Will the Apple iPhone 6 Become the Master of Mobile Wallet Payments?

iPhone 6 may have mobile payments with Visa Mastercard and American Express
In the last few years, the hype around mobile payment systems has exploded. Words like “convenience” and “security” have driven tech giants and start-ups alike, to encourage consumers to use their smart phones for “quick and easy” in-store purchasing. But the uptake of the trend has been limited, with less than 10% of the population currently using mobile payment systems. This is primarily because of the complexities and inconsistencies involved in the current system.

QZ explains some of the reasons why progress on this so called convenient payment method has stalled. “The system is still a mess. In the US, for example, no in-store mobile-payments s

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2 Responses to Will the Apple iPhone 6 Become the Master of Mobile Wallet Payments?

  1. dorian says:

    The question I have is how trustworthy is the security on mobile phones for this? I would think it would be easy to steal the information.

  2. John says:

    The Isis mobile wallet stores sensitive data in a physical secure element on the SIM card. Google wallet has recently moved to a cloud based security mechanism. Both of these approaches are as secure or better than plastic.

    Not clear what Apple’s security plans are but hopefully not the same team responsible for iCloud security governance :/ Seriously though, Amex, Visa and MC have minimum standards for storing credit cards on mobile devices. If any of them publicly endorse the Apple wallet, then it should also be as secure or better than plastic.

    IMO the real value of a mobile wallet is not limited to the payment method, it needs to have incentives for the consumer to use it on a regular basis. Things like loyalty programs, coupons, rewards…

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