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  1. Akshay Masand's Avatar

    According to a recent report from Bank Innovation, Apple may be integrating tokenization technology in its much-anticipated mobile payments solution. The report cites sources that are close to the matter, noting that the company may be utilizing the token technology to help address both security concerns and fraud concerns as it integrates the service with devices such as the iPhone 6 and the iWatch.

    To further its credibility, it should be noted that an Apple patent discussing the token technology was discovered as well with the application being granted last month and being filed for in 2009. In the patent, Apple discusses the token system as a method for two devices to communicate sensitive data with disposable, one-time use codes. The report also discusses the NFC capabilities that are rumored to be included in the iPhone 6 and iWatch, stating that the chip-maker NXP will be rolling out the NFC chips needed for the iOS devices. Furthermore, Apple Stores and retail partners are also said to be gearing up to utilize NFC technology.

    Previous reports have claimed that the payment service will be supported by several credit card companies including American Express, MasterCard and Visa. The company has even said to be partnered with a number of retailers including CVS, Nordstrom and Walgreens, with more to be announced at tomorrow’s media event.

    Ultimately we’ll have to wait and see what turns out to be true and what continues to be a rumor.

    Source: Bank Innovation via MacRumors

    Twitter: @AkshayMasand
    2014-09-08 10:18 PM