The goal with offerings like Google Wallet was that people could get rid of all their credit cards, loyalty cards, and coupons that filled their wallets and instead store all of it and access it from their mobile phones. While the idea itself sounded great, mobile payments hasn’t gained much visibility or traction with users.
Cook: This whole process is based on this little piece of plastic. ... we're totally reliant on the exposed numbers and the outdated and vulnerable magnetic stripe interface, which is 5 decades old.
Cook: It's so easy to lose your card or have it compromised. No wonder ppl have dreamed of replacing these for years. But they all fail
Interesting, a large number of Apple employees just filtered out of the room.
Are they opening up the cube outside?
Cook going over why haven't worked before
Cook: As it turns out, most ppl who have worked on this have started by focusing on creating a business model that was centered around their self interest rather than focusing on the user experience. We love this kind of problem. This is exactly what Apple does best.
Cook: We've created an entirely new payment process, Apple Pay.
Cook: I'd like to show you just how fast and just how easy it is.
Video again, showing the new process. Just a tap of the phone, and "that's it!"
The name "ApplePay" definitely will dissuade any notions of this being compatible with, you know, Android or Windows Phone.
By the way, the logo is the Apple logo and the word "Pay"
Cook: That is Apple Pay, and to tell you more about it, I'd like ot invite Eddy Cue to the stage
Okay, Eddy Cue is now going to tell us more about ApplePay.
Cue in a very dashing pink shirt, by the way.
Eddy Cue, is senior vice president of Internet software and services. His role includes oversight of iTunes, and he’s Apple’s primary content dealmaker.
It's iPhone 6 and 6 Plus, only, so no hope of doing this via older phones -- unless maybe via a wearable device.
Cue: NFC is the standard for all contactless payments. You also have TouchID. And we have a new chip called Secure Element. It's built into iPhone 6 and stores all info securely. Can see all credit cards on Passbook.
Credit cards will be integrated via PassBook, so hopefully that means it'll start getting a little more developer support.
Cue: We have hundreds of millions of credit cards and debit cards from customers' iTunes accounts. You can use the card on file. To add another card, take a photo with the phone, go to bank to verify that it's your card, and it's added right to Passbook
Cue: Now, with just a touch, you pay. It's that fast, and it's that easy.
Yes, you will use the TouchID sensor to authenticate when making a payment.
Cue: We've integrated security from software and hardware. ... We create a device only account number and put it in the Secure Element. No longer have the static code on the back of the card.
Interesting, it isn't your credit card number that is sent to a retailer, it's a one-time number. No more worries about data breaches!
Cue: If phone is lost or stolen, can use Find My iPhone to cancel all transactions.