When a customer pays with an iPhone

We re in a period now where you see this design competition with competing offerings and on top of that you have a platform competition where everyone has their network effects he said. It s like PlayStation versus Xbox. The technology convergence has brought us to a place where people are scrambling to come up with a new platform and trying to become the new dominant design.

Other companies that have attempted mobile payments have run into similar problems. Google Wallet was limited by its compatibility with different types of phones and cellular networks. And Softcard which was backed by major wireless carriers has seen little traction with its mobile wallet for similar reasons. Pitching Security One marketing pitch Chinese Overseas America Number Data Apple is sure to try out with potential users is security especially after notable breaches at Home Depot and Target. cashiers won t see the consumer s name credit card number or security code because Apple uses a fingerprint reader on its recent iPhones to confirm identities. And when consumers add a credit or debit card with Apple Pay the card number is not stored by Apple—instead Apple provides a unique device account number for each transaction. In addition the company says it won t collect consumers purchase history.



Edelman questions whether addressing security and privacy will be enough of a carrot to wean consumers off of their beloved plastic. Hesays other companies have tried to market the security angle including the RevolutionCard a PIN based credit card that had no name signature or account number on it so that if it got lost or stolen it couldn t be used unless the PIN was known. It was stillborn Edelman says. It didn t work as a feature set. No one cared. “APPLE PAY HAS THE SAME PROBLEMS AS BITCOIN.