Tim Cook on Mobile Payments: 'It's In Its Infancy'

Tim Cook has been making a lot of statements recently. I'm a bit surprised with this announcement, given that Apple was (rumored) to be releasing NFC but backed out when credit companies refused their terms in taking a percentage of NFC sales.

NFC has been around for a long time in Japan, E.U., etc. and is used for more than payments. Infiniti is releasing all new vehicles lines this summer, and NFC will be implemented as an option for locking/unlocking doors, drivers' settings, etc. It's more secure than "blink" systems. Dateline (and other security experts) have shown it is easy to steal credit card data from "blink" cards. Readers are available online for ~$100, place one in a carry wallet and wave it near someone's purse or wallet. Copy that data onto something as simple as a hotel key, make a purchase (in one case, a couple thousand dollar purchases) and no one checked to verify the card. NFC is much more secure with a short transmit range.

NFC might be "in its infancy" in North America, but it has been around for a long time in many countries.

No, mobile payment is alive and well on other operating systems and in other countries. Apple is again behind.

Tim Cook has been making a lot of statements recently. I'm a bit surprised with this announcement, given that Apple was (rumored) to be releasing NFC but backed out when credit companies refused their terms in taking a percentage of NFC sales.

NFC has been around for a long time in Japan, E.U., etc. and is used for more than payments. Infiniti is releasing all new vehicles lines this summer, and NFC will be implemented as an option for locking/unlocking doors, drivers' settings, etc. It's more secure than "blink" systems. Dateline (and other security experts) have shown it is easy to steal credit card data from "blink" cards. Readers are available online for ~$100, place one in a carry wallet and wave it near someone's purse or wallet. Copy that data onto something as simple as a hotel key, make a purchase (in one case, a couple thousand dollar purchases) and no one checked to verify the card. NFC is much more secure with a short transmit range.

NFC might be "in its infancy" in North America, but it has been around for a long time in many countries.

For it to work well, every store in the USA would have to invest/buy/change their payment terminals to NFC, so yes, the mobile payments are "just getting started."

Not to say worldwide, most countries don't even know about it, and no, I'm not going to buy an Infinity just because it has NFC, out of the top 50 cars manufacturers only one is starting to use it, so yes, it still "in its infancy."

So if Apple decides not to use a product (NFC) that will only serve less then 1% of their customer that's fine by me..

Smartphones were in their infancy too when the iPhone came out.

And what exactly is wrong with just paying for things with cash?

And what exactly is wrong with just paying for things with cash?

I thought I was the only one who still carries, and uses, cash.

But, then again, I still wear a watch...so I'm a complete troglodyte.:o