What Apple Pay means to Bank of America: Security

Hari Gopalkrishnan, Bank of America’s e-commerce executive, talks about what Apple Pay means for the firm and its customers. He spoke with Bloomberg’s Leslie Picker at the Bank of America Merrill Lynch Technology Innovation Summit in Menlo Park, California on Oct. 22.

Today we have data breaches happening. We don’t want our customers storing their credit card information out in places we don’t trust. But at the same time we want to make our customers have frictionless shopping experiences. When you see those two things come together, what we worked on with Apple is a construct that lets you securely maintain your credit card information in a way that doesn’t store it all over the place. And yet when you want to shop, with the touch of your finger, you authenticate with the phone and can make that information available to the appropriate merchant without anybody seeing that information in the clear. — Hari Gopalkrishnan, Bank of America

[protected-iframe id=”64eec6eeb0517e1b3744aeab1676b04f-17146794-18685410″ info=”http://www.bloomberg.com/video/embed/mj5CI1YgSBqVcA8OAN~uFQ?height=395&width=590″ width=”590″ height=”430″ style=”overflow:hidden;”]

Direct link to video here.

[Thanks to MacDailyNews Readers “Fred Mertz,” “Sarah,” and “Dan K.” for the heads up.]

Related articles:
Apple Pay is nirvana for (smart) retailers – November 6, 2014
Entrepreneur warns retailers, restaurants, bars: Do not wait, jump on the Apple Pay bandwagon ASAP – November 5, 2014
Apple Pay fuels usage of long-moribund Google Wallet – November 5, 2014
After CVS and Rite Aid blocked Apple Pay, Schubert law firm launches antitrust investigation – November 4, 2014
Sorry, Walmart, CVS, Rite-Aid et al. — Apple Pay and NFC have already won – November 4, 2014


            1. damn, you just wasted your last race card. Nice try, though…you might need to print-up some more and send them to all the Americans who soundly rejected his statist horseshit on Tuesday.

              but, have a nice day!

            2. …after you’ve grasped a rudimentary understanding of the decimal system, here’s another interesting fact for you:

              “Bank of America serves clients in more than 150 countries and has approximately 57 million consumer and small business relationships.”

        1. http://www.urbandictionary.com/define.php?term=Bidness


          Watch a few movies about the mob or gangsters. I think you’ll come to realize that when someone throws a couple of these into a sentence it’s not about misspelling, it’s about helping you inflect the proper tone into what you’re reading. Then you can decide what that tells you about the writer, but at least you won’t be derailed by thinking the writer doesn’t know how to spell.

            1. I keep having some slightly unidentifiable scene from a movie or TV show with muscular tuffs in a dark bar, attempting to shoot the cuffs on a stretched denim jacket, then waggling a fat finger on a fat hand that has three too many big silver and gold rings on those fingers, admonishing the poor sap who’s about to see stars, “Shaddup, it’s jus’ bidness.”

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