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07-24-2014, 12:57 AM #1
Talks of Apple's Mobile Wallet Heat Up, May Debut Alongside Next-Gen iPhone
According to a recent report from The Information, Apple’s talks with several companies in the payment industry have been heating up. Executives at the Cupertino California company are rumored to be discussing the launch of a mobile payment solution set to release this fall. This payment solution is said to allow users to pay for physical goods with their iPhones. As of right now, one of the companies that Apple is said to be in talks with is Visa, a move that would result in direct savings for retailers and customers since it would bypass third-party payment processors.
With security being a big issue nowadays, many of you might be wondering how secure such a feature might be. Apple’s payment solution is said to work with a ‘secured element” within the iPhone which safely secures payment credentials. This solution may potentially involve the “Secure Enclave” which is said to be built into Apple’s A7 processor. For those of you who didn’t know, the “Secure Enclave,” which is designed for Touch ID, is a coprocessor within the A7 chip that uses a separate secure boot process to ensure that its separate software is both verified and signed by Apple. It is said to function completely independently even if a kernel is compromised and contains a unique ID that is otherwise not accessible to other parts of the system.
This particular payment solution is likely to be built around iTunes, allowing Apple to take advantage of the fact that there are more than 800 million iTunes accounts, most of which have credit cards attached. The feature may also be tied to Touch ID but no one is certain as of yet. It isn’t a surprise to hear about the news as Apple’s interest in the mobile payment industry has been a long-standing rumor for quite some time. We’ll have to wait and see what turns out to be true.
Source: The Information
07-25-2014, 05:12 PM #2
Make something like google wallet, i would have that but its not in canada