krycor
Honorary Master
- Joined
- Aug 4, 2005
- Messages
- 17,121
Here is a great article explaining the complexities behind Apple Pay and how it works.
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How Apple Pay works under the hood?
What happens behind the scenes when you add your credit card to Apple Pay, and when you pay using Apple Pay through your iPhone…codeburst.io
Cool.. TSP(Token Service Provider) I’ve not seen that before so this will likely be a new SA entity that needs to be set up or international setting up local presence.
Actually I see MasterCard & Visa has done exactly that though.. so I guess banks would use that. Interesting.. I wonder if PASA would standardize card tokens across the payment network as this article suggests possible.
Honestly it’s not complicated.. just some workflows to work and integrate into payment system (plus usual encryption stuff) and likely an off shelf plugin product to purchase or diy choice for issuer banks.
I disagree with the whole tech is the hold up thing.. it’s cost. Apple doesn’t exactly do so for free and I guess for someone like FNB who have FNB Pay(sorry Apple people incl me) they likely just waiting till another offer it and it draws people. Otherwise why encourage their customers to use channels that cost them % on a all you can eat package etc where existing methods are more profitable.
The Aussie bank story was exactly that.. similar with other regions. Cost of transaction originated from iPhone vs existing methods which only resolved when costs were negotiated to be more inline with their expectation the. Just what Apple wanted.