Apple Pay

Integrated hardware, software, and services for payments

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I actually think this was the most interesting release today and has more industry-reshaping ramifications than Iphone 6 or Apple Watch.
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@erictwillis totally agree. It's kind of scary to think how well positioned they are to enter and dominate payments. They'll seed the Apple Pay userbase via in-app purchases, which will be appealing for devs to integrate, given transaction fees are competitive. Once brick and mortar POS systems are updated (very sluggish industry) to be NFC enabled, the transition from in-app to in-store Apple Pay usage will be seamless. I'm curious to see how they differentiate Apple Pay in-app purchases vs. current in-app purchases through your Apple ID. The latter is for virtual goods only, with a hefty 30% transaction fee. If Apple Pay is competitive with other processors, which have sub 5% trans fees, why wouldn't devs switch to that instead? EDIT: Found this page that clarifies using Apple Pay vs. In-App Purchases:
@erictwillis agreed! This is the feature that I think will touch most people and raise the bar for mobile payments - including Android/Google Wallet. Scarf guy is a close 2nd.
This is a big deal. Payments are part of our everyday lives, and Apple is going to be there whenever you make a transaction. This is a new area for them. Massive reach.
@davidkmckinney Agreed. It's going to be the least talked about of the releases, but it's paradigm-shifting. Retailers will be now forced to begin adopting mobile payments
@davidkmckinney However the allegedly 'massive reach' is somehow limited to iPhone users. Overall market share of iOS devices is down to ~15% (, which includes iPads as well. Apple is in the position, when it comes to negotiations, to be known as a company with a unified product portfolio, which makes it comparably easy for third parties to create accessories (see sounddocks, AirPlay etc.). Google on the contrary has a hard time in negotiations, because the retailers would fear incompatibilities amongst the highly fragmented range of Android devices. Apple could really nail this, if they would stick to non-proprietary open standards for NFC and release an Android ApplePay app! (You heard it here first ;)) ...along with iTunes for Android.
@boettges Apple could/would never do that. They wanted to create a fantastic payment system that was easy and completely seamless. Android couldn’t ever be seamless like that, just point your watch and tap the checkmark or do Touch ID without even waking your iPhone 6. Though I know what you mean, that ^, along with their hate for Google, would lead them to never build anything for Android.
Apple Pay will change how you pay with breakthrough contactless payment technology and unique security features built right into the devices you have with you every day. So you can use your iPhone 6 or Apple Watch to pay in an easy, secure, and private way.
As the stream cut off constantly: Did they talk about what Apple's cut will be on a transaction basis? Percentage based cut of the transaction's amount or a fixed fee per transaction?
@boettges Didn't hear anything about the transaction costs. I'll look it up though.
@erictwillis Can't find any information. I guess it was completely left out together with any battery-talks today.
@boettges I'm also having a hard time finding anything. And yes..would have been nice to get something on the battery-times.
@boettges Looks like Apple is taking ~15-25 BPS for each transaction from all the participating banks. "The biggest “surprise” over last 2 months is that Apple has squeezed 15-25bps from the 5-6 participating banks at launch (C, BAC, COF, JPM, Amex and perhaps WFC)." -
@arfrank 25bps works out to $2.5k for every $1M processed according to
Apple showed up Google with this one. They're about to show just how important all of those amazing partnerships can take a technology (so long it works!)