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Apple partners with credit card companies for iPhone wallet

  • Apple (NASDAQ:AAPL) is planning a new partnership with major payment networks, including Visa (NYSE:V), MasterCard (NYSE:MA) and American Express (NYSE:AXP) to transform the next iPhone into a mobile wallet, Bloomberg reports.
  • The announcement follows earlier reports that the iPhone 6 will feature NFC and support a mobile payments platform.
  • Along with a fingerprint recognition reader that debuted on the most recent iPhone, the NFC enabled device will be able to ensure secure payments.
Comments (43)
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    I'm sorry but I would never trust Apple with my money after the security leak they have just had with iCloud.
    2 Sep 2014, 04:34 AM Reply Like
  • gensearch2
    , contributor
    Comments (1506) | Send Message
     
    No need to be sorry. I trust you don't use credit cards, use Pay Pal, do any on-line shopping of any kind or use public wifi unless you're using a VPN. Forget about using Android, Windows or iOS for Gmail ... http://cnet.co/1lFH7R8

     

    Cash is the only safe transaction. Then again, there is counterfeit currency galore. Maybe you should stick to coin for all your financial transactions.

     

    Good luck.
    2 Sep 2014, 05:16 AM Reply Like
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    g2.

     

    I do all of those and all the ones dealing with money offer me guarantees. I'm also very good at protecting myself when using public wi-fi. iOS or even iTunes are definitely on my list of things I would not use.

     

    Please go to the Gmail http://bit.ly/1lFI4cc forums to ask about Security in using Gmail and request myself "The C Man" where I'll be only too happy to advise.
    2 Sep 2014, 05:29 AM Reply Like
  • dezee
    , contributor
    Comments (2345) | Send Message
     
    I agree, lucky my credit card has a low limit.
    2 Sep 2014, 05:56 AM Reply Like
  • smartone7
    , contributor
    Comments (588) | Send Message
     
    The C Man, you own a Blackberry so no worries.
    2 Sep 2014, 06:36 AM Reply Like
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    smartone,

     

    That's the truest thing you have ever said.
    2 Sep 2014, 07:05 AM Reply Like
  • smartone7
    , contributor
    Comments (588) | Send Message
     
    I always post truthiness C Man.
    You can't handle the truthiness!
    2 Sep 2014, 07:10 AM Reply Like
  • gensearch2
    , contributor
    Comments (1506) | Send Message
     
    Great. Now how much impact have you had on the credit card industry or any of the other security issues? And what does the iCloud leak have to do with financial transactions.

     

    I'm not sure what "careful" means on pubic wi-fi if it doesn't include a VPN service?

     

    I spent my whole career in security and the VAST majority of users don't care and will never care about security. I'd guess that even the majority of security people aren't even interested in their own security.

     

    Look at credit card companies in the US, they should have gone to having chips in credit cards years ago and it appears on the surface the only reason they're going to do it now is because they're required to.

     

    At the end of the day, it doesn't really matter to anyone but you, what you do with mobile security. What matters is what the financial institutions do and what the masses do.

     

    The investing question is how will this rumor, if true, affect Apple and AAPL share price?
    2 Sep 2014, 08:14 AM Reply Like
  • gensearch2
    , contributor
    Comments (1506) | Send Message
     
    Your credit card limit is meaningless. What matters is whether you use a credit card or a debit card.
    2 Sep 2014, 08:22 AM Reply Like
  • gensearch2
    , contributor
    Comments (1506) | Send Message
     
    Everything you do on the internet is over a Blackberry? Has Blackberry stopped using flash yet?
    2 Sep 2014, 08:25 AM Reply Like
  • chopchop0
    , contributor
    Comments (3736) | Send Message
     
    "The investing question is how will this rumor, if true, affect Apple and AAPL share price?"

     

    Not much IMO. It's just another "me too" mobile payment system over existing networks.

     

    The IPhone is late to the NFC game, and I don't believe AAPL has offered up anything that meaningfully improves on NFC security issues
    2 Sep 2014, 09:09 AM Reply Like
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    gensearch,

     

    The benefit of living in the UK is we have had chip and pin for around ten years. Debit and credit cards have NFC built in and some banks even issue small cards, 1/3rd the size of a credit card, to stick on the back of your phone.

     

    Buses have NFC readers so that Senior Citizens can just tap a "free fare" card against them.
    2 Sep 2014, 09:46 AM Reply Like
  • Tomal
    , contributor
    Comments (1026) | Send Message
     
    You do know most companies store credit card numbers separately, compared to uploaded photos in their cloud drive? Tell me whether Google stores my drive files and my credit card info from play store in the same security settings ?
    2 Sep 2014, 11:52 AM Reply Like
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    Tomal,

     

    That is of very little difference since both are accessed through the same password. The Google Wallet forum is at http://bit.ly/1lGfis4. Check it out for yourself.
    2 Sep 2014, 12:13 PM Reply Like
  • Hardog
    , contributor
    Comments (9100) | Send Message
     
    Gen

     

    I think AAPL should buy paypal and be done.
    2 Sep 2014, 12:21 PM Reply Like
  • Mike Walker
    , contributor
    Comments (342) | Send Message
     
    Big catalyst for AAPL and NXPI.
    2 Sep 2014, 04:43 AM Reply Like
  • King Rat
    , contributor
    Comments (805) | Send Message
     
    Many people act as though the anonymous and free payment method of cash is somehow passe. What cost, convenience?
    2 Sep 2014, 05:03 AM Reply Like
  • gensearch2
    , contributor
    Comments (1506) | Send Message
     
    http://1.usa.gov/1lFHhrG
    2 Sep 2014, 05:19 AM Reply Like
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    I hope a lot of iDevice users are reading this. There is no knowing how many accounts have been hacked and the passwords are now known to those intent on filling their own pockets with other's money. Apple should have issued a warning to all it's users to change their passwords by now. It's tardiness in doing so shows an absolute disregard for the safety of it's users.
    2 Sep 2014, 05:51 AM Reply Like
  • wrc.99
    , contributor
    Comments (28) | Send Message
     
    What do you recommend?
    2 Sep 2014, 06:12 AM Reply Like
  • smartone7
    , contributor
    Comments (588) | Send Message
     
    C Man recommends you buy a Blackberry since he is long the stock and every little bit helps on the path to hopefully actually making money on their phones instead of having to continue to write off huge losses from their handset division.
    2 Sep 2014, 06:38 AM Reply Like
  • wrc.99
    , contributor
    Comments (28) | Send Message
     
    That is what I though! Thanks smartone7.
    2 Sep 2014, 06:41 AM Reply Like
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    Not so smart Smartone and you are definitely nowhere near number 7 in the list when it comes to smarts.

     

    wrc.99,

     

    I'm going to give the same advice I would normally give to Google users who have been or might have been hacked.

     

    Change your password and at this point it doesn't matter how weak it is. Start running an antivirus scan. Check your account for anything that might have been altered or added such as a signature, forwarding or filtering and clear them. Change security questions and answers so there is no chance a hacker could use these to get in again. Now change your password to something really difficult to hack by adding in numerals, symbols and random capital letters. An example (please don't use this one) would be "plEase/don'T\us3_th1s (0n3)"

     

    @ LessThanSmartone,

     

    The question was addressed to me. It was specifically for advice re safety. These questions I treat with the utmost sincerity whatever system they are on.
    2 Sep 2014, 06:55 AM Reply Like
  • smartone7
    , contributor
    Comments (588) | Send Message
     
    C Man, first off I am at a minimum 7 times as smart as you.
    Secondly the question posed to you was not specific at all.
    Thirdly I was thanked by the poster in question for pointing out your agenda.
    You don't own AAPL and you are simply posting here because BB longs are somewhat giddy about this hack. I do find it a bit off putting that people would be happy about others getting hacked regardless.

     

    C Man you have no less than 10 posts in the last 24 hours bashing AAPL on both AAPL threads and of course your beloved Blackberry threads.
    2 Sep 2014, 07:09 AM Reply Like
  • The_C_Man
    , contributor
    Comments (1579) | Send Message
     
    smartone,

     

    "An empty drum makes the most noise" and you are making a lot of noise about how smart you are even down to choosing a name that is intended to prove it.

     

    My advice stands and has nothing to do with what devices anybody uses. wrc.99 posted his reply to you before my advice was posted.
    2 Sep 2014, 07:26 AM Reply Like
  • smartone7
    , contributor
    Comments (588) | Send Message
     
    C Man, then I will assume you have the biggest "empty drum" collection around.
    As I posted over the last 24 hours you have made a multitude of posts regarding the supposed hacking of Apple accounts both on AAPL article threads as well as BB article threads.
    Thats the truthiness of it.
    2 Sep 2014, 07:30 AM Reply Like
  • gensearch2
    , contributor
    Comments (1506) | Send Message
     
    You should be advising people to change their passwords at least every 6 months for any access they consider important.

     

    There's no way of knowing how many accounts of anything have been compromised.
    2 Sep 2014, 08:46 AM Reply Like
  • Tomal
    , contributor
    Comments (1026) | Send Message
     
    lol the hack happened on icloud servers as per the reports, which are run by Microsoft Azure. So it is something on server side.

     

    You want to run antivirus on your icloud account? haha.

     

    On other hand, Apple and FBI are investigating. So let them finish and if it requires password change, they will let users know.
    2 Sep 2014, 11:55 AM Reply Like
  • rroo
    , contributor
    Comments (163) | Send Message
     
    Hold on!

     

    This whole hacking thing could be a weak publicity stunt by fading agents on behalf of aging models on a last-ditch stand to be noticed for their once-blooming, but now drooping bodies.

     

    The great and enduring question is...how can we avoid having to look at those depressing hacked bodies?

     

    Perhaps Blackberry is the answer.
    2 Sep 2014, 01:51 PM Reply Like
  • FAT BANKER
    , contributor
    Comments (1008) | Send Message
     
    They hacked some vacuous celebs nude photographs - not the millions in their Bank Accounts !!
    BIG DEAL.
    Obviously some nerd or someone more sinister got hold of their password . This in no way negates the concept of iCloud although the commercial opposition will ATTEMPT to make the most of it with mis information.
    I find the timing of all of this extremely suspicious !
    2 Sep 2014, 06:35 PM Reply Like
  • Jeff750
    , contributor
    Comments (37) | Send Message
     
    All indications are Apple isn't involved with this leak - if there was a single leak at all. So far this is known:
    - Files associated with DropBox were found in some of the leaked data, indicating at least some of the images were stolen from DropBox.
    - Some celebrities whose images were released have flatly stated they don't even use iPhones or iCloud, instead they use Android devices.
    - Some celebrities stated the "leaks" of "stolen images" were fakes - Photoshop manipulations of other photos unassociated with them.

     

    So some images have been obtained from a variety of sources - including fake ones - and the term iCloud used to generate buzz.

     

    This is manufactured. It isn't real.
    2 Sep 2014, 06:33 AM Reply Like
  • FAT BANKER
    , contributor
    Comments (1008) | Send Message
     
    RE Jeff750. Comment 34

     

    Thanks for those facts - intriguing !
    2 Sep 2014, 06:53 PM Reply Like
  • Deja Vu
    , contributor
    Comments (1354) | Send Message
     
    NFC payments - an inconvenient solution hunting for a already solved problem (credit cards)....
    2 Sep 2014, 07:15 AM Reply Like
  • gensearch2
    , contributor
    Comments (1506) | Send Message
     
    I mostly agree with you. Credit cards are the most convenient form of electronic payment at retail outlets. They would be a whole lot better if they had chips in them.

     

    NFC is important in China and Japan. In the US it certainly hasn't taken off. If mobile payment is going to take off in the US, it has to have some character of it that will drive the masses to adopt it. I don't believe "security" will be that driver.
    2 Sep 2014, 08:34 AM Reply Like
  • MJ Badagliacco
    , contributor
    Comments (291) | Send Message
     
    WRONG... I am in the Merchant Services Business and will tell you that Credit Cards are FAR from the most convenient way to pay... A Mobile Wallet Solution is much more convenient and merchants are now beginning to embrace it. Virtually ALL new payment terminals support eWallet solutions from any vendor (PayPal, ISIS Wallet, Google Wallet, ETC)... The convenience is that the consumer can load up their cards onto a secure server and does not have to use their card number anymore... It also allows them the convenience of using their phone that they always have with them leaving their cards in a safe place. Numbers are never exposed and the convenience of all your cards in one place and fingerprint scanner (iPhone) to authenticate just to access. This is a HUGE winner for Apple!
    2 Sep 2014, 10:14 AM Reply Like
  • FAT BANKER
    , contributor
    Comments (1008) | Send Message
     
    RE Deja Vu

     

    "A already solved problem (credit cards)......"

     

    AND once doctors said letting blood would cure Cancer and designers said stone bridges already solved the problem, etc, etc,etc ..........
    2 Sep 2014, 06:46 PM Reply Like
  • EquityInvestor1
    , contributor
    Comments (87) | Send Message
     
    Do you blame him! Everyone is constantly sold how stellar and safe Apple's Eco-system and transactions are. I question how safe any system is as a mobile wallet when the Target hack was done at the point of sale terminal level. Would I now be also risking my finger print scan as well as my CC data? Though the scan is in a different location on the phone, it has to be triggered by incoming external transaction somehow, right? Is it vulnerable to a Trojan at this point? Those questions should be answered by Apple before we uncork the bubbly bottles shouldn't they?
    2 Sep 2014, 07:51 AM Reply Like
  • june1234
    , contributor
    Comments (3011) | Send Message
     
    Apple needs to offer stock options to all those Russian hackers out there,cheaper,safer
    2 Sep 2014, 08:06 AM Reply Like
  • stormgard
    , contributor
    Comment (1) | Send Message
     
    Apple and IBM coming together!
    VISA and MasterCard have Monitise interest; shareholding and directors
    IBM and Monitise coming together; IBM taking on and expanding development group!

     

    And now Apple Wallet ramping up!

     

    Interesting times
    2 Sep 2014, 09:11 AM Reply Like
  • 6034700
    , contributor
    Comments (693) | Send Message
     
    Where is Michael Blair?
    2 Sep 2014, 10:35 AM Reply Like
  • NY2LA 1
    , contributor
    Comments (514) | Send Message
     
    The Apple system will be more secure than the cr cd in your wallet by far. The wristwatch or wearable and or the iPhone iPad will act as a secondary and even tertiary hardware authentication device when combined with touchID will be much much more secure and very mobile. Each device will add another layer of security. I am guessing u can swipe the wearable or the watch or iPhone, doesn't make a diff but if u can swipe the wearable and not have to sign and don't have to expose ur iPhone, then it is way more secure than sign and swipe at ur local beat buy or Walmart.
    2 Sep 2014, 11:00 AM Reply Like
  • Deja Vu
    , contributor
    Comments (1354) | Send Message
     
    I would support something that makes it harder for the wife to shop and pay, not something that makes it easier...
    2 Sep 2014, 12:32 PM Reply Like
  • FAT BANKER
    , contributor
    Comments (1008) | Send Message
     
    Deja Vu

     

    LOL - very good, so clearly your not a feminist?
    2 Sep 2014, 06:59 PM Reply Like
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