WHAT TO EXPECT FROM APPLE'S BIG EVENT ON SEPTEMBER 9TH

I think the watch option would be the best application for this program. You don't even need to take your phone out, just wave your arm. The apps look like they would load very easily.

 

And... Credit card fraud is an epidemic. My ex wife had her card scanned when she was in Florida. And once they get your card, then that card is compromised. With this system, none of your card information is stored, therefor you won't have a problem and having to cancel cards.

 

Don't delude yourself that this is any more secure than credit card. The difference is, if they are able to hack into the system, instead of one card they can get them all. I mean, this will be useful and all eventually probably. Its been around for a while with google wallet. We'll see if it actually gets used or not. Right now its fairly limited to certain retailers and you really can't do this at a restaurant either I believe.

 

kinda disappointed in the design, was hoping for something groundbreaking phone wise

and the watch is ugly too

 

With OpenTable, you can pay, as explained in the event. I would recommend watching it so you can have a better understanding of the technology. That way your concerns can be valid with what you know.

 

Question: Do you use passbook and for what? Boarding passes? Movie tickets?

I just use the airline's app.

 

I was asked that question when the iPod came out. It was asked if I would use the CD I purchased, or have to deal with converting songs into my iPad. 5 years later, apple became the largest computer company in the world.

 

The reason why passport has not been used widely is because there isn't a iPay like they have now. There isn't a big reason why you would open that app in the first place... But... If you have the credit card concept with the app, then more fingers will start touching that app, giving retailers more incentive to support it, which will give him a snow ball effect

 

That's not what I asked about.

 

So basically, no.

Passbook wasn't meant for mobile payments, it was a place to store plane boarding passes, movie tickets, etc.

 

I have worked for 10 years in electronic finance, assuming that the implementation is right - this is an order of magnitude more secure than the current system.

 

How much more secure is it than putting a chip on a card?

And like I said, if there's a way for someone to hack into it then they have access to everything.

And its not even the security that's that big of a deal, its the implementation to see if it sticks. If its not standard on every terminal or vendor, then its essentially useless as a wallet replacement.

 

The concept of the question is the same. As I said, many believed the iPod would fail because it would be more of a hassle to implement. As apple started the cycle, they made new developments to make it easier for the consumer to use.

The same will apply with iPay. It may not seem like a great innovation now, but as the development team works on it, it will be something we won't be without in a few years.

We are looking at past history. You brought up passport, but failed to mention all the other programs they have been extremely successful with.

 

Easy... The card has your credit card information.

 

Wait, so basically this is the same technology as Google Wallet? Its just Apple's version to connect it to your Icloud account?

https://www.google.com/wallet/shop-in-stores/

 

Passport was meant to serve as a portal for life. They pushed it out to get the ball rolling. The more they design things to give incentive for the user to use it, the more successful it becomes.

 

For one card.

If you can hack into the Wallet account you can in theory get everything stored on there.

 

First of all, the US does not really have chip on a card - it is a swipe and sign method, but even if you compare EMV (chip on a card) to tokenization there are security advantages to tokenization

You can look at http://www.computerworld.com/articl...-standard-to-secure-credit-card-payments.html for a simple basics explanation.

But, to put it in context, the moment you decouple the encryption and decryption of the data between the collection and processing areas - you reduce the risk that it will be compromised, and by being able to have dedicated decryption at the processing site - you can use asymmetric encryption (private/public keys) with longer keys - to make it much harder to crack.

At the end of the day, people will design security systems and other people will find ways to attack them, but a tokenization based solution makes it much harder to attack (not that I claim it will be future proof) - you just reduce the number of weak spots and concentrate more on the sensitive areas to offer better security there.

The place where this happens is at the processing side of the payment - which already has all that info right now - so we do not increase the risk there, all we do is reduce the risk in the less secure places (merchants) and in transmission between the merchants to the processor.

 

As I already said... The iPod wasn't even the first MP3 player, yet it became the world leader of MP3 players. The big difference between the two companies is how apple markets and brings everyone together.

 

That is a lot of presumption on your part.