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

[mr moose]

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.

 

Australia forced the use of pins on all credit card transactions over $100 in august.  NFC or not.

[RH00D]

@Builder you sensationalized the title and you should know better.

 

If you watch the video and listen to his statements in context, you will see that he has always been of fan of digital/NFC-like payments systems mostly because of their huge benefits to poorer countries. Bill Gates wrote about these types of payments systems as far back as 1994 in his book "The Road Ahead". The reason why he likes Apple Pay is because Apple will be able to pioneer it in a way that makes the technology hugely popular. Apple is famous for this, they take something that already exists and make it wildly popular. That's not a bad thing either, but it also doesn't mean he's riding the Apple horse.

[Builder]

@Builder you sensationalized the title and you should know better.

Honestly the words are pretty equivalent to the other titles this has been given. Would you prefer to see "Bill Gates: Apple Pay is Fantastic" or "Bill Gates Heaps Praises on Apple Pay?" Perhaps "Bill Gates: Apple Pay is a Fantastic Idea?"

 

I just tried to find a balance between those. If you don't think it's an accurate statement I'd be glad to change it.

[deathjester]

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.

 

http://www.wired.com/2009/08/dayintech_0806/

 

MS wants Apple around. Always nicer to be compared to an expensive niche, than to be compared to free (Linux). Add to that, that particular move by MS made them look better while they were going through court cases due to unfair practices. That is no longer a problem though, because MS now has so much money to lobby, the politicians are their bitch. MS gets away with murder now. Whether it be astroturfing, paying off bloggers, you name it.

 

You say MS sucks? They say "LOOK AT APPLE". It is brilliant. 

[LAwLz]

Australia forced the use of pins on all credit card transactions over $100 in august.  NFC or not.

From what I've read, the US simply don't have PINs at all.

"The majority of smartcards yet introduced in the United States are chip-and-signature credit cards (which, like all chip-based cards, also have magnetic stripes). [...] First and foremost, in countries that have made chip-and-PIN their credit card standard, chip-and-signature credit cards are useless at certain unattended automated kiosks, such as you might find in European train stations or, as one of our readers informed us (See Comments below), certain small restaurants and parking garages."

Right now the cards in the US don't even have a chip. It's purely swipe and sign. They have now started to move to chip + signature.

The argument I have heard used over and over is that banks will push all liability of fraud onto the users if they start using chip + PIN. I am not making this up... They are arguing that with more security, the banks won't be held responsible for fraud because "well it must have been you because your PIN was used!".

[ionbasa]

From what I've read, the US simply don't have PINs at all.

Right now the cards in the US don't even have a chip. It's purely swipe and sign. They have now started to move to chip + signature.

The argument I have heard used over and over is that banks will push all liability of fraud onto the users if they start using chip + PIN. I am not making this up... They are arguing that with more security, the banks won't be held responsible for fraud because "well it must have been you because your PIN was used!".

Actually you can do two different types of transactions: debit and credit. Debit requires a pin, while Credit requires a signature.

As for Chip + Pin, some banks are already pushing for it. For example, starting in December, CitiBank will be shipping me a new card which is Chip + Pin.

 

Some business or company cards have rolling pins, which require a fob to generate the key pair. My father has one of those cards, also from Citibank.

[Victorious Secret]

Actually you can do two different types of transactions: debit and credit. Debit requires a pin, while Credit requires a signature.

As for Chip + Pin, some banks are already pushing for it. For example, starting in December, CitiBank will be shipping me a new card which is Chip + Pin.

 

Some business or company cards have rolling pins, which require a fob to generate the key pair. My father has one of those cards, also from Citibank.

 

My debit card got switched to a Debit + VISA combo last year. 

 

What it means is that my debit card itself can be used for contactless VISA based purchases up to 25 bucks, so coffee runs and what not. Anything else won't go through on contactless, and requires the use of Chip + PIN. 

My MasterCard also went contactless last year, and thats entirely contactless. America is very bad at adopting this, it also has 300+ million people to push this out to. Canada has a easier job, theres 30 million of us, easier to push out cards and terminals and capture more of the user base. 

[Builder]

Yeah chip in pin needs to happen right now. Like, right now.

[LAwLz]

Yeah chip in pin needs to happen right now. Like, right now.

Right now? I'd say it should have happened like 5-10 years ago.

[Builder]

Right now? I'd say it should have happened like 5-10 years ago.

Exactly. It's too late for it to have been added then so it needs to be added now.

[Valentyn]

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.

 

Not just pins, but we have two factor on debit and credit cards that are used online. 

When I want to order something online, I go through the whole process, and then a Banking Secure page pops up asking for a specific VISA password as a second step to verify it's me ordering.

 

I'm surprised chip and pin was never adopted in the USA. I've never had to sign when using my card to buy something here in Ireland.

 

My card also has a contactless payment part in it, allows small purchases. Although I never use that, not many places have it here, let alone NFC.

[Sonefiler]

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

That means that it isn't just in a few test cities.

My city is too big to be a test subject.

[bcredeur97]

My problem with Apple Pay is people are gonna be crying about debt more often..

 

 

when its soo easy to go into debt why not do it? psh, youll pay it off.

 

then down the line they realize they spent way more than they thought and the sleepless nights start to occur...

 

 

This is why I avoid debt completely. I restrict myself to debit cards and cash only. Call me weird but it works very well. Plus i like to wave dollar bills in peoples faces whenever they dont want to do something that i want them to do.

I wont even do car payments... Ill buy the car for full value in cash and be done with it. Im a used market watcher and I DIY when i have problems so fixing things is cheap... (i also do A LOT of reasearch before i buy things, looking at common problems and possible failures. I generally know whats gonna break first when I buy something and so I leave money aside to fix it when it does happen.)

[ionbasa]

My problem with Apple Pay is people are gonna be crying about debt more often..

 

 

when its soo easy to go into debt why not do it? psh, youll pay it off.

 

then down the line they realize they spent way more than they thought and the sleepless nights start to occur...

 

 

This is why I avoid debt completely. I restrict myself to debit cards and cash only. Call me weird but it works very well. Plus i like to wave dollar bills in peoples faces whenever they dont want to do something that i want them to do.

I wont even do car payments... Ill buy the car for full value in cash and be done with it. Im a used market watcher and I DIY when i have problems so fixing things is cheap... (i also do A LOT of reasearch before i buy things, looking at common problems and possible failures. I generally know whats gonna break first when I buy something and so I leave money aside to fix it when it does happen.)

In the long run it will hurt you. My father had the same mentality. Guess what? He couldn't actually buy a home until he was in his mid 40s.

 

That being said, as a college student, I have two accounts. A normal checking + savings + debit card and a credit account. I haven't needed student loans yet, and probably won't even take one out. But it is still important to manage your credit wisely. I saw how it took a toll on my family's life growing up.

 

Of course, even though I use credit, I always keep a minimum balance in both my accounts. I've never been in financial debt, and intend to keep it that way.

 

But of course there are always those people who don't know how to manage their finances wisely. There are students at my university who think it is wise to take out a loan for a laptop, that right there is stupidity at its finest. To make it worse, my university actually provides at technology loan for students...

[bcredeur97]

-snip-

well.. I dont just keep a focus on staying out of debt.. I have another mentality to spend less than I make and I only live off of what I need to live off of. Sure its boring now, but it'll pay off in the future + im already investing. 

 

bitcoin was great! made a lot of dough for myself and got a good head start from it lol and still have a lot of the cash that I made from it!

[mr moose]

So, what I am hearing is that Australia is actually leading the way in consumer banking and payment methods?  Well to be honest I am not surprised we are a nation of technical boffins that do some amazing shit.  To bad we can't afford to make money from it all and give it away free. 

 

We have contact-less for anything up to $100 credit or debt. Pin for anything over that, you can't sign anything anymore.  And the big for have apps that use NFC in smartphones.  I looked into it apparently one of the banks has had Smartphone NFC payment methods since 2012.

[zacRupnow]

doesn't Apple Pay just allow you to easily pay from your phone? If it is than that's something Android has been able to do since 2011

[Kobz360]

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.

The US doesn't have PIN codes? Da hell

[MarvinKMooney]

does not surprise me bill gates seems like a really down to earth kinda guy and considering now that he is not in " the bestintrest of a HUGE company " he is in the best intrest for the people?

[Kobz360]

does not surprise me bill gates seems like a really down to earth kinda guy and considering now that he is not in " the bestintrest of a HUGE company " he is in the best intrest for the people?

He really is, I mean even with his charity, normally a lot of individuals start foundations due to a particular life event (usually death in family, or something of that nature which affects them personally) and I'm not saying that's bad or anything like that, but big Bill pretty much just started the B&M Foundation because he legitimately cared about extreme poverty and saw it as a great way to use his money. He's flat out a top bloke.

[Techhog]

Oh look, Apple fanboys making another claim of Apple "inventing" something that's been around for years...

[Builder]

Oh look, Apple fanboys making another claim of Apple "inventing" something that's been around for years...

WHERE?

[AlwaysFSX]

Why are people so against paying for something with cash?

 

Oh look, Apple fanboys making another claim of Apple "inventing" something that's been around for years...

The hell are you talking about?

 

The US doesn't have PIN codes? Da hell

We do actually...

[Builder]

We do actually...

They're referring to chip in pin. They don't just use magstripes and signatures in the rest of the world they have a more secure, more advanced system for it.

[AlwaysFSX]

They're referring to chip in pin. They don't just use magstripes and signatures in the rest of the world they have a more secure, more advanced system for it.

Ah.. I thought Lawlz meant a pin code.