Forget Your Plastic, The New iPhone Will Be A Digital Wallet
The iPhone will soon serve as a true mobile wallet, working with Visa, MasterCard, or an American Express card, and able to make secure mobile payments without whipping out your old fashioned plastic credit card, according to a new report from Bloomberg.
Specifically, Bloomberg says that Apple has entered into partnerships with major payment networks, banks, and retailers to allow the new iPhone to function as a digital wallet and make wireless payments. NFC and Touch ID will play critical technological roles in the functionality, according to the report:
“The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, the person said. That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most-recent iPhone, will enable consumers to securely pay for items in a store with the touch of a finger.”
The digital wallet feature will almost certainly be limited to the new iPhone models due to the necessity of the NFC (Near Field Communication) chip.
It is unknown if the payments initiative will be bundled as part of the existing iOS Passbook app or be its own unique application. Presumably, the upcoming Apple wearable device will also serve to make mobile payments too.
Apple is expected to unveil the payments platform, iWatch, and iPhone 6, at the scheduled September 9 event.
How long till they crack the encryption or someone sells the data off the terminal. Mobile payments is just a way for the crooks to make more money. At least with legacy Credit Cards your limit is $50
hooray, we are on a good way…
to the minority report.
Unfortunately, this will require carrying your phone with you into a store. I refuse to due this due to the store tracking. Even with the new iOS constantly changing the MAC address, I will never take my cell phone into a store. Anybody who needs to contact me can wait.
You should be able to use the iWatch too, so perhaps with just a swipe of the wrist you’ll be able to check out, without the iPhone coming with.
Is the tracking only an issue when you are on the store’s WIFI, or can they track you on data?
I know that in Kohl’s terms of service, they say they will track you on WIFI. I declined to use their network and stick to data.
They track you anyway when you pay with a card. I don’t get your concern?
I don’t use any “cards”, loyalty, credit or debit, cash only. And for online shopping, only single use, virtual CC numbers.
The retailers have all lost my trust permanently because of their failures to secure the data they had about me.
Oh, and just to piss off even more people, I don’t use “The Cloud” for anything either. For those of you who are thinking I must have something to hide, you are right, I do. My identity and personal information.
So do you make your phone wait outside until you come back out??
Yeah – they tie it to a tree or bike stand so it doesn’t get away!