Bill Gates loves NFC payments - Gives Apple Pay as an example

[Builder]

http://www.cnet.com/news/bill-gates-apple-pay-is-fantastic/

 

 

 

"Apple Pay is a great example of how a cell phone that identifies its user in a pretty strong way lets you make a transaction that should be very, very inexpensive," he said.

 

He explained: "So the fact that in any application I can buy something, that's fantastic. The fact I don't need a physical card anymore, I just do that transaction and you're going to be quite sure about who it is on the other end, that is a real contribution."

 

So apparently Bill Gates who famously would give his kids the Microsoft equivalents of the Apple products they asked for for Christmas thinks Apple Pay is an extremely valuable contribution to the industry. 

 

Certainly interesting given that he was their fiercest competitor for such a long time.

[Guest]

Well it is another thing for MIcrosoft to rip off from Apple. So why wouldn't he.

[Rorgash]

has existed for some time now, actually have a similar thing in a few stores around here, i just place my phone on a surface and pay 

[LemonSpice]

http://www.cnet.com/news/bill-gates-apple-pay-is-fantastic/

 

 

 

 

So apparently Bill Gates who famously would give his kids the Microsoft equivalents of the Apple products they asked for for Christmas thinks Apple Pay is an extremely valuable contribution to the industry. 

 

Certainly interesting given that he was their fiercest competitor for such a long time.

yea obvously it is called respect of which microsoft has foe apple and vice versa bill gates and steve jobs were even friends

[rockking1379]

while its nothing new, its just NFC transactions, it is something that will bring it more mainstream. apple hipsters or whatever you wanna call them will begin to adopt it and it will get much bigger

[Nineshadow]

It's not like we haven't had NFC for years...nobody cared because nobody had the amount of adveritising needed for such a move to be pulled of. 

[geforceftw]

I see the apple pay at the atm for my bank and all i can think is this could of been done 2 years ago. Android phones have had NFC for a WHILE.

[mr moose]

So what separates apple pay from the existing one?  I've seen people paying with their Samsung phones here in Aus for a while now. It seems to work o.k.

[APrettyCoolWalrus]

I love that Builder posted this

(not hating just pointing something out)

[Builder]

So what separates apple pay from the existing one?  I've seen people paying with their Samsung phones here in Aus for a while now. It seems to work o.k.

Mainly the security features outlined in this whitepaper: https://members.nfcworld.com/812/apple-pay-know/

[Sonefiler]

Hasn't Google Wallet existed for years now?

[Victorious Secret]

So what separates apple pay from the existing one?  I've seen people paying with their Samsung phones here in Aus for a while now. It seems to work o.k.

 

Security. 

 

Google exists to take information and use it and sell it. Thats a large red flag for banks. Its not a slam against Google, its just their MO. Google wants data, they like selling and buying data, their power comes from having that data.

 

Apple Pay exists to encrypt everything about the transaction, and not collecting the information about that transaction. A far more secure approach. Banks love this, hence why Apple was able to get to so many partners to sign on off the bat. Apple doesn't care about getting your data, they care about getting as many of their devices out there as humanely possible. 

 

It isn't just NFC, its the implementation of it and the backend that IMHO makes Apple Pay worth having and backing. Like TouchID, they'll open it up to others eventually, once they've figured it out on their end and are satisfied with how secure it can be. 

 

[LAwLz]

Maybe this is just me, but I don't really see him praising apple Pay as much as he is praising NFC payment.
The reporter specifically asked him:

Bill, a lot of people say Apple Pay is going to transform the financial services industry.

What do you think and he responded with:

Well Apple Pay is a great example of how a cellphone that identifies its user in a strong way, lets you make a transaction that should be very very inexpensive. So the fact that in any application I can buy something. That's fantastic. The fact that I don't need a physical card anymore. I just do that transaction, and you're going to be quite sure about who it is on the other end. That is the real contribution. And all the platforms whether it's Apple's or Google's or Microsoft's, you will see this payment capability get built in. That's built on [the] industry standards protocol NFC and you know all these companies have participated in those going. Apple will help make sure it gets to critical mass for all the devices.

 

So it's not like he is praising Apple directly as Builder would like you to think. He is just saying that NFC payments are good, all players will have it and Apple plays an important role in bringing it to the masses (to drive adoption rate). If the reported had asked him the same question about Google Wallet you would have gotten the same reply.

[Builder]

Hasn't Google Wallet existed for years now?

More like floundered around in test cities for years now.

 

So it's not like he is praising Apple directly as Builder would like you to think. He is just saying that NFC payments are good, all players will have it and Apple plays an important role in bringing it to the masses (to drive adoption rate). If the reported had asked him the same question about Google Wallet you would have gotten the same reply.

He's praising it because he thinks it will popularize NFC payment and because it's well implemented, he specifically mentions key features of the implementation in his reply. Popularity is the most important factor at this point anyways.

[ZeroBreaker]

The only concern anyone could possibly have at this stage is the 'secure chip' promised by apple, and how that will play when NFC is opened up.

 

There were plenty of stores accepting NFC payments before it, and now even more are on board. Platform agnostic by nature (to allow NFC smart cards, the original shiz) so it's great for all involved.

 

It's less a 'love apple pay' and more a 'love that apple is promoting something mostly platform agnostic'. It should really help this technology move forward.

[Swndlr]

bill, get your stuff together, it aint gonna be as good on microsoft anyway bro.

[mr moose]

Security. 

 

Google exists to take information and use it and sell it. Thats a large red flag for banks. Its not a slam against Google, its just their MO. Google wants data, they like selling and buying data, their power comes from having that data.

 

Apple Pay exists to encrypt everything about the transaction, and not collecting the information about that transaction. A far more secure approach. Banks love this, hence why Apple was able to get to so many partners to sign on off the bat. Apple doesn't care about getting your data, they care about getting as many of their devices out there as humanely possible. 

 

It isn't just NFC, its the implementation of it and the backend that IMHO makes Apple Pay worth having and backing. Like TouchID, they'll open it up to others eventually, once they've figured it out on their end and are satisfied with how secure it can be. 

 

 

But our four largest banks have already enabled it, so it can't be that insecure in their minds. Commonwealth and Westpac banks (very large) have been using NFC on android for POS payment since January at least.

[BallGum]

I think this is being misconstrued massively. His response starts with "well, apple pay is a great *example* of that", which does suggest that he is talking generally of NFC payments rather than Apple Pay specifically.

A more accurate title would be Bill Gates loves NFC Payments.

[Sonefiler]

More like floundered around in test cities for years now.

Not really, my dad uses it all the time.

[Victorious Secret]

I think this is being misconstrued massively. His response starts with "well, apple pay is a great *example* of that", which does suggest that he is talking generally of NFC payments rather than Apple Pay specifically.

A more accurate title would be Bill Gates loves NFC Payments.

 

And I'm still waiting for Bill to put something comparable on Windows Phone. 

 

Its peeving that I've had NFC for so long but can't really do a whole lot with it. 

Love using contactless payments, all my cards support it, and damned that my 920 never had any proper contactless payment fun 

[Builder]

Not really, my dad uses it all the time.

One guy uses it all the time. Is that really the best you can do?

[Bsmith]

this is quite interesitng, proves that microsoft and apple where getting more on one line(mostly bill gates and steve jobs) before jobs died, good to see that microsoft didnt drop those thoughts suddenly.

[warmmilk]

I don't agree with this 

 

 

 

I just do that transaction and you're going to be quite sure about who it is on the other end

 

if a person could steel a credit card, a cell phone could be stolen just as easily... if not easier...

[LAwLz]

I don't agree with this 

 

if a person could steel a credit card, a cell phone could be stolen just as easily... if not easier...

Easily fixed. The US just need to move into the 21st century and start using PIN codes.

I don't get why Americans are so afraid of it. Even now when terminals will get replaced to support chips (the US has finally started using that instead of just the magnetic strip) they still won't implement PIN codes. Signatures are terrible. This isn't the bronze age anymore.

[Mooshi]

Industry rivals, friendly outside of business. Bill Gates is a class act.