Apple’s Tim Cook makes boldest bets yet with Apple Pay, Apple Watch, and iPhone 6/Plus

“Apple is betting that it again can succeed where others have struggled, by changing the way consumers pay for purchases, how they think about a computing device on their wrists and how much they’re willing to pay for a phone,” Daisuke Wakabayashi, Greg Bensinger, and Alistair Barr report for The Wall Street Journal. “Apple Chief Executive Tim Cook on Tuesday introduced a new payments system for mobile devices, a series of sleekly designed smartwatches and a pair of larger iPhones.”

“Apple’s move into mobile payments seems to legitimize overnight a nascent industry. The new digital-payments service, Apple Pay, will let users buy merchandise simply by waving a newer iPhone or Apple Watch in front of a reader. Apple said it hopes to speed up the checkout process and, ultimately, to replace physical wallets,” Wakabayashi, Bensinger, and Barr report. “‘This should be a very natural extension of smartphone technology,’ said Gil Lauria, a Wedbush Securities analyst. ‘Imagine walking through Macy’s and getting an offer for 15% off sent right to your phone and then being able to apply that just by flashing your phone at the register.'”

“Apple also wants to make mobile payments more secure than traditional credit card payments,” Wakabayashi, Bensinger, and Barr report. “It will require a thumbprint scan on the smartphone to make the tap-and-go payments, meaning a stolen device can’t be used for a shopping spree.”

Full article here.

23 Comments

  1. now that the iphone6+ can be viewed in landscape mode , I think an wrist band should be given more thought again. i’d rather wear that on my wrist instead of a watch that is just an remote for the phone i’d have to have in my pocket too

    1. i’d like to see some variation of what a quarterback wear on his wrist, but instead have an iphone6+ on it. something like this that you easily slide your arm through. sort of reminds me of the creature from predator who had a computer on his wrist

      ?1373097582

      1. Bloody hell good job the predator wasn’t from Earth he would get no end of derisory remarks on his over sized wrist based computer from the fandroids, no nothing’s and analysts. Just before he uses it to turn them to toast that is. Now there’s an idea.

  2. I can also see this also kill off atm’s as well as credit/debit cards.

    The banks will make or break the success of This which is why they have been approached.

    In the banks view anthony that encourages secure spending is a win win situation for them.

  3. For this to be truly successful, every merchant must have this and everybody else must also have at least the iPhone. Now there are always going to be people who will hate Apple and never buy an iPhone, so at least in the beginning, only the major players will update their payment systems. Hope it doesn’t turn out to be another fad. Credit cards will not go away anytime soon, same for cash.

      1. i also rarely purchase lottery tickets —apparently i’m a sucker for those $50,000,000.00 prizes.

        but, i always use a debit card (i don’t own a credit card) because the digital information collected at point of purchase serves as a verification in the event of loss of ticket or dispute of ownership. i believe.

    1. re “For this to be truly successful, every merchant must have this”
      No. This is not logical. Not every merchant must have it. Compare to:
      For card chips to be successful, every…. etc.
      For American Express to be successful, every….

    2. The barrier is a lot lower than you might think. Apple used an existing protocol for the payment transmission. If you look on the Apple Pay page at Apple.com, it says you can use it wherever you see a certain symbol, and the symbol shown is one I’ve seen around for years. Every McDonalds I’ve been in recently already has the necessary POS hardware.

      In other words, it isn’t the merchants that are the barrier, it’s your credit card and your bank. And Apple is quickly getting most of them on board.

      ——RM

  4. The tokenizing of the CC information and each transaction also goes with a secure payment key makes the hacking very difficult. I am sure there a bunch of hackers already working to figure this out and I hope Apple already has a team working on better security on Apple Pay and also on all Apple Services.

    One thing I have not heard much about is how Apple fans will switch to new payment method? I know I will favor Apple Pay vendors compared to one that does not support it in a big way (walk away). I am tired of having to monitor my cards for fraudulent transactions and all the messy replacement and having to update all my accounts. Pain in the Ass…

      1. i believe you have to find it somewhere on a website then copy and paste it. bookmark the page so you can always get to it quickly.

        i’m pretty sure once you copy and paste it from a site you can paste in notes app to get to it quickly

  5. Well it stands to reason we go to  vs i because they did all the macs from i to mac in the name ok iMac has both.
    SO now they have  in the name. But we still have iPhone, iPad iPod touch which will not change

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