Richard Brown rocks it again.
Forget contactless point-of-payment… that’s a solved problem. Apple’s use of tokenization is the interesting part
[USUAL DISCLAIMER: I have no inside info, these are personal views]
I’ve been using a beta version of ApplePay on my iPhone 4 for some time now…
My very old, but very effective, Barclaycard contactless PayTag, stuck to my iPhone 4
The interesting question is how Apple chose to embed the card details inside the phone
To understand why, we have to rewind to March, when something curious happened: a body called “EMVCo” released a technical specification document for something called “tokenization”.
It was curious because it seemed to solve a problem that was already being solved by other players in the card industry. Make no mistake, however: the problem is a big one. Here’s what I mean.
I’ve written extensively about how Payment Cards implement the “pull model”. When you…
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