iPhone Payment Security
Apple is including some sort of automatic credit card payment system with the iPhone 6. It's using some security feature of the phone and system to negotiate a cheaper transaction fee.
Basically, there are two kinds of credit card transactions: card-present, and card-not-present. The former is cheaper because there's less risk of fraud. The article says that Apple has negotiated the card-present rate for its iPhone payment system, even though the card is not present. Presumably, this is because of some other security features that reduce the risk of fraud.
Not a lot of detail here, but interesting nonetheless.
Posted on September 8, 2014 at 7:21 AM • 41 Comments