cashless transactions

Post #394,315 by rcareaga 9/9/14 2:01:23 PM Reply	cashless transactions So I'm looking in on Apple's event today, and at present the livebloggers are reporting that the company is introducing Apple Pay, a device-centric alternative (or adjunct, I suppose) to credit/debit cards. All very well and good, but while I think Ted Rall sometimes foams at the mouth a bit, I wonder if this won't prove prescient in certain respects. cordially,
Post #394,317 by Andrew Grygus 9/9/14 2:14:56 PM Reply	Damned right it will. Perhaps not above the table, but, you know, accidents do happen. "I'm sorry sir, I understand your credit problem is all a misunderstanding, but we just can't do anything about it without a valid credit card".
Post #394,318 by boxley 9/9/14 2:15:29 PM Reply	you could always move to cash nevada Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 59 years. meep
Post #394,322 by rcareaga 9/9/14 2:40:11 PM Reply	Looking in on the Apple Watch I suspect that within five years this device will look about as primitive as an Apple ][ (as they used to style it) does to us today, and that Apple will once again claim a minority market share, and huge profit margins, of the sector, until now negligible; shortly to be vast, by then. I've seen the future: I don't like it, and haven't for a long time (it involves my personal death before, measured against existence to date, too much longer, which of course subtracts a degree of glamour), but I have to admit that the tech implications are fascinating. cordially,
Post #394,323 by pwhysall 9/9/14 2:52:48 PM 9/9/14 2:54:00 PM Reply	Had that on my Nokias for a couple of years ETA: And who can be arsed with waving your phone around like an idiot at the cash register? OTOH, I have a debit card which is contactless, and that Just Works in the kind of way that Apple would like you to believe their system does. Edited by pwhysall Sept. 9, 2014, 02:54:00 PM EDT Expand All History
Post #394,325 by Another Scott 9/9/14 2:57:41 PM Reply	Yup. NFC payments sound great... Lots of phones have had it a long time, and Apple's trying to play "last-mover" again. No doubt something like that is eventually going to replace cash and credit cards, but the devil's in the details. Who's going to pay for all the scanners to read people's phones? Does anyone think MC/Visa/AmEx/Diner'sClub/etc. is just going to go away? (Well, sure, Diner's Club, ...) Each of them is going to try to find a way to keep their toll-booth and not just let Apple control everything. And who's liable when you get locked out or someone empties your account? Lots of questions... But it's good to see things moving forward. Competition with the bank cards is good. Cheers, Scott. (Who wonders if Google is going to push their Wallet a little harder now...)
Post #394,326 by Another Scott 9/9/14 3:08:40 PM Reply	Reading through the Event liveblog... It looks like they've said they've addressed lots of the things I brought up. We'll see. But $349 Apple Watch + iPhone means that it won't come cheap... Cheers, Scott.
Post #394,327 by pwhysall 9/9/14 3:11:05 PM Reply	My card has a killer feature. It has no battery to go flat. And if I lose it or it gets stolen, I report it, and I get another one. And if someone goes shopping in the interim, I'm automatically covered, as long as I report it. And it works as a regular card when contactless isn't available or I spend more than £20. I can use it in person, on the internet, at cashpoints. That's more than one killer feature, really.
Post #394,339 by rcareaga 9/9/14 4:06:55 PM Reply	You sound a bit like me ...telling kid brother (b. 1961) why I still pay my bills by paper checks. He is kind enough to mask his condescension. cordially,
Post #394,497 by gcareaga 9/12/14 10:34:47 AM Reply	/condescension filter off Checkbooks are like chamberpots. They are useful in an emergency or if you have an irrational fear that someone is going to steal your shit. /filter on
Post #399,789 by Another Scott 3/7/15 7:50:27 PM Reply	Claimed 6% fraud rate on Apple Pay LA Times: As we wrote at the time: "We'll see: Credit account information will flow between the customer and Apple at some point, somehow. Apple's systems haven't been anything like secure in the past (see here and here), so the company's promise that this one will be rock-solid shouldn't be taken as gospel." We observed that although the iPhones carrying the Apple Pay app might be as secure as the company claimed, "the risk will reside somewhere." We told you so. Reports have surfaced over the last week that fraudsters have found the soft underbelly of Apple Pay -- as one would expect -- and are exploiting it gleefully, with one security expert estimating the fraud rate at a stupendous $6 per $100 of transactions. "Fraud ... is growing like a weed," says the expert, Cherian Abraham of Drop Labs, a mobile commerce consultant. The security hole Apple claimed to have closed via Apple Pay may even make certain forms of fraud even easier. It's possible that Apple's boasts about the security of Apple Pay made the credit card industry too complacent. The flaw arose in a part of the system especially vulnerable to low-tech hacking. Unpossible!!11 Cheers, Scott.
Post #399,795 by a6l6e6x 3/7/15 11:18:14 PM Reply	But the banks take the hit, so Apple is golden. Delicious! :) Alex "There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "my ignorance is just as good as your knowledge." -- Isaac Asimov

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