MasterCard SVP: Apple Pay trumps traditional credit and debit cards in security

“Starting next month consumers who buy Apple’s latest iPhone — the iPhone 6 or 6 Plus — will be able to use their phones instead of physical credit or debit cards for purchases,” Bernice Napach reports for Yahoo Finance. “American Express, Visa, MasterCard and six of the biggest U.S. banks have signed up to support the new payment system along with 220,000 retail outlets, including McDonald’s, Bloomingdales and Macy’s.”

“Sherri Haymond who heads the digital channel management group at MasterCard, tells Yahoo Finance that the technology is ‘really, really safe’ because it uses “EMV security which gives each transaction a code number that only MasterCard or the issuer can unlock,” Napach reports. “In addition, she says, MasterCard, Visa and American Express will have the ability to shut off the application immediately, if, say, a consumer loses their phone.”

Read more in the full article here.

MacDailyNews Take: Google’s hating life. 🙂

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  1. We should expect to see these terminals at the cash registers of Target, Wal-Mart, K-mart, Barnes & Noble and other chains big and small, and hopefully, Discover/Novus network will get on board as well.

    Haters continue to spout Apple’s purported “me too”, but that really means nothing. None of Apple’s revolutionary products were genuinely original, first to market devices. From Mac (the personal computer for the rest of us), to iPod (preceded by Rio, Samsung and others), to iPhone (preceded by Palm, PocketPC / Windows CE) to iPad (preceded by Windows tablet edition), Apple simply thoroughly redefined the categories in which their new products landed, momentarily making competition obsolete and forcing them into complete re-designs.

    Same thing will happen with the Google Wallet, as well as wearable wristband devices. And haters will continue to foam about “me too”…

    1. Agree Absolutely.
      My one question to Apple would be, why they couldn’t have used the 5S for Apple Pay transactions? It has the fingerprint reader and the 64bit chip. Couldn’t Apple have finagled a Blutooth or wifi or iBeacon solution which would have created a potential customer base of 10s of millions as soon as Apple Pay rolled out?

      But otherwise, I’m all in on Apple Pay. The merchant gets my money and nothing else. Not my email, my address and not even my credit card number.

      1. I believe that Apple have created an add-on NFC device for those using the 5S. It’s designed to be worn on the wrist and can also tell the time.

        I understand that Apple might have mentioned it on Monday and some newspapers and TV shows have talked about it too.

      2. Well if anyone including Apple can run out an iBeacons solution Im sure it could happen but if Apple thought that was possible in the short term then they would have done it, its just that existing technology already exists on a large scale for NFC so they had to (if reluctantly) get on board that to start with. Down the line the iBeacon solution may well offer a similar (probably expanded solution) but by the time the 5s will likely be but a memory for most. I also think that Apple prefer to let it grow organically rather than have a massive rush and clog up any system created.

  2. Some ignorant financial analyst was on CNBC last night talking about the increased risks now that apple rolled out apple pay. She needs to stick to counting beans and leave the security commentary to people who know WTF they are talking about.

  3. AppleWatch is solving a HUGE PROBLEM nobody is talking about!!!
    Here it is……pass it along-
    There are three huge problem areas that the Apple watch will solve. Problem one- damage. Problem two- distraction. Problem three- security.
    Regarding damage issues-
    How many times a day do you take your smart phone out of your pocket or out of your phone holder/purse etc.? Every time you rummage around looking for the phone to figure out what the latest chime, ring tone, vibration, or other notification was about you expose your self to potentially dropping, losing, or seriously damaging your phone if you miss handle it. With theApple watch you simply look at your wrist and see what the notification is that you are receiving and your phone stays safely wherever you may be keeping it.
    Regarding distraction-
    Obviously rummaging for your phone, trying to scroll down and find the correct app that has your latest notification is extremely distracting and many times for many people a two-handed operation. As YouTube and other Internet video sites can attest there are many instances where people have been seriously injured and even killed while distracted playing around with their smart phone. With the Apple watch functionality and simplicity, many rudimentary tasks and responses can be done so very quickly utilizing the preprogrammed responses.
    Regarding security-
    Security issues have been rampant with all smart phones regardless of manufacturer. However, the best security now belongs to the Apple iPhone arena. Touch ID and Apple pay will raise the security level for numerous transactions coupled with awesome simplicity. Remember, right now the numerous times you take your iPhone out on a daily basis in a public setting you are subjecting yourself to victimization by the Apple thieves and other assorted dregs and skells of humanity.! The Apple watch will permit you to pay for things at a NFC enabled touchpad without having to display your phone. A simple wave of the watch touching the terminal will suffice. Looking at a watch display will be much less distracting than the status quo two-handed fumbling around with your smart phone that is going on these days.
    Time will tell, and the Apple consumers will dictate whether or not the Apple watch is a success. I’m betting it will be a huge success and we just don’t know it yet!

    1. This is the same scenario as we’ve seen so many times in the past with Apple’s solutions to problems most didn’t know they had; the pundits write about the problems it doesn’t solve, they wax rhapsodic about how ugly it is, how it doesn’t do enough to justify it’s price, on and on, ad infinitum. It’s very predictable. Just as predictable is the consumers’ reactions to said solutions; they can’t get them fast enough. Then we’ll all hear about how Tim Cook has mismanaged the supply chain. It never ends.

      1. The Apple Watch is beautiful. But Apple will make it look ugly in a couple years with sleeker versions. Compare: Origonal iPhone to iPhone 6, iPad 1 to iPad Air, first Portable Mac to MacBook Air.

        Apple: Redefining your beautiful products as ugly with even more beautiful products.

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