Magic 7 Commentary on Forbes ApplePay compared to Paythru

13/11/2014 by Keith Brown, Managing Director

Interesting to see that 2 major chain merchants have already withdrawn ApplePay in the US. Although they have yet to formally announce their reasons my money is on point 5........and revelations in the Press this week about more security issues on NFC payments is not going to help either (Article Major flaw discovered in Visa contactless cards). I think it's about time that UK merchants investigate an MCX type option in the UK/Europe.

Magic 7 Commentary on Forbes ApplePay compared to Paythru

  1. Simpler than swipe - one click (WE also use card tokenization which when applied to data security, is the process of substituting a sensitive data element with a non-sensitive equivalent, referred to as a token, that has no extrinsic or exploitable meaning or value)
  2. Perks x 3 - WE already offer "fast track" ordering and collection, we share all data with the merchant host and we offer integrated real time offers and deals thereby re-intermediating merchants with their customers.
  3. Platform - WE offer multiple payments types and redemption methods to suit all retailers
  4. The hardware - WE turn the consumers phone into the POS - no new equipment required!
  5. Skin in game - WE revenue share and data share
  6. Offer to all - OUR platform is agnostic and handles any payment type the merchant wants ( including virtual currencies like coupons and points) and works on any smartphone
  7. Safety - WE are PCI DSS level 1 like the Banks and are developing a range of advanced authentication point and verification processes alongside the PIN system based on location, behaviour and mobile data.