Apple will reportedly get a 0.15% cut of all Apple Pay transactions

By Cody Lee on Sep 12, 2014

Apple has negotiated a never-before-seen deal for its new mobile payment system, according to a new report from the Financial Times. Citing sources familiar with the terms of the agreement, the outlet says that the Cupertino firm stands to make 15 cents of every $100 spent (or 0.15%) using Apple Pay.

We knew that Apple stood to make a lot of money from its new Pay service, but this is the first time we’re hearing hard numbers. “It’s unprecedented,” says Dickson Chu, former engineer at PayPal and Google Wallet. “It’s somewhat surprising that Apple was able to negotiate something Google couldn’t.” Read More

 

Discover confirms joining Apple Pay ‘in the future’

By Christian Zibreg on Sep 10, 2014

Discover will be joining Apple’s proximity mobile payment system called Apple Pay “in the future,” allowing iPhone 6 and Apple Watch owners to pay for goods and services using Discover’s credit cards stored in the Passbook application, the company confirmed in a tweet last evening following Apple’s press conference.

”No need to worry,” reads the tweet. “We are in discussions with Apple to add Discover cards to Apple Pay in the future”. Read More

 

Apple introduces new mobile payment service “Apple Pay”

By Cody Lee on Sep 9, 2014

It turns out the rumors were true, Apple has been putting together a new mobile payment service, and it introduced it on stage today as “Apple Pay.” The service involves adding your credit cards to Passbook, and waiving your iPhone in front of what looks like an NFC reader to pay for goods and services in-store.

Apple says that security and privacy are very integral to Apple Pay. It doesn’t store your credit card numbers, nor does it transfer them to the merchant, and it doesn’t log what you buy or how much you pay for it. It simply creates a complex number for your card, and uses a one-time code for when you make payments. Read More

 

Square and PayPal said to be working with Apple on mobile payments

By Cody Lee on Sep 9, 2014

In a last-minute scoop, Bank Innovation reports that it has learned that both Square and PayPal have been working with Apple on its mobile payment solution. Sources tell the site that both companies have been aware of Apple’s so-called ‘iWallet’ payments initiative for a while now, and are updating their services to support it. Read More

 

Apple said to be working on rewards program for mobile payment service

By Cody Lee on Sep 8, 2014

Apple is working on a rewards program for its upcoming mobile payment service, according to a new report from Bank Innovation. Citing sources familiar with the matter, the site says the company has been talking with the InterContinental Hotels Group (Holiday Inn, Crown Plaza, etc.) about a possible loyalty partnership.

Additionally, the outlet points out that Apple has recently posted a job opening for a Senior World Wide Partner Marketing Manager. While the title seems ambiguous, the person in this position would be tasked with creating training materials for external partners with the purpose of aiding customer adoption of “new features.” Read More

 

Apple said to use tokenization tech to secure mobile payments

By Cody Lee on Sep 7, 2014

Bank Innovation is out with a new report this evening, claiming that Apple will be utilizing tokenization technology in conjunction with NFC in its upcoming mobile payment service. Token tech is a favorite amongst financial institutions, as it’s considered to be extremely secure.

How it works is that instead of transmitting account and credit card numbers, tokenization sends complex codes over the air between devices. These codes are only used one time, so even if they are intercepted by a third-party with the intent of fraud, they would be of no use. Read More

 

Apple and Disney upgrading in-store iBeacon/NFC ahead of iPhone 6 launch

By Christian Zibreg on Sep 7, 2014

Here’s another piece of evidence to help complete the Apple mobile payments puzzle: according to a new report by 9to5Mac, Apple and Disney stores in the United States have been upgrading in-store iBeacon transmitters and NFC sensors ahead of the company’s big reveal on Tuesday.

The upgraded sensors, which include the new Gimbal Series 20 Proximity Beacons, will allow the companies to track customers inside their stores with an even greater degree of precision.

As it’s been widely reported, both the iPhone 6 and iWatch are rumored to be outfitted with a Near-Field Communication (NFC) chip to support mobile payments. It’s “one of the hallmark features” of the iPhone 6, according to Wired. The Apple wearable device has “a role in mobile payments,” too, as per The Wall Street Journal. Read More

 

CVS and Walgreens also said to support Apple’s new payment service

By Cody Lee on Sep 5, 2014

Recode reports that Apple has signed on the country’s two largest pharmacy chains—CVS and Walgreens—to participate in its new mobile payment service. The company is expected to unveil the service, alongside two new iPhones, at a media event in Cupertino next week.

This is a big deal for a few reasons. For one, CVS and Walgreens have a combined total of over 15,000 retail locations, giving Apple’s new payment service a significant initial footprint. And two, due to the nature of their business, they tend to see a high rate of transactions. Read More

 

Apple has reportedly negotiated lower transaction fees for mobile payments

By Cody Lee on Sep 4, 2014

Bank Innovation shares some new details on Apple’s mobile payments project this afternoon, reporting the company has managed to negotiate deals for lower credit card transaction fees with several banking institutions. This includes JP Morgan Chase, Citigroup, Capital One, and Bank of America.

Citing sources familiar with the negotiations, the site says that the banks have all agreed to give Apple a flat transaction rate for both in-store and online purchases, which is fairly uncommon in the industry. They will also apparently give the Cupertino firm a 10% discount on all of its processing fees. Read More

 

Apple reportedly discussing mobile payment service with Nordstrom

By Cody Lee on Sep 2, 2014

Financial blog Bank Innovation is reporting this afternoon that Apple is in talks with upscale fashion retailer Nordstrom to be one of the early merchant partners for its new mobile system, according to sources with knowledge of the discussions.

It may even already be a done deal. Citing anonymous Nordstrom employees, the outlet says that the department store chain updated its POS (point of sale) terminals a few weeks ago in order to be compatible with the “most recent” iPhone models. Read More

 

Poll: would you use iPhone 6 as your iWallet?

By Christian Zibreg on Sep 1, 2014

A flurry of reports in recent days from the likes of Re/code, WiredFinancial Times, Bloomberg and The Information have pointed to Apple eyeing a pay-by-touch iPhone technology by partnering with some of the world’s biggest payment processors and credit card companies like AmEx, MasterCard and Visa.

The mobile payment feature is thought to involve technologies such as NFC and Touch ID and tap into a pool of more than the 800 million iTunes accounts with credit cards on file.

The question is, do you see yourself using the iPhone 6 as your wallet? Or, maybe you’re the type of person who prefers sticking to plastic and good ol’ cash? Read More

 

Apple strikes deals with American Express and MasterCard for new iPhone payments system

By Cody Lee on Aug 31, 2014

Recode is reporting this morning that Apple has struck a deal with American Express, to work together on its new iPhone payments system. Citing sources familiar with the talks, the site says AmEx is just one of the many credit card firms the company has been talking to for the project.

Apple’s new payments system is expected to allow iPhone 6 owners to pay for things at brick-and-morter stores using the handset. It’s believed that the system will utilize NFC technology, and Recode’s sources say that Apple’s Touch ID tech will be involved in the process at some point. Read More

 

Apple reportedly working with NXP on NFC solution for iPhone 6

By Cody Lee on Aug 29, 2014

The Financial Times is reporting this morning that Apple has tapped Dutch chipmaker NXP to produce NFC chips for the upcoming iPhone 6. Citing several people familiar with the project, the site claims the secure, short-range wireless technology will facilitate transactions in a new mobile payment service.

The report doesn’t add much in the way of new details, but it does corroborate with the ongoing consensus that after shunning the technology for several years, Apple has finally decided to add NFC to its handsets. Wired and Recode had similar scoops yesterday, as did well-connected blogger John Gruber. Read More

 

Wired: iPhone will have NFC chip and feature its own payment platform

By Christian Zibreg on Aug 28, 2014

According to sources familiar with the matter who spoke to Wired, the rumors were in fact true as the next iPhone is reportedly going to have a Near-Field Communication (NFC) circuitry and feature an Apple-branded payment platform.

Apple’s contactless mobile payment solution is being described in the report as “one of the hallmark features” of the iPhone 6 when the device is unveiled on September 9 (alongside a rumored Apple wearable device).

“We’re told the solution will involve NFC,” reads the report.

For what it’s worth, the reliable John Paczkowski of Re/code has “been hearing the same” about the NFC-enabled iPhone 6.

Recent leaks of purported iPhone 6 components have indicated that the forthcoming smartphone could indeed be outfitted with an NFC chip by a semiconductor company called NXP, which currently supplies the M7 motion coprocessor for the latest iOS devices. Read More

 
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