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A feature on the new iphone 6's and the new ipads is an app called Apple Pay. You load your card numbers into your phone and they are immediately encoded into a chip in the phone. When you want to pay for something, you hold your phone near the card swiper and the encoded information is passed directly to the bank.

You never see a card or card number as a merchant, so no way for your data to be stolen. With 100 million iphones sold in the US in less than 60 days, it's likely just a matter of time till we see these. I am told that most card readers can be upgraded.

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I saw studies that say 90% of all new generation phones are sold to people under age 25. And that's less than 10% of our customer base. I see no reason to spend any money to upgrade my equipment for them.

And FYI, it's 10 million, not 100 million.

Chris, you have been misinformed. Apple sold ten million iphones in the first weekend. Apple Press Release. Apple just released 3d quarter results showing forty million iphone sales in the third quarter 2014 and 35.3 billion in sales for the quarter. Apple 4th quarter results  This does not include all of the new ipads just released, nor income from Apple pay. Apple pay has just been out for four days, and already more than 500 banks have announced they will accept it, American Express, Bank of America, and Chase lead the list.

The 100 million users in 60 days is forward looking, and includes iphone and ipad sales through the holiday season. Apple's 4th quarter announcement of sales forecasts an increase of ten billion in sales in 1st quarter of their fiscal year, which ends December 31, 2014. My recollection may be faulty, but I think that is more than one in four US citizens. As those in prison, US residents living abroad, and active duty military are included in population numbers, this is quite likely to affect some of our patrons.

This will be the most significant improvement and advance in credit card payments since the mag stripe. It totally eliminates the possibility of theft of card information from the merchant, eliminates the need for PCI compliance training, quizzes, and charges; as well as reassuring our customer that their credit card information is secure.

There is no need for anyone to invest in new equipment. Many terminals are already compliant, and the upgrade to compliance is free for 99.3 merchants, according to industry sources. 

But again, most of the latest phones, etc are sold to people under age 25. Google the images of the lines waiting to purchase the new phones. How many people do you see who are older than 25?

Older people who have phones and tablets will keep them much longer as they are happy with what they have. As an example, my cell phone was 7 years old before I replaced it with a $50 smart phone from ATT so I could use the Square. And I have no intention of replacing it anytime soon. Heck, we didn't get cell service here in my town until about 5 years ago. And they just ran cable TV past my house only 3 years ago.

Now the techies may think this is the future, but your average middle aged art fair customer won't be doing this anytime soon. Especially those who aren't in the urban areas. I do a lot of shows, and at every one, when I use the Square, some customers don't know what it is, let alone sign my phone.

Sounds like the same technology that was around years ago at the gas stations. I had a small keyring device that had a chip in at and I just needed to hold it near the gas pump to pay for the gas without having to take out my credit card.

I would imagine that apple has improved it considerably and made it more secure. It will be interesting to see if this new device in the apple phone will work when it is held near the square reader. If it catches on I would think most phone manufacturers will make it available in their phones.

I have had the same Samsung phone for years and the primary reason I got it was to have a phone that I could use the square with. I Now use an ipad to take credit cards and no longer use the phone for this purpose...I just spoke to the  cell phone a few days ago and  I am getting ready to change the service on the phone to just a talk only plan...I have never used it to send emails, texts, view websites, google or anything else it might be capable of doing that I am not even aware about. I never even had a pager years ago when everyone else thought it was the new and cool thing to have.

I am not sure why this discussion has taken this direction. Here are the major points about Apple Pay:

  • It costs nothing for a you as a merchant to upgrade your customer facing terminal to accept AP
  • It removes the possibility of a security breach of a merchant's terminal exposing customer data
  • We carry a rider on our business insurance to cover us in case of a hack, which can perhaps soon be dropped or reduced
  • It eliminates PCI concerns and the accompanying hassles and costs
  • It appeals to a younger patron segment, whom we all know are our future collectors
  • It has enjoyed unprecedented adoption, with now more than 600 banks implementing it in just the first 10 days.
  • I am reminded of this quote: Erik Brynjolfsson, author of The Second Machine Age, who was recently quoted in the McKinsey Quarterly saying “…the greatest failing of the human mind is the inability to understand the exponential function.” 

(We will have a sign up in our booth : We accept Apple Pay)

Technology is moving forward at lightning speed, and we can thank the free market for this. When I was younger, AT&T owned just about every phone in the country. We didn't own our family phone, AT&T let us use it. Today there are 330 million cell phones in the USA. Many used by children under 5.

But with technology advancing so fast, will Apple Pay be obsolete in 5 years, replaced by something better from Samsung?

All I can say is when Apple Pay works with the Square and my $50 ATT Go Phone, let me know.

I agree...technology is like a game of leap-frog...One day there is one company has the latest and "got to have" new devices and then very shortly afterwards they are passed by another company that has the newest latest and greatest advances...and that cycle just keeps continuing.

One thing is for sure is that hackers and crooks always seem to and will always be around to find ways to get past every so called "100% secure" systems that are developed.

We used to say when I was in manufacturing that no system can be made fool proof, because fools are so ingenious! But Apple has removed one of the major leaks in the dike, and that is the theft of customer card information from the merchant. The merchant never has the data, so it cannot be stolen from them.

Indeed, the Director of the FBI held a press conference just last week, claiming that the new Apple encryption systems were a threat to National Security because the NSA cryptographers cannot find a way to hack them.

The FBI claims that apple encryption is a threat to National Security?

If Apple Pay is obsolete in 5 years, what's your downside? It cost you nothing, cut your exposure to fraud, and made your work more appealing to a demographic we will all have to depend on to survive. You may count on Apple Pay working on Square, they have everyone in the company working on it now 24/7

Will this work with any brand phone or only with the new apple iPhone 6 and ipad 6?

As far as costing nothing..It will cost if people have to go out and buy a new iPhone or ipad 6 to have this feature unless it can be made to work with the many other existing phones.

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