Tag: apple mobile payments

Apple finally moves into the mobile commerce sector

Apple has been taking a slow and steady approach to the matter of mobile commerce. The company faced harsh criticism from consumers recently due to the fact that it did not include NFC technology in the iPhone 5. Moreover, the company refuses to support NFC technology in any significant fashion, which keeps most Apple devices away from the realm of mobile commerce. While third parties have brought mobile commerce to these devices, Apple itself remains cautious on how to approach the issue due to concerns regarding security.

iCloud Keychain revealed by Apple

Despite Apple’s caution, the company has released its first authentic mobile commerce platform, called the iCloud Keychain. The iCloud Keychain exists as a sort of mobile wallet, upon which consumers can store a variety of information, such as passwords and financial details. This information can then be used across several Apple devices to log into websites or make purchases online. The platform does not support NFC technology as it exists as an application rather than a physical device, but it will allow Apple consumers to participate in mobile commerce to some degree.

Company’s worries over security continue

Apple’s caution regarding mobile commerce is due to the serious security concerns that the company has. Mobile commerce is not only popular with consumers; it is also very popular with hackers that are looking to exploit the financial information of consumers. Most mobile commerce platforms are based on NFC technology, which Apple believes to be insecure by nature. Because Apple has little trust in the security of NFC, the company has been working to find an adequate alternative to the technology while ensuring that the financial information of consumers is kept safe.

Apple remains cautious of mobile commerce

Apple has flaunted its ambitions in the mobile commerce realm in the past, but the company is in no rush to compete with others in this emerging field. Those that have rushed into the mobile commerce field have been met with several challenges that have proven very difficult to overcome. Apple is currently observing the sector to keep track of these challenges and finding solutions based on the examples provided by other companies.

Though the device manufacturer is always surrounded by rumors, this is the very latest making the rounds.

One of the most common questions surrounding both NFC technology and mobile payments alike have to do with when Apple will add its name to the competition and how it will go about doing that.

Nothing sparks the rumors more than the filing of a patent, which the iPhone manufacturer has just done.

This most recent patent application was noticed by Apple Insider and has generated dozens of speculations regarding the plans that the company will have for the technology. The patent, which was filed earlier in 2013 but was only just noticed by the public, is called “Method and System for Managing Credits via a Mobile Device,” which doesn’t leave too much mystery as to what how its technology would be used.

The description could be for the use of NFC technology for a system that it describes for mobile payments.

The filing details a system that brings digital currency forward in the form of coupons or tokens that have an assigned monetary value. These could be stored within a mobile payments wallet in the cloud so that it can be used in a number of different possible ways. This includes purchases that are made in brick and mortar shops, at online stores, or to pay for the wireless services for the device.

The description of the system suggests that there would be a way for users to receive these tokens through participation in third party advertisements, which suggests that brands could use the service in order to connect with consumers and then reward them for viewing or interacting with forms of marketing content.

It is not yet entirely clear how Apple intends to use this patented service. It does mention a number of different types of mobile payments methods from NFC technology to peer to peer, and even direct carrier billing. That said, this remains only a patent application, which means that while Apple would hold its rights, it is not in any way obligated to actually use them in a launch that it is planning.