One advantage of the above system is that you will never leave your iPhone behind in a bar again. Your iWatch will give you a warning when the distance between iWatch and iPhone becomes so great that the bluetooth signal drops out.
I will be very interested to see what technique Apple use to ensure that the iWatch is attached to your wrist. Some sort of electrical circuit around the band is the obvious solution. However there are quite a number of other possibilities.
I suppose it will also sense your biometrics to know what it's strapped around. If it's anchored to you, then a lot of other things you carry could be anchored to it—keys, wallet, reading or sunglasses, etc. This alone would make a wrist device worth wearing for someone as absent-minded as me..
%u201CNine countries in Africa have more mobile money accounts than bank accounts; Tanzania alone accounted for almost 100 million mobile money transactions worth nearly $2 billion last December.%u201D
Well, all I can say is that I hope there is some prudential regulation on all these %u201Cmobile money accounts%u201D. Banking licenses are not available to anyone and their dog in the developed world, and few non-bank corporations want to subject themselves to the oversight that real deposit-taking banks get; gee, I wonder why? %u2026
%u201CThe iPhone maker's customers, meanwhile, are generally wealthy and already used to relying on electronic payments in the form of credit cards and web payment services like PayPal. Still, the processes are relatively insecure and often clunky, making the worldwide payments ecosystem ripe for disruption.%u201D
And Apple%u2019s effort would be more secure and less clunky than MasterCard%u2019s %u201CMasterPass%u201D or Visa%u2019s %u201CV.me%u201D apps? Nonsense %u2026
I still don't see Apple doing this. As I posted before, this is how I think Apple will do things.
Everybody is stuck in the current paradigm of passing payment information like CC or debit card information from your device to the merchants POS terminal. I think Apple will "reverse" things and your device will be the POS terminal and the merchant will pass information to you. This way no sensitive data ever gets passed over the airwaves for a crook to intercept. This is my method:
- You buy something that cost $59.99 and need to pay for it.
- The merchant POS terminal passes their merchant ID# and the dollar amount to your device.
- Your device connects to iTunes Payment Processing (IPP or whatever Apple calls it) to verify the Merchant ID, then displays the merchant name along with a request to authorize the purchase.
- Your device requests you to ID yourself (Touch ID) to approve the purchase.
- Once you approve IPP sends back an encoded string which contains the merchant ID, dollar amount and reference number.
- Your device passes this to the merchant which shows them payment information is received.
- Merchant system checks the data from you to make sure they got paid.
- You take your goods.
No sensitive data ever gets passed between you and the merchant. Apple is the processor and uses information on file to pay the merchant. The advantage for Apple? They get a cut of each transaction just like payment processors do. The advantage for the merchant? With Apple's pull and huge CC database they can negotiate a better rate with CC companies than a small merchant could ever hope for. Advantage for me? No more possibility if someone scanning the airwaves to get sensitive data. Better security for everyone.
Now done of you might look at this and point out possible flaws, but I have those covered too. Just didn't want to type a huge post so if anyone asks I'll provide the answer.
Comments
I suppose it will also sense your biometrics to know what it's strapped around. If it's anchored to you, then a lot of other things you carry could be anchored to it—keys, wallet, reading or sunglasses, etc. This alone would make a wrist device worth wearing for someone as absent-minded as me..
Well, all I can say is that I hope there is some prudential regulation on all these %u201Cmobile money accounts%u201D. Banking licenses are not available to anyone and their dog in the developed world, and few non-bank corporations want to subject themselves to the oversight that real deposit-taking banks get; gee, I wonder why? %u2026
%u201CThe iPhone maker's customers, meanwhile, are generally wealthy and already used to relying on electronic payments in the form of credit cards and web payment services like PayPal. Still, the processes are relatively insecure and often clunky, making the worldwide payments ecosystem ripe for disruption.%u201D
And Apple%u2019s effort would be more secure and less clunky than MasterCard%u2019s %u201CMasterPass%u201D or Visa%u2019s %u201CV.me%u201D apps? Nonsense %u2026
Link? I don't recall what his suggestion was and I'm interested is reading it now that you (and perhaps others) are an advocate.
I’ll have a look for it.
All good ideas on this thread. However, Eric the Bee has the best ideas I've seen for a mobile payment system.
Link? I don't recall what his suggestion was and I'm interested is reading it now that you (and perhaps others) are an advocate.
Here's the post of Eric the Bee:
Everybody is stuck in the current paradigm of passing payment information like CC or debit card information from your device to the merchants POS terminal. I think Apple will "reverse" things and your device will be the POS terminal and the merchant will pass information to you. This way no sensitive data ever gets passed over the airwaves for a crook to intercept. This is my method:
- You buy something that cost $59.99 and need to pay for it.
- The merchant POS terminal passes their merchant ID# and the dollar amount to your device.
- Your device connects to iTunes Payment Processing (IPP or whatever Apple calls it) to verify the Merchant ID, then displays the merchant name along with a request to authorize the purchase.
- Your device requests you to ID yourself (Touch ID) to approve the purchase.
- Once you approve IPP sends back an encoded string which contains the merchant ID, dollar amount and reference number.
- Your device passes this to the merchant which shows them payment information is received.
- Merchant system checks the data from you to make sure they got paid.
- You take your goods.
No sensitive data ever gets passed between you and the merchant. Apple is the processor and uses information on file to pay the merchant. The advantage for Apple? They get a cut of each transaction just like payment processors do. The advantage for the merchant? With Apple's pull and huge CC database they can negotiate a better rate with CC companies than a small merchant could ever hope for. Advantage for me? No more possibility if someone scanning the airwaves to get sensitive data. Better security for everyone.
Now done of you might look at this and point out possible flaws, but I have those covered too. Just didn't want to type a huge post so if anyone asks I'll provide the answer.
Author of The Fuel Injection Bible