To pay with your phone, some banks were issuing little NFC stickers that people put on their phonecases. It worked perfectly. Android Pay could have been a really great thing - had it launched 5 years ago.
The sticker is always exposed, works with one account only, and doesn't even require authentication. With the app, I can select which account to use, see how much money I have on it, then authorize with pin and pay. I know some people may prefer the sticker only, but I find the app much better.
Tokenized app send one time credit card number.
http://www.planetbiometrics.com/creo_files/upload/article-fi...
http://arstechnica.com/business/2015/05/android-pay-will-emb...
http://www.telegraph.co.uk/finance/newsbysector/retailandcon...
Only in the United States. In mainland Europe NFC has always used EMV authentication between terminal. Also as an aside: a european credit card's number alone is kinda useless.
My phone is normally in my hand anyway so using it is much more convenient. The only problem is it's takes 1/2 a second longer, and you don't want to look like an idiot trying to use your phone in rush hour.
I wish there was a quick way to launch it when the phone was open as sometimes double tap doesn't work and you open the phone, then you have to lock it again, double tap, touchID. I would use my watch, but then you have to look like more of an idiot rotating your arm and leaning over to the reader.
http://www.xda-developers.com/google-security-engineer-expla...
(PS there are workarounds)
I suspect the phone rooting block is more for protecting their proprietary client-side code.
How secure is NFC in general? How are these payment systems protecting against someone setting up a fake system to read out CC data?
Contactless/NFC has no security in the sense that it requires no interaction in order to charge a card. Security is provided by bank guarantees to refund fraudulent transactions, capping transactions to low-ish values, and requiring a PIN-authed transaction every 5 contactless transactions. Card data cannot be extracted from a transaction in this way, and fraudulent terminals are unlikely to appear due to the need for merchant accounts and the associated paper trail.
In the case of Apple Pay and presumably Android Pay, there is the additional requirement that transactions are authenticated on the device (TouchID / passcode for Apple Pay).
It already works as an oyster replacement as it's the same technology for contactless cards. Contactless cards get the same fare caps as oysters
That'll be amazing. I just got an Apple Pay enabled iPhone and I'm loving it. Used it on the London Underground, with the Starbucks app, at McDonalds, and it's wonderful.
Gone are the days of having to fish out all my cards from my wallet to find the card I want to pay with.
If Android Pay can deliver an as-good or better experience, fantastic. This is good news for everyone.
I used to get really frustrated when my Oyster card or contactless credit card fail on first read. Didn't happen often, but often enough to annoy me. Has yet to happen with Apple Pay, but I've not been using it anywhere near as long. It's definitely quicker to read Apple Pay than it is to read my Amex.
Barclays being one of the major banks in the UK
Two links about this (first link is by me) (1) https://medium.com/@firasd/mobile-wallets-in-india-growth-op... and (2) http://adage.com/article/opinion/china-s-mobile-payments-war...
The other aspect that I think a lot of financial innovation will depend on is a "killer app". In India it's been phone 'recharge'--most people have prepaid phones, so you can add balance using the mobile wallet app instead of going out to find a nearby shop or kiosk to do it for you. And in the case of China, WeChat integrates so many services that it makes sense to have a wallet integrated into its many offerings. In the U.S, Venmo is instructive too, about focusing on a product rather than a method or technology.
Even African economies have more extensive mobile payments (though I don't envy the motivation).
We're behind on this one.
Using latest Android pay app from APKMirror, nexus 6p and HSBC card I've made my first Android pay purchase ever.
That coffee tasted oh so sweet!
