Bill Gates: Apple Pay is ‘fantastic’ and a ‘real contribution’

“Bill Gates yesterday sat down for an insightful interview with Erik Schatzker of Bloomberg,” Yoni Heisler reports for TUAW.

“Midway through the interview, the topic turned briefly to Apple Pay, Apple’s upcoming mobile payments platform,” Heisler reports. “Gates had positive things to say about Apple Pay…”

Apple Pay’s a great example of how a cell phone that identifies its user in a pretty strong way lets you make a transaction that should be very, very inexpensive. So the fact that in any application I can buy something, that’s fantastic. The fact I don’t need a physical card anymore, I just do that transaction and you’re going to be quite sure about who it is on the other end, that is a real contribution… And all the platforms, whether it’s Apple’s or Google’s or Microsoft, you’ll see this payment capability get built in. That’s built on industry standard protocols, NFC. And these companies have all participated in getting those going. Apple will help make sure it gets to critical mass for all the devices. – Bill Gates

More info and video of the interview in the full article here.

MacDailyNews Take: Microsoft or Google? Hah! We’ll never trust our payment information (or health info or anything else important) to Microsoft or Google.

Related articles:
Apple Pay: An in-depth look the world’s most secure payment system – October 2, 2014
With Apple Pay launch, mobile payments have finally arrived – October 2, 2014
The kids aren’t into PayPal as Apple Pay rules mobile-pay buzz – October 2, 2014
Bitten by Apple Pay, eBay gets 3 downgrades – October 1, 2014
Apple Pay arriving with iOS 8.1 this month, sources say – October 1, 2014
iOS 8.1 beta shows Apple Pay to work with Siri – October 1, 2014
Apple Pay: A semi-monopoly on the real killer app – October 1, 2014
Apple Pay casts shadow on PayPal Spinoff – October 1, 2014
How PayPal blew their chance to be an Apple Pay preferred partner – September 30, 2014
As Apple Pay rolls out, eBay plans to spin off PayPal business – September 30, 2014
The rush is on worldwide to support Apple’s revolutionary Apple Pay – September 19, 2014
Apple Pay set to radically change commerce – September 18, 2014
Banks race to gain Apple Pay advantage – September 16, 2014
Apple Pay triggers pure panic at PayPal, begets ‘dumbest ad campaign ever’ – September 16, 2014
Frightened PayPal slams Apple Pay in full-page newspaper ads – September 15, 2014

26 Comments

    1. You heard it and Bill said it. “Apple will help make sure it gets to critical mass for all the devices. – Bill Gates”

      Bill Gates is stating that ONLY Apple has the ability to do this right at the scale required to make it a standard. Then the trolls will try to rip it off and claim it is their innovation!

  1. Umm… With ApplePay, the merchant DOESN’T know who’s on the other end, and doesn’t need to know. They only know that they have in fact been paid.

    -jcr

    1. Valid point. The *intent*, I’m sure, was that they know that the correct person is on the other end, so the transaction isn’t fraudulent. But a very important distinction from actually knowing who the person is.

      1. I seriously doubt Apple will have any liability if the fingerprint sensor doesn’t work for some reason. You’re choosing to use the technology, and it’s not like someone is going to go buy a car with your iPhone. Plus, any laws that currently limit consumer responsibility would apply as well (such as the U.S. law of a $50 limit for fraudulent uses on a credit card, although most card issuers don’t even make you pay that).

    2. I think Gates was referring to the consumer knowing who had his information; IOW, unlike now where us consumers don’t know who has our information or where it is transmitted/stored so it can be stolen later.

  2. How are the Google and Microsoft platforms going to authenticate that you are who you are without the Apple TouchID technology? How does the current Google Wallet work? a passcode? If so, that is a total fail.

    1. I’m guessing Android phones are going to have Android Rectal ID … because everyone one of those idiots who tries to tell me their Andorid POS is better than an iPhone, I end up telling to shove their phone up their ass!

    2. I think the most likely suspect currently will be something like the facial recognition tech built into Android as one of the unlock options since Android Ice Cream Sandwich. Not only can you store several images for different lighting, you can also turn on the option to require you to blink to discourage just placing a picture in front of the camera. I actually imagine a combination of tech. For example you have to have a fob or a smartwatch connected in proximity via bluetooth for payment authentication. This would not be obvious so unless a thief can acquire all required ‘links’ stealing just your phone/watch to make a payment would be impossible. As such it may be just the incentive for many types of Android Wear to hit the market. If you can imagine it, the Apple TouchID tech is just one method of authentication.

  3. First: Google. Result: Didn’t work.

    Second: Apple: Result:: Revolutionizes an industry.

    Third: Microsoft. Result: Copycat produce; who cares?

    Notice a pattern here?

    1. It more often goes the other way, with a few twists:

      Step 1: Microsoft tries it, fails horribly
      Step 2: Apple tries it, revolutionizes industry
      Step 3: Google/Samsung copies Apple, takes lower end of market share
      Step 4: Microsoft realizes something is going on, copies Apple and Google, is left behind in the dust
      Step 5: Indignant Samsung/Microsoft/Google fans claim Apple didn’t innovate anything and is only popular due to cult-like hype

      Rinse and Repeat.

  4. Of Interest:
    Bill Gates was an early champion of RFC chip credit cards. Thankfully, the USA ignored him. RFC chip cards can actually be LESS secure than magnetic stripe cards because any old granny can bum into your wallet/purse, activate the card and steal the data. Gradually, wide open RFC chip cards are disappearing, about bloody time.

  5. It may be that the biggest contribution, BY FAR, that Apple is making here is forcing Google, Microsoft, etc to reconsider their businesses models that have relied on being able to utilize security “back doors” to collect information on their users and then sell that information to third parties.

  6. Hell has finally frozen over and I expect I’ll see pigs flying about any day now. Schmidt says Apple pay sucks and Bill Gates says it’s OK. The only thing that’s really going to matter is how well consumers and retailers take to it. Those two guys’ opinions mean nothing at all.

    I definitely want to jump on board with Apple Pay. Both my banks and credit card companies are fully backing and actually pushing Apple Pay. What more can I ask for? When the NYC Transit Authority gets some NFC terminals so I can use Apple Pay for the subways and buses then all will be complete. One other thing would be nice is that now I still have to use a check or cash for doctor co-payments so I wouldn’t mind my clinic and supported specialists getting the necessary devices for Apple Pay to work.

    One thing for certain, Apple is not getting investors excited at all with the prospect of Apple Pay or anything else. It’s like the company is stuck in the stock market doldrums again. Why do investors always think Apple is going to fail in all of its endeavors. That’s just a totally unsupported conclusion.

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