How the Next iPhone Could Finally Kill the Credit Card

[Shaman]

The ubiquity of an NFC-enabled iPhone, however, finally could force brick-and-mortar stores to offer a pay-by-phone option. And once Apple peels people away from physical credit cards to a digitized version of plastic, Dwolla and everyone else become digital options on the same equal footing in the same wallet.

Apple has the ability to succeed where Google and the few NFC-enabled Android phones to hit the market never could, because Apple controls the hardware and the software. Google supported NFC with its own wallet, but few handsets came out with the chips inside, since few payment terminals would take them. And few merchants bothered to accept NFC, since so few phones had it. That uncertainty disappears as soon as an NFC-enabled iPhone 6 floods the streets.

And while an iPhone wallet won’t mean an end of credit cards anytime soon—American Express and Visa reportedly have reached agreements to work with Apple—it’s hard to see how its spread wouldn’t hasten a future free of plastic. After all, a credit card is just a medium for transferring data, just like a smartphone. Except unlike a smartphone, a credit card doesn’t do anything else. The credit card companies themselves see this day coming.

If Apple, as expected, announces Tuesday that iPhones will become a new way to pay, the rest of the world might finally see that future, too.

How the Next iPhone Could Finally Kill the Credit Card | Business | WIRED

[billpeppas]

ας ελπίσουμε να μην leakάρει όπως το iCloud... και μείνουνε γυμνές οι "virtual credit cards" μας

[Papakitou]

Γιατί πεππα σκέφτεσαι να το πάρεις;;; ??

[nikchris]

Ποσο χαζοι μπορει να ειναι στην Αμερικη; ΠΟΣΟ;

[Shaman]

Ποσο χαζοι μπορει να ειναι στην Αμερικη; ΠΟΣΟ;

Εμ! Γι'αυτό έχουν τέτοια χάλια!

Ενώ εμείς οι έξυπνοι, top of the world, νοικοκυρεμένοι κλπ.

[Μην τα λέμε μόνοι μας και μας πουν και ψώνια!]

[billpeppas]

Γιατί πεππα σκέφτεσαι να το πάρεις;;; ??

Εγω με iPhone ?

Ούτε νεκρός.

[Shaman]

'Nobody Freaking Cares'? With iPhone 6, Apple Makes NFC A Must-Have Mobile Payments Feature - Forbes

Today, Apple is believed to have more than 800 million credit cards on file — more than twice what Amazon and Paypal have combined. The ability to enable a digital wallet with existing credit information removes another point of friction for customers.

[Gi0]

ας ελπίσουμε να μην leakάρει όπως το iCloud... και μείνουνε γυμνές οι "virtual credit cards" μας

Ας ελπισουμε επισης οτι αυτοι που το θα το χρησιμοποιησουν θα ξερουν να το χρησιμοποιησουν.

[nikchris]

Εμ! Γι'αυτό έχουν τέτοια χάλια!

Ενώ εμείς οι έξυπνοι, top of the world, νοικοκυρεμένοι κλπ.

[Μην τα λέμε μόνοι μας και μας πουν και ψώνια!]

Και εμεις τα ιδια ειμαστε, αλλα τουλαχιστον εμεις δεν καθοριζουμε εξελιξεις.

[Shaman]

Πολύ ενδιαφέρον.

Apple reportedly has reached deals to lower its card transaction fees with five of the largest financial institutions in the nation as part of the Silicon Valley giant’s to-be-launched payments venture.

The financial institutions are American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America.

...

The first thing Apple has done is convince these four FIs to consider transactions from Apple’s upcoming payments venture — said to launch with its forthcoming iPhone 6 introduction — as “card present” transactions, which carry a lower discount rate than “card not present” transactions, because of lower fraud risk.

Beyond that, Apple has also managed to bump down the actual “card present” rate by 15 to 25 basis points, according to people with knowledge of the talks. Normal “card present” discount rates, which are shared by issuers and networks but determined by the network, are about 1.5%, which means that Apple appears as though it will get around a 10% discount on the processing rate it will pay. Last quarter, Apple generated $4.5 billion of iTunes revenue — this implies that Apple will save at least $27 million as a result of these deals with the banks. Of course, more revenue volume is expected upon launch of Apple’s payments venture.

...

According to Noyes, while banks control the card-present/not-present rates, the networks negotiate the rates with payments processors. The differences can be dramatic. Apple was apparently adamant about getting the card-present rates and told issuers that it would assume some of the fraud risk inherent in every transaction by providing a secure element via biometric authentication (its TouchID feature) and location data provided through an NFC chip. The Apple payments platform will work with all of their cards.

Apple Said to Negotiate Deep Payments Discounts from Big Banks | Bank Innovation

Θα "αρμέγει" κι από εκεί τελικά:

Apple Inc. (AAPL) will reap fees from banks when consumers use an iPhone in place of credit and debit cards for purchases, a deal that gives the handset maker a cut of the growing market for mobile payments, according to three people with knowledge of the arrangement.

http://www.bloomberg.com/news/2014-09-10/apple-said-to-reap-fees-from-banks-in-new-payment-system.html