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Posts by TheOtherGeoff

actually the retailers negotiate with a middleman (Payment card Processor).  They are the ones that wire up that final mile between the the retailers and the credit card cos (who then deal with the issuing banks). And yes, I think Apple will 'negotiate' with retailers (in typical apple fashion... here's our stock deal, take it or pound sand... I'm looking at you, VERIZON).   But, like apple deals with every appleID user, and every registered developer, Apple understands...
read through all the comments and I'm amazed that no one saw the potential health kit component.   That back end register in my CVS is NFC enabled now.     What happens if  payment information isn't the only thing passed between PoS and Phone securely?  Say, like drug name, dosing instructions, refill information?   Accurate collection of Rx history.    - which if dosage is sent, then you get health kit automatically becoming your refill reminder, and dosing...
 I saw WSJ saying that Apple convinced VAM that apple device stored credit cards will be 'card present' transactions.  That's lower risk (something you have), and therefore a lower transaction rate.   I think the key thing is that Apple must validate the name of the phone owner against the name of the cardholder (e.g. a previous valid transaction with that card as registered against your AppleID). QR/Barcode is just a bit better than using your card, Better still would be...
I dunno.   There a billions in offshore money that could be used to fund an Apple Bank in regions that are not hotly contested (regulations = political lobbying).   Earning 3.0% [assuming 16% margins on a 17.99% interest rate] on that money may be worthwhile. They are your record companyYour backups company (well, that may not be working out well at the moment).your email companyyour app storeyour photo developer your Sapphire mining company ;-) Minimally, I see them as...
I think the 'smart endpoint' will be a fundamental shift in how credit accounts are handled.  The physical card is silly, and the intermediate PoS devices are suspect too.  Building an end to end solution where each party (buyer, seller, bank) only know what they need to know solves the fundamental issue of too much data passed I buy a coffeePoS device says "$4.28 plus what ever tip you want"I tap my phone, it receives 'Seller XXXX [an encrypted token for their bank...
Not for the first 10 years.   Apple is repeating history.   Think 'music.'  Think 'break even.' Those profits assume you can plug/replace trillions of transactions... most of those transactions are not done by people who have smartphones or retailers who can handle a digitally secured transaction (simple example...  any mid level restaurant where you hand your card to the wait staff and they take it to the 'Point of Sale', and arguably, the least secure of transaction...
sigh...   Apple products stand on their own.   Apple's only competition is people's expectations of Apple's Products.   Samsung doesn't win market share, Apple just doesn't want parts of the market.   
Remember: You don't pre announce if you are part of an Apple Event. - Costed Dr Dre 300 Million to pre-tweet their deal. -  how many people/capabilities have been removed from Keynotes/announcements by leaking stuff before Apple       - gizmodo;-)      - ATI (http://daringfireball.net/linked/2014/05/23/ati)      - McGraw Hill (http://venturebeat.com/2010/01/27/mcgraw-ipad/)     The 1st rule of apple announcements is you do not talk about the content of apple...
It definitely is the right user experience.   I move my hand to the pay station (within range) , and then authorize it with a touch of a finger. I think the hard thing would be payment selection...  Unless there is a Geo based or iBeacon defined default for a location. (when in Starbucks use your gift card, when in Albertsons, use your debit card, when in Home Depot or Target... PAY CASH!!!!) ;-) Otherwise, I would have thought the phone popping up a notification to use...
Hmmm, Robbers wandering the streets with active and mobile NFC station grabbing peoples' arms and forcing them to touch their watches?  Yeah, that looks like a feasible robbery method. not.
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