Payment industry says Apple’s iWallet is great news

“Apple next week will put momentum into the mobile payments industry and the industry can’t wait, Yoyo CEO, Alain Falys [says],” Jonny Evans reports for Computerworld. “‘Apple has always released enabling technologies which have allowed others to offer great apps and services,’ he said. ‘We’ve been eagerly anticipating Apple’s entry into the mobile payment space, as it will make mobile payments accessible and ubiquitous,’ Falys says.”

“Apple has reportedly reached deals with all the big credit card firms for its system: American Express, Visa and Mastercard, while also nailing payment-processing deals with banks,” Evans reports. “Apple will use TouchID as the foundation to turn your iPhone into your iWallet, so you can make secure payments using NFC.”

“It seems obvious Apple delayed NFC deployment while it acquired Authentec and developed TouchID, which has now been tested on the market for a year. Apple has been pulling together a mobile payments solution since at least 2010,” Evans reports. “Apple’s solution will meet consumer expectation that mobile payment systems should combine convenience with simplicity and speed [See: Edgar Dunn & Co., pdf], delivering ‘frictionless shopping experiences.'”

Read more in the full article here.

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  1. Apple is not a bank and I’m pretty sure Apple does not want to be a bank.

    I can see why the payment industry would happily abandon having to distribute plastic cards and let Apple manage the POS details, especially since in helps them distribute the liability for fraudulent charges.

    1. Yes, it should be obvious since: (1) Apple had secret talks with the industry, which is _prima facie_ evidence of collusion, and (2) consumers will be harmed because they will be forced to buy expensive iPhones instead of using free, cheap, plastic cards. All part of Apple’s scheme to earn unfair monopolistic profits.

      But in a lawsuit instigated by Amazon (who wishes also to enter this market), Judges Denise Cote and Judy Koh will conclude anti-competitive practices, and the legal system will force Apple to make appropriately huge payments to compensate financial institutions and consumers (and privacy thieves and hackers?) for all the harm Apple has done to them. Then State Attorneys General will have another field day with Apple.

      More importantly, this proves that Apple’s objective of making insanely great products to “make a ripple in the universe” is nothing more than a thinly disguised ploy to screw consumers and engage in unfair competition against an established industry. Apple’s strategy is not only unfair, it is not nice. All the more reason to loath Steve Jobs and bring down Apple.

      As a shareholder, I say let’s fire Tim Cook because all he ever does is play into the hands of Judges Denise Cote and Judy Koh. /s


  2. The question remains whether the “terms” that Apple and Card companies have agreed upon are satisfactory to we, the users and merchants that end up paying the fees. If Apple’s payment layer adds extra cost to a purchase it better be something infinitesimally small that it is no noticed.

  3. Wall Street was saying this mobile payments business adds next to nothing as far as Apple’s revenue goes. However, I’m hoping if mobile payments become popular it may sell a few million more iPhones until Android manufacturers add fingerprint readers and NFC to all their smartphones from flagship models on down to the $50 Android One smartphones.

    I think the banks and credit card companies would welcome a platform of billions of smartphones because they’d figure a way to monetize it. Apple will never be able to keep mobile payments market share as long as Google is prancing around with no search engine competition.

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