Apple Said to Be Using Tokenization Technology to Secure Mobile Payments Service
Apple may be integrating tokenization technology in its forthcoming mobile payments solution, reports Bank Innovation. Citing sources close to the matter, the report notes that the company will look to utilize token technology to address security and fraud concerns as integrates the service with the iPhone 6 and iWatch.
Financial institutions — card issuers and networks — prefer token technology because it replaces primary account numbers, those 16-digit card numbers on the front of credit and debit cards. Instead, the tokenization technology uses complex codes that are easily transmittable over the air and between devices, but that are used only once, so even if they are intercepted, are of no use to fraudsters.
An Apple patent discussing token technology has also been discovered, as the application was granted last month and filed for in 2009. In its example, Apple discusses a token system as a method for two devices to communicate sensitive data with disposable, one-time use codes.
EasyPay mobile payments
concept by Ricardo Del Toro
The report also once again discusses the NFC capabilities in the iPhone 6 and iWatch, stating that chip-maker NXP will be rolling out NFC chips to the iWatch and the iPhone 6. Apple Stores and Apple retail partners are also said to be gearing up to utilize NFC technology, as a number of retail locations will be using the NFC-enabled Verifone MX 915 terminal.
Prior reports have stated that Apple's payment service will be supported by a number of credit card companies including Visa, MasterCard, and American Express. The company is also said to be partnering with a number of retailers for the service, including Walgreens, CVS, Nordstrom, and more.
Apple is expected to announce its mobile payments solution at this Tuesday's media event, which will likely be shown off alongside the iPhone 6 and iWatch.
Popular Stories
Apple has announced it will be holding a special event on Tuesday, May 7 at 7 a.m. Pacific Time (10 a.m. Eastern Time), with a live stream to be available on Apple.com and on YouTube as usual. The event invitation has a tagline of "Let Loose" and shows an artistic render of an Apple Pencil, suggesting that iPads will be a focus of the event. Subscribe to the MacRumors YouTube channel for more ...
Apple has dropped the number of Vision Pro units that it plans to ship in 2024, going from an expected 700 to 800k units to just 400k to 450k units, according to Apple analyst Ming-Chi Kuo. Orders have been scaled back before the Vision Pro has launched in markets outside of the United States, which Kuo says is a sign that demand in the U.S. has "fallen sharply beyond expectations." As a...
The upcoming iOS 17.5 update for the iPhone includes only a few new user-facing features, but hidden code changes reveal some additional possibilities. Below, we have recapped everything new in the iOS 17.5 and iPadOS 17.5 beta so far. Web Distribution Starting with the second beta of iOS 17.5, eligible developers are able to distribute their iOS apps to iPhone users located in the EU...
Apple is finally planning a Calculator app for the iPad, over 14 years after launching the device, according to a source familiar with the matter. iPadOS 18 will include a built-in Calculator app for all iPad models that are compatible with the software update, which is expected to be unveiled during the opening keynote of Apple's annual developers conference WWDC on June 10. AppleInsider...
Apple has stopped production of FineWoven accessories, according to the Apple leaker and prototype collector known as "Kosutami." In a post on X (formerly Twitter), Kosutami explained that Apple has stopped production of FineWoven accessories due to its poor durability. The company may move to another non-leather material for its premium accessories in the future. Kosutami has revealed...
Top Rated Comments
Ah... so you're the one!
:D
Prime example: PCI standards allows someone handling such data to only display the first six and last 4 digits of a PAN (your credit card) in their database. For a merchant to retrieve the full data for research (your full card number), the people holding the data would encrypt the middle digits of your PAN number, create a token, store it in a database with your encrypted card information.
The merchant then would be presented with a token. They submit the token, the entity holding the PCI data has their application check the token against what they have in their database. If they match, the people holding your data returns back the full card number to use. That way, at no point does either the holder or the merchant have all 16 digits of your credit card number.
I've maintained PCI databases, and it's one of the easiest, and secure ways to store your data. For Apple to be looking at this is a good thing, especially if rumors are true about using NFC in their next iPhone.
BL.
You state that you have been writing token payment code for two years, yet you don't know how it can be secure? You mean you write code for a technology that you don't understand?
Wut?!