, rollout, and replacement of our current magnetic strip cards for the more secure chip & pin system.



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ApplePay info for Devs
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ApplePay info for Devs - September 16, 2014, 07:15 PM

Which is why I think it will catch on faster and better than the examples you listed above.


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