Topic: "Apple Pay" (Read 7735 times)

That could be an argument, yes. Hopefully, Apple's fees don't offset the savings in lower fraud charges.
http://www.bloomberg.com/news/2014-09-10/apple-said-to-reap-fees-from-banks-in-new-payment-system.html

There is an argument that apple pay will actually have lower costs as it will hopefully have a lower fraud rate and a smaller number of instances of credit card numbers getting stolen from merchants in similar ways that credit card numbers were stolen from merchants like Target and Home Depot

I think it will have additional costs compared to credit cards. Apple will demand its cut too. Finally all these costs will be passed on to consumers.

I wouldn't say that apple pay is necessarily a bad attempt. I would say that it would have all the same costs associated with making credit card payments, however it does not have any disadvantage that using a credit card does not already have.

I would say it is a long term good thing for bitcoin because it will get people to be comfortable spending money with their phone which will get people comfortable using bitcoin with their phone.

Apple Pay - The one thing nobody else wants to imitate.

Yeah, in the US, that makes it a weak competitor of bitcoin.

I have a feeling this will be a great success in the US 

Paypal has announced that their merchant is going to accept Bitcoin as payment and bring the encryption currency to 8 million potential merchant around the world. Now Litecoin may share this treatment through passing piggybacking Bitcoin.

There are a couple of banks that are offering promotions for people to use their credit/debit card with apple pay. I think apple pay will be a boom for banks because it will get customers to use their specific card if their card is linked to their smartphone

Anyone here used that app already?

Well at least they understood where the payment world is going, it's an attempt, even if a bad one. Maybe it's too soon to say if their system will work out to be at least decent, but I'm fairly confident it will smoothen the transaction for the general public towards Bitcoin.

Or bend it like Beckham does. LOL

I don't think I could own an iPhone without giving in to the urge to smash it to pieces.

Its easy man. You just have to go to the pawnshop, pawn your galaxy and buy the iPhone!

I would say that apple could change it. They were able to revolutionize the way that people buy music (instead of buying songs CD's at a time, people can now buy songs one at a time thanks to iTunes), and I don't see any reason why they cannot get apple pay to be successful.

I think if apple pay is successful it will be good for bitcoin over the long term as it will get people comfortable paying for things with their phones 

Thanks for that good laugh.

How do I get Apple Pay to work on my Samsung Galaxy?

They probably have more of a push to get merchant adoption up. We will have to see how it plays out in long run though.

Apple designs products for morons to easily use them. (Source: apple user.) for example they don't use words like "audio" or "video" - nope, it's all "music" and "movies." oh and you don't "export" files anymore, you "share" them.

When bitcoin reaches moron-ease of use, maybe apple will adopt.

NFC has been mainstreamed and has been in use in countries like japan and S korea since the 90s.
It's interesting how apple likes to play it off like they pulled off something innovative   

The smaller their slice of the pie is, the less likely that retailers are going to be interested in accommodating applepay.

They doesn't even hold the majority of the smartphone market, so not "almost everyone" will have the AP functionality. It doesn't seem to be a treat for either cryptocurrency or paypal especially considering paypal has been around for a long time. I, for one, don't care to swap to Apple just to get this feature.

NFC has been around for years and failed, i doubt AP is going to change anything.

The technology has been there for a while. I've been using it with my Mastercard for years. Most of the stores supported at launch have even had it for years. Sure, apple adopting NFC payments will help the tech, but it's success isn't their victory alone. If anything they are somewhat late to the mobile payments party.

It is not really a double spend in the same way that double spends occur in bitcoin terminology.

The risk to merchants accepting credit cards (including apple pay) is that the buyer later disputes the transaction with their credit card company and such disputes have a very low threshold for the consumer to "win" so if the merchant wants to get their money they will need to sue the consumer to recover their lost revenue, which is something that is not efficient and very time consuming

Did anyone know exactly how did the double spend occured in Apple Pay system.   

I havent used this one yet and I havent read any complaints about this either.

Several major banks are supporting apple pay, announced as much the day after apple announced the new iPhone. They are also advertising as much very heavily.

I don't think apple pay will have a huge negative effect on bitcoin as it will have the same costs that traditional credit cards have.

Bank of America is implementing Apple Pay into their system.

Bad news for paypal and btc.

No, if the credit card holder does not authorize a transaction then they are not liable for it. I am not sure exactly how apple pay will work once it is released, however I do know that in order to buy an app or a song from iTunes with the iPhone 6, you need to either enter your iTunes password or use your fingerprint to authorize the transaction, so I would assume that a similar safeguard would be put in place

Exactly why this and other new technology coming out will destroy bitcoin

Just transferring the security problem elsewhere.

What about the loss and theft of the apple device then? Will the owner be liable for all the payment made after loss?

There are still very high costs associated with paying via credit cards (which is how you transact with apple pay) therefore consumers will need to pay higher prices as a result of using apple pay.

The only real advantage to using apple pay over using a credit card by swiping the card is the fact that your chances of having your card number stolen is reduced, however this is really nothing more then an inconvenience as most credit card companies will not hold you liable for anything in the event of credit card fraud on your account

Apple Pay is just another copied idea by Apple that will inevitably become popular due to the popular appeal of the Apple brand name. 

I see Apple pay as a non event. Who cares maybe im bias since i have a diffrent phone then an Apple.

It is a treat as long as the common folk dont see a real usage for BTC. Beyond the use of microtransactions and international payments.. the common folk don't really need BTC right now, so they might as well stick to FIAT+Apple Pay.

I, certainly, see Apple Pay as a threat to cryptocurrencies being used for in-person transactions. This will do nothing to effect their attractiveness for online payment and low-fee money transfers though.

I see Apple Pay being a success becuase its based on normal money after all, and has the whole Apple trademark propaganda thing which is insanely popular, while Bitcoin keeps stagnating because it fails to deliver itself as useful and worth the time for the average Joe. Hope im wrong tho.

I suppose the competition on cc is a good thing. But I am still a bit 'meh' about the whole thing.

I believe the "TX fee" is actually charged to the company that processes the transaction and sends it to Visa/MC. This fee is likely going to be passed on to merchants (and to consumers) in the long run; although the lower potential for fraud will probably offset this added fee somewhat

This form of encryption is unrelated to Btc

You are actually paying apple to swipe your credit card.
Apple levies transaction fees on top of the charges levied by the credit companies.

You don't actually have a "balance" on your apple pay account. When you use apple pay you are essentially doing the same thing as swiping your credit card, except it is somewhat more secure as your card number is encrypted the entire time from your phone until it reaches visa

They will surely take a slice of the market as they probably will pre-install applepay on each apple device from now on. Each iphone/ipad has to be registered with apple, so they already have hundreds of millions of potential applepay customers.

I guess you need to have money on your apple pay account or to have it connected with credit card and bitcoin comes in as a means of adding funds into apple pay account.

In theory, when bitcoin has a higher level of consumer adoption, people will be using their smart phones to make everyday purchases via their bitcoin app and QR codes. Apple pay allows for people to pay for things with their smart phone via their credit card

It can be used to transmit currency digitally. That's about the only similarity.

I may be severly retarded. I've been reading for a while now about apple pay and it still makes no sense to me. Can't grasp the concept. Can anyone explain me in layman terms and how does it correlate with bitcoin in any way?

Agree with that.
Apple is credited with making people comfortable about buying individual sound tracks, instead of the whole album.
If people could get comfortable about using Apple Pay and not be bothered about credit cards, they might look at bitcoin as an improved version of Apple pay.

I Have never being a Apple fan But on the other hand if some other great Companys Accept as payment,I would be Over the Moon!!

Is it possible to use "Apple Pay" with Iphpone 6?

Apple Pay is more secure than using a regular credit card for purchases since it relies on one time codes which help protect your credit card from being compromised and used against your will. I think it will help people become more accustomed to different types of payment methods and once people realize the benefits of a method like bitcoin that is truly separated from the credit card companies, they may be more open to it.

Apple's customers are not going to upgrade unless they have a reason to. If the only thing that is different between the iPhone 5 and the iPhone 6 is it's name then people will opt for the cheaper model

Now try to send Square Cash to the other side of the planet...
As long as there is a bank, there will be middlemen. Banks don't blindly transfer anything anywhere.

Bitcoins can never be compared to banks, no mater what. Credit cards, supper duper apps or whatnot.

Can't speak for Apple regardless but I tried out Square Cash and the first thing that I thought was Bitcoin Competition unless Square incorporates Bitcoin transactions. I read a few places they were but as of now Square Cash is phenomenal and it's free. You sign up on the dedicated site or through the app, verify yourself and link it to your bank. You can use it through your phone contact list, send a text message to someone that you're sending cash. They sign up, link their bank acct for deposit and the transaction is posted in a few hours or next day. It's 100% free, doesn't hold your money either way.

It's mindlessly easy to transfer money from bank to bank (not used for transactions though). I selected someone from my address book and sent them 5 bucks. They received a text saying I sent them 5 bucks. They downloaded the app, verified themselves and linked it to their bank - took about 5 minutes. Then they accepted the transaction and a few hours later they received the money in their account.

I know it's essentially the same principle of sending bitcoin from one address to the other but the difference is Square is sending fiat for free, avoiding all bank wire transfer fees - neither of us was charged anything. I was debited 5 bucks, their acct was credited. This is what bitcoin needs in a legitimate way - something that quick and easy to just pass around bitcoin and have it converted into fiat for those who want it, deposited into their bank - no week long waits, no 13c verification delays...just push a couple buttons and it's done, including authorizing and verification.

That's how easy it needs to be for bitcoin for the general population.

Square Cash just solved the problem. I can send or receive up to 25k (for now) per transaction with a friggin text message and the money's in there in a few hours, for free. No more transfer fees, no middle man fees, none of that.

What's on the table for bitcoin in the general population? We need this! If and when Square incorporates this for bitcoin, that's gonna do the trick I'd imagine.

Apple customers will not upgrade just to have the most recent model of the iPhone, they will upgrade because there is something about the new model they specifically want. I think this is one reason why, as of the last several models of the iPhone we have seen it increase in size by a very small amount

I think this feature will not drive them to upgrade. Apple's customers in general are not that price sensitive and may go in for the upgrade to the latest model anyway.

Note how I said one of the most successful phones.

You should also see that apple is able to cross sell their products with the iPhone much easier then Samgsung (or any other phone maker) is able to. If you buy an iPhone then you would be exposed to their macbooks, iPads, iPods and other apple products (if you buy online or at the apple store). Samgsung on the other hand sells their phones almost exclusively through retail stores (authorized resellers) and phone carriers

This this sheds light on why Apple decided to go full scam with the iPhone 6 pre-order and is pumping these sales with Apple pay.

I found this this on Google, the writer seems to think Steve was given technology from not-human sources.

https://usahitman.com/dsjwat/

Now generally there are two sides to every story and I might me be able to buy that Steve was given and technology and reneged on deals etc... but, that fact that Apple has decided to scam its customers for what's probably going to be billions its not looking so good.

Of coarse Apple can prove all of this wrong simply by delivering the iPhone 6 in a reasonable amount of time without it exploding and then catching fire and filling the room with toxic smoke.

The thing is that apple customers (including iPhone users) tend to have higher then average incomes. Higher incomes generally will translate into higher credit scores, which means they have and use credit cards more often. This means that apple pay is being marketed to the target market of the iPhone. iPhone owners who recently purchased an iPhone will now be more likely to upgrade because of this new featue.

MaxKeiser Tweet: "@maxkeiser: ApplePay won't kill bitcoin as ITunes didn't kill music and video file swapping."

I think it will boost up the competition between CC issuers etc.

ApplePay could integrate bitcoin onto this service in the future, just like paypal's onetouch.  Fiat currency is the more relevant competition to the bitcoin application.

Will probably get people used to paying without physical credit cards.
Then these newbies can shift to bitcoins for lower transaction fees. 

This is no competition for BTC.

Apple will eventually give up and accept BTC payments, just like they gave up for the wallet thing in IOs

 I can't see anything related with Bitcoin, too
maybe they are related in an indirected way.

In the coming months Apple may provide some sort of discounts to their customers for purchasing their products using Apple Pay to encourage more users.

Samsung is much bigger: http://www.idc.com/prodserv/smartphone-market-share.jsp
, not to talk about market share of Android.

The iPhone is one of the most successful and widely used phones ever made. Apple is using apple pay to sell more iPhones, not using the iPhone for people to use apple pay. The costs will also still be there when people use apple pay.

In say 3-6 months time, do you think there will be more retail sales using Apple Pay, or using Bitcoin?
I'm betting on the former.

Apple Pay user base: iPhone6 owners in US.
Bitcoin user base: computer/tablet/smartphone owners of any type/brand in the whole world.

Most of smartphones does not have NFC built in but have cameras that can scan QR code for BTC payment.

I think applepay will stay exclusive for rich and banked 1B, but for the rest there is BTC, they can't do anything about it 

I think it will actually make bitcoin more competitive. It will likely have high instances of fraud because people will have their phones stolen and use the stolen phone to buy things. It will also have higher fees because, well that is what apple does, they charge a lot for their products.

Just another app to use credit cards. Doesn't Square do the same thing? Just seems notable because Apple is such a giant. At the end of the day, this has nothing to do with bitcoin. If a simple mobile payment system could threaten bitcoin, it would have been dead long ago.

Ah right thanks. Wonder if they can come up with anything original. Lol at iWatch.

It has nothing at all to do with bitcoin as it is completely different to bitcoin. I don't see it working too well from the start to be honest and it seems like it could be a little risky on Apple's part but time will tell I guess.

Nothing to do, actually is another copied idea from Apple. Samsung already did it a long time ago.

How exactly does apple pay reduce transaction fees  

Getting people more accustomed to mobile payments in general is great, because whatever "they" can do, bitcoin can do with lower fees.

can't wait to see abuse of it, Im sure there will be videos on youtube first day iPhone hits the stores. It's total crap but let's wait and see

It is just a chip with your credit card details embedded in the phone. Swipe and pay, like most contactless card systems.

Payment by swiping your phone, without needing to actually have your credit/debit card with you.
Nothing whatsoever to do with Bitcoin.

What is this shit and how does Bitcoin correlate with it, it if does in any way?