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Thread: WSJ: Apple Deliberately Holding Back on Implementing Mobile Payment System

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  1. #1
    MMi Staff Writer Akshay Masand's Avatar
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    Default WSJ: Apple Deliberately Holding Back on Implementing Mobile Payment System


    The Wall Street Journal recently profiled Apple’s “go-slow” approach to mobile payments, pointing out that the company may be waiting on purpose to release their iteration. Apple announced the inclusion of a feature called Passbook to iOS 6, which allows users to keep loyalty cards, tickets, and coupon in one central app. Passbook doesn’t offer a full payment system which has been a rumored area of research for Apple. According to The Wall Street Journal, this is a very deliberate decision from the Cupertino California company:

    Holding back in mobile payments was a deliberate strategy, the result of deep discussion last year. Some Apple engineers argued for a more-aggressive approach that would integrate payments more directly.

    But Apple executives chose the go-slow approach for now. An Apple spokeswoman declined to comment on the decision-making process. Apple's head of world-wide marketing, Phil Schiller, in an interview last month, said that digital-wallet mobile-payment services are "all fighting over their piece of the pie, and we aren't doing that."
    A small group within Apple reported to have been investigating a new service that would embed payment methods into the iPhone or even build a new payment network. As of right now, discussions are mentioning Apple facilitating payments with merchants and some even allude to the possibility of Apple beginning to act as a bank. Rumors also mentioned that Apple was considering simpler wallet app possibilities or working with existing middlemen and taking a small cut out of each transaction.

    The other part to the situation was the Apple iPhone team which was known to be exploring NFC communication options in the next iPhone. There were some concerns with the inclusion of NFC in the next-gen iPhone, which included impact on battery life, security, vendor adoption, and customer satisfaction. While the NFC technology usage and implementation is sorted out, Passbook is said to be the current compromise for the technology while Apple waits to see how the mobile market matures before coming to any conclusions.

    Source: Wall Street Journal

    Twitter: @AkshayMasand

  2. #2
    Livin the iPhone Life bigboyz's Avatar
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    Looks like Apple wants to be the next PayPal?

    "A small group within Apple reported to have been investigating a new service that would embed payment methods into the iPhone or even build a new payment network. As of right now, discussions are mentioning Apple facilitating payments with merchants and some even allude to the possibility of Apple beginning to act as a bank. Rumors also mentioned that Apple was considering simpler wallet app possibilities or working with existing middlemen and taking a small cut out of each transaction."

    Only way they get a cut is if they create and maintain the mechanism. I don't think many companies want to share in transaction sharing as people can just pay with cash or credit. Yes NFC would be much easier but its not necessary its a perk. I am very interested in where this one will go. Apple is saying other phone makers are trying to get a cut..looks like Apple is going to make their own NFC network "iNFC" haha..can't wait!

  3. #3
    iPhoneaholic aidanharris's Avatar
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    Just make me an app that allowes store owners to scan a qr code to make a purchase and then charging it to my apple id and i'll be happy. Perhaps newer devices could have a contactless chip built in so the scanning wouldn't be necessary and a stick on chip could then optionally be bought to stick underneath an existing case or have an authorised apple technician fit one underneath the built in case. In my mind it doesnt sound that hard to impliment so why are apple adopting a "slow and steady pace" this "the tortoise wins the race" attitude doesn't cut it for me at least release a public beta like they have with siri...

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    Well Passbook isn't really tat high priority as of now! Well let's see the final build of ios 6 new features hopes new tactics underneath

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    Walmart tried going down the bank path and community banks lobbied harder than Android users lobbying that Android was better than iOS...Walmart ultimately gave up (too bad Android users don't).

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    iPhoneaholic
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    i wonder if i can get starbucks through s3 nfc. hmmm ...

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    Livin the iPhone Life exNavy's Avatar
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    "NFC communication"

    Isn't that something that Apple's department of redundancy is working on?

    That's like saying VIN number, PIN number or ATM machine. I want to SMACK people that do this.

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    Livin the iPhone Life steve-z17's Avatar
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    Apple usually does this, they may not be the first to implement the idea, but they really do perfect it a lot of the time once they release their version of it. Most companies just want to get it out there as soon as possible so they can say that their devices have it, but usually it's not very functional. I'd rather companies wait til they've really got it down before releasing things like this.

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