Apple Pay: The end of the credit card?

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#1 E l e c t r i c   User is offline

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Apple Pay: The end of the credit card?

Posted 20 September 2014 - 09:02 PM

So I assume most know that Apple's new iPhone 6 was just released yesterday here in the US. The phones have a couple new big features such as: retina display, a couple new sensors to aid with tracking apps, wifi calling to anyone, and last but not least "Apple Pay". Apple Pay essentially allows users too add their credit/debit cards to the passbook app which will encrypt the information and generate a new card number to be displayed on the app. When paying with the app it will require the "newish" one-touch ID to authorize the transaction along with a generated 4-digit pin number. Now Apple states that this is going to revolutionize the way payments are done as well as increase the security of cardholders. Security and privacy is and has been a growing concern for many technology user's, Apple states that Apple Pay will give users more comfort knowing that no information what so ever will be stored when paying. Also, retailers and businesses will not be able to see any information about you when you're paying, eliminating one source of identity theft. "220,000 stores and counting" have already agreed to join Apple in accepting the new electronic form of payment. So the question is, will Apple Pay be the end to the credit card? And how safe do you think Apple Pay will be?

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Replies To: Apple Pay: The end of the credit card?

#2 Xaos   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 20 September 2014 - 09:27 PM

This is something totally new and never done before!

People are still going to keep their physical cards, for a multitude of reasons. I seriously doubt this, or any other program, will ever replace physical debit/credit cards for a majority of people. Maybe gift cards?
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#3 modi123_1   User is online

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Re: Apple Pay: The end of the credit card?

Posted 20 September 2014 - 09:47 PM

Quote

will Apple Pay be the end to the credit card?

From what I understand Japan has been doing this for some time now. It's a little odd this is coming out now when we can barely muster up getting f'n chips in the plastic we have (unlike a chunk of the world). My guess - apple's been keeping that tech down to leapfrog this into being.

Oh, and I'll see the disappearance of creditcards when my credsticks show up.
Spoiler


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And how safe do you think Apple Pay will be?

Presumably if you do not tie your applepay to a celebrity n00d then you have slightly better chance of not having your portion of the cloud raided. The more interesting will be when you phone runs out of juice during the day.
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#4 Xaos   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 20 September 2014 - 09:57 PM

Duh modi. You simply exchange in your extra battery.

Oh wait.
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#5 E l e c t r i c   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 20 September 2014 - 10:25 PM

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Presumably if you do not tie your applepay to a celebrity n00d then you have slightly better chance of not having your portion of the cloud raided. The more interesting will be when you phone runs out of juice during the day.

You have a convincing point there . . . I guess that's one good reason why physical cards will remain a must, and that my wallet will remain large and uncomfortable to sit on . . . :huh2:/>
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#6 no2pencil   User is online

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Re: Apple Pay: The end of the credit card?

Posted 20 September 2014 - 10:41 PM

View PostE l e c t r i c, on 21 September 2014 - 12:02 AM, said:

Now Apple states that this is going to revolutionize the way payments are done as well as increase the security of cardholders. Security and privacy is and has been a growing concern for many technology user's

Right, because if anyone knows security, it's Apple!

View PostE l e c t r i c, on 21 September 2014 - 12:02 AM, said:

Apple states that Apple Pay will give users more comfort knowing that no information what so ever will be stored when paying.

Well that's a relief. Assuming one also never wants a refund, an exchange, a return, receipt for records, dispute a bill....
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#7 E l e c t r i c   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 20 September 2014 - 11:29 PM

Quote

Well that's a relief. Assuming one also never wants a refund, an exchange, a return, receipt for records, dispute a bill....

Yeah I'm not 100% aware if they mean that no information will be stored at all, that being: no information on the device, apple pay's cloud server, and the bank the card is connected to. OR if they are stating that they just wont be storing information on the device and the apple pay cloud. If information still transfers over to the bank then we will be okay as far as returns go. Hopefully that is the case . . . haha
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#8 Lemur   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 21 September 2014 - 12:50 AM

One word reason as to why I will never use these types of things: RFID.
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#9 E l e c t r i c   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 21 September 2014 - 01:08 AM

View PostLemur, on 21 September 2014 - 12:50 AM, said:

One word reason as to why I will never use these types of things: RFID.

Yeah, very good point. RFID is very concering. That has been one thing I have been pondering about how Apple can combat the RFID signal the phone will cast. One way I see it being done is only allowing a signal to be cast once the transaction has been approved via Touch ID. But even so, if someone happens to be standing around the vicinity with a device that can acquire and send RFID signals, then that leaves you exposed possibly during point of sale. I'm unaware of the mechanics of what is happening during the transaction and how the RFID is implemented into the system, but that would be my guess at it.
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#10 8joe   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 21 September 2014 - 09:00 AM

For everything to be digital, all that needs to happen is it needs to be more secure and as permanent. Digital is already more convenient, now people just need to know they're getting what they are paying for.

Let me use movies as an example. People still buy DVDs, but they also have the option of downloading the movie digitally for the same (or close to) price. I believe everybody will embrace the digital option when 1) they feel confident that their movies will be secure so they can watch them whenever they want, without worrying about viruses or hacked accounts. 2) they feel confident that their digital movies will belong to them forever to watch on whatever console they want, just like DVDs.

Apple Pay is already more convenient than carrying around and managing credit cards. When it proves to be secure and permanent, credit cards will be a thing of the past.

:scooter:
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#11 jon.kiparsky   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 21 September 2014 - 11:52 AM

There's a lot of people trying to own the payments business. None of them are going to. For anyone to have more than moderate success in this area, there needs to be a common interface, and that doesn't exist now. Imagine if you had to have different credit card terminals for visa, mastercard, and amex - the cost, both in equipment and complexity, not to mention fees, would more or less make credit cards useless. That's the situation that exists for payments by phone today. Until there is a standard exchange that allows merchants to select a provider and take payments by enough providers that they've covered a dominating majority (80%?) of their consumers who want to pay by phone, no mobile payments system will be more than a nice try (thank you for playing, LevelUp, better luck next time...)

So my prediction is that the system which succeeds - and I think some system will, at some point - will be the first or second one that successfully invites competitors to play, at all levels. (phone-side payments management apps, merchant-side payments acceptance software, and vendor-side payments processing systems) And I believe that no system that tried to lock out competition at any of these levels will achieve any significant uptake beyond what they can buy for cash dollars, as Apple has done to get to "220,000 stores"

In other words, Apple Pay is a dead letter, and it will last only as long as Apple puts money into keeping it on merchants' counters, UNLESS the company decides to replace it with a completely new system by the same name, and that system is an open one. They've done this before - for example, the about-face that produced OSX - so I'm not writing off this possibility.
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#12 NeoTifa   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 21 September 2014 - 01:07 PM

View PostXaos, on 21 September 2014 - 12:27 AM, said:



Lol the first thing I thought of while reading OP's post was Google Wallet.
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#13 E l e c t r i c   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 21 September 2014 - 01:21 PM

View PostNeoTifa, on 21 September 2014 - 01:07 PM, said:

View PostXaos, on 21 September 2014 - 12:27 AM, said:



Lol the first thing I thought of while reading OP's post was Google Wallet.


Haha dang . . . I don't know why that never came across my mind
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#14 BenignDesign   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 22 September 2014 - 06:24 AM

View PostE l e c t r i c, on 21 September 2014 - 01:25 AM, said:

I guess that's one good reason why physical cards will remain a must, and that my wallet will remain large and uncomfortable to sit on . . .


Why does any one person need so much plastic that their wallet becomes large and uncomfortable to sit on? I have ONE plastic card in my wallet - my debit card/ATM card/bank card (whatever you call it in your neck of the woods). That's it.

I've never understood the need for piles of credit cards. Aside from a house, a car, or an education, if you don't have the cash on hand to cover it, do you really need it?
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#15 jon.kiparsky   User is offline

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Re: Apple Pay: The end of the credit card?

Posted 22 September 2014 - 06:40 AM

Hm. Let's see. One debit card. Second debit card for an account that I don't ever use but don't want to lose the card in a drawer somewhere. Expired card for the account that I don't ever use, I guess that can go. Three library cards, need those. Medical and dental insurance cards. Metro card ("Charlie Card" in Boston - the thing that gets me on the subway). Punch card for discount at Raven Books. (hm, 9/10 punched, should go buy a book). Access card for our colo.

All told, this makes for about an inch thick wallet, and I haven't even picked up any cash for the week. But I never sit on iit - that would be craziness, my back wouldn't stand for it. My wallet lives in the Mighty Mighty Man-Purse (briefcase to some people, but we know that a briefcase is just a macho version of a purse)
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