[Loc22]

I used to develop credit card payment solutions for Visa, Mastercard & Diners Club until a few years ago when I left the industry. Upon hearing the new craze able Apple Pay it gets me excited & thinking.

Credit card transactions are based on the ISO 8583 format & the information flow for this is pretty standard & is used worldwide so that our credit cards can be used anywhere round for world.

I heard that Apple Pay requires the bank to issue another account number which would be used to mask the credit card number so that our credit card numbers would not be compromised & misused.

I am sure that if we were to send an account number via the network to the bank to process the transaction, when the banks credit card system receives the account number it will automatically use it to match & process the payment using the assigned card number. If this card number is compromised then we are back to square one.

The other foreseeable feature that Apple has presented to counter this is the use of the finger print. This biometric information needs to be collected by the banks to do so. I believe that most banks over the last few years use biometric information to help them identify the customer. I'm not sure about other markets but where I am I believe that the biometric information is not stored by the banks but by the national registrar, banks only confirm these information for authentication purposes.

Let's say that they do collect such information for their own use. The ISO 8583 standard does have some empty fields for the collection of such information but the existing credit card systems may not be able to match every transaction with the correct biometric & approve the transaction within 5 seconds. This might slow down the processing time of transactions.

I foresee that this information is not crossed checked unless there is a fraudulent transaction. All this is true unless the ISO standard has been updated, communication lines used upgraded together with new credit card systems with much higher capacity.

If anyone has more updated information on this do share coz I've left the industry for a few years & may not have the most current information. Thanks.

Posted via CB10

[sk8er_tor]

Even with current NFC technology on BlackBerry, the credit card account number that's linked to my BlackBerry NFC payment is not the same number as on my regular credit card. When I get my monthly statement, I see two sections: one for my regular card and another section for the virtual card on my BlackBerry.

[Kwms]

I used to develop credit card payment solutions for Visa, Mastercard & Diners Club until a few years ago when I left the industry. Upon hearing the new craze able Apple Pay it gets me excited & thinking.

Credit card transactions are based on the ISO 8583 format & the information flow for this is pretty standard & is used worldwide so that our credit cards can be used anywhere round for world.

I heard that Apple Pay requires the bank to issue another account number which would be used to mask the credit card number so that our credit card numbers would not be compromised & misused.

I am sure that if we were to send an account number via the network to the bank to process the transaction, when the banks credit card system receives the account number it will automatically use it to match & process the payment using the assigned card number. If this card number is compromised then we are back to square one.

The other foreseeable feature that Apple has presented to counter this is the use of the finger print. This biometric information needs to be collected by the banks to do so. I believe that most banks over the last few years use biometric information to help them identify the customer. I'm not sure about other markets but where I am I believe that the biometric information is not stored by the banks but by the national registrar, banks only confirm these information for authentication purposes.

Let's say that they do collect such information for their own use. The ISO 8583 standard does have some empty fields for the collection of such information but the existing credit card systems may not be able to match every transaction with the correct biometric & approve the transaction within 5 seconds. This might slow down the processing time of transactions.

I foresee that this information is not crossed checked unless there is a fraudulent transaction. All this is true unless the ISO standard has been updated, communication lines used upgraded together with new credit card systems with much higher capacity.

If anyone has more updated information on this do share coz I've left the industry for a few years & may not have the most current information. Thanks.

Posted via CB10

Here's a much more plausible explanation for you, I also recommend others get familiar with it: A SIMPLE EXPLANATION OF HOW APPLE PAY WORKS (PROBABLY): IT’S ALL ABOUT TOKENIZATION

A simple explanation of how Apple Pay works (probably): It?s all about tokenization | Richard Gendal Brown