Tag: Apple Pay

Apple and Google press on in their fight for mobile payments supremacy

| June 1, 2015

Companies are making adjustments to how they approach mobile payments

Both Apple and Google are pushing further into the mobile payments space, hoping to establish a strong foothold there in and embrace a dominating position in the market. To do so, both companies are changing the way they approach the mobile payments space, making their services more attractive and robust for those that are interested in mobile shopping. Competition in this market is fierce, however, so both companies will have to work harder to engage consumers effectively.

Wallet is becoming a peer-to-peer payments solution

Google is preparing to unveil its plans for its troubled Wallet platform. Google Wallet allows users to participate in mobile payments, but the service has struggled to find traction with consumers for some time. Wallet was launched in 2011 and experienced a security problem shortly after its launch. The service had also been based on NFC technology, which limited its appeal to consumers due to the rarity of NFC-enabled devices at the time. Google has been working to overhaul the Wallet platform in order to make it more accommodating to consumers and merchants interested in mobile payments.

Improvements to Apple Pay may make it more attractive to consumers

Mobile Payments Battle - Google and AppleAs Wallet is being redesigned to be a peer-to-peer payment app, Apple is also planning on enhancing its own payment service, called Apple Pay. It is expected that Apple will introduce a loyalty rewards program in the coming months, which will reward those using the service regularly. Other enhancements include improved security features and functionality. Such improvements could increase the attractiveness of Apple Pay.

Apple and Google have to work to catch up with the competition that exists in the mobile payments market

Apple and Google entered into the mobile payments space somewhat later than other companies. This places them at a modest disadvantage as consumers have had time to get comfortable with other mobile payments platforms. By enhancing their platforms, Google and Apple may begin to generate more momentum  in this market and become prominent players on the mobile payments battlefield.

Security flaw discovered that could impact Apple’s mobile payments service

| May 26, 2015

Apple Watch has a flaw that could leave some consumer information exposed

A security flaw has been discovered on the Apple Watch concerning Apple’s mobile payments service. Apple Pay has become quite popular among iOS users, receiving praise for being secure and convenient. On the new iPhone, consumer financial information is kept secure thanks to biometric technology. Those wishing to make a mobile transaction through Apple Pay on an iPhone must scan their fingerprint before they can do so. This feature is absent from Apple Watch, however.

Watch uses skin contact as a protection method

Apple Watch is not equipped with a fingerprint scanner, so must rely on other security solutions in order to keep consumer information safe. GadgetHacks recently posted a video to YouTube that highlights a security flaw. Though Apple Watch does not use a fingerprint, it must maintain contact with a user’s skin, otherwise the device will be locked until they input their password. This is meant to protect the device, but the security flaw has to do with the amount of time it takes for the device to register that it is no longer in contact with human skin.

Simple flaw in sensors could give thieves access to someone’s mobile payments accounts

Mobile Payments - Apple SecurityAccording to GadgetHacks, it takes about a second before the device detects that it has no contact with human skin. This means that someone could steal Watch and simply place their finger on the sensor in order to avoid it being locked. The sensor cannot tell the difference between the skin on the wrist and the skin on the finger. While this may not seem like a major problem, those that manage to steal the device and exploit this flaw could have access to consumer information, including their mobile payments accounts.

Apple may not feel the need to address security flaw

Apple has been careful to ensure that its mobile payments service is as secure as possible. The company has managed to succeed in this endeavor quite well, but absolute security can be an impossible task to accomplish. Whether or not Apple will address the security flaw with the Watch device is unknown. The flaw may be considered so minor that it does not require any significant attention from the company.