Apple Pay (Wallet)


#1

I figure that there is probably a few questions that everyone has about this, so I thought I would get the ball rolling.

What I am very curious about, is that when I use my debit card with paypass, the transaction is a ‘credit card’ transaction and takes several days (sometimes even a week) before the amounts are actually taken from my account, which is very frustrating as I am not the best at budgeting. What I am wondering, more specifically, is that, will Apple Pay actually take the money out of your account immediately, the same as what a payment does when you use your card, or will it act like a ‘credit card’ payment and not come out straight away and instead take several days to process?

I am not sure if Apple have actually shed light on that, but if anyone knows i would appreciate it


Wednesday Morning News
#2

It’ll work exactly like pay pass does for your card. Essentially your phone is making a copy of your credit inside the little secure chip (even though it doesn’t actually store the card number according to the keynote). Then you swipe your phone in front of a pay pass enabled machine just like your card.


#3

that would be a big dissapointment, I prefer to not use paypass because of the big delay of transactions, makes it a lot harder to keep track of your account balance.


#4

I only have a single card (Mastercard) which is linked to all my accounts. I select Savings or Credit if I have to insert it and it debits the appropriate account.

The chip is setup for the credit card so that’s where all my Paypay transactions end up and I have to say they are instant. Sure they show as “pending” for a period of time but the available credit drops and the transaction shows on net banking. Is it different for transactions from a cash account?

Being with CBA I’m hopefully they will get on top of the technology sooner rather than later. They tend to be pretty quick in getting stuff out there.


#5

I think this is largely a function of your bank, transactions made using PayPass are reflected near-instantly with CommBank.


#6

I just use my ‘complete access’ account which, I thought that paypass comes out of there by default, I’m with CBA


#7

Paypass/Paywave works on the Visa/Mastercard network not the EFTPOS network, so debit cards can take a few days to be reflected on your online banking, depending on your bank and the bank the store uses to process the card. Having said that your available balance should update instantly even if the transaction doesn’t appear on your online banking for a couple of days, and some banks use a filler until the details have been received from Visa/Mastercard such as “Transaction details available next business day”

Not sure how Apple Pay will work exactly, but this is interesting: http://usa.visa.com/clients-partners/technology-and-innovation/visa-token-service/index.jsp

Rather than transmit your card details to the retailer’s machine it transmits a token so it can’t be intercepted and reused. Annoyingly as Americans are all excited about this and it’s all being presented as “new” it’s hard to work out quite how the Apple Pay system differs from the Paypass/Paywave we’ve had here and in Europe for ages.


#8

that is strange, my available balance is the one that changes several days (possibly a week) after i use paypass, I was once struck by it when I paid $80 for my fuel at the petrol station by paypass, and it didnt affect my available balance until several days after


#9

That’s weird, especially for a debit card. The bank should have your available balance immediately but maybe they’re not updating it on online banking. Better than the old days of carbon paper though…


#10

[quote=“Dan, post:8, topic:387, full:true”]I was once struck by it when I paid $80 for my fuel at the petrol station by paypass, and it didnt affect my available balance until several days after
[/quote]

Caltex seems to be the worst for this, not sure how their PoS system works (I should, I work for a bank) but I’ve seen it take 7 days before a cent has left my debit account and yet I’ve gone down the road and used another CBA PoS system and it’s taken from my available funds almost immediately.

As for Pay I’m keen to see from a back-end perspective the amount of work required to implement it especially if it uses some unique ‘card number’ each time but not working for one of the big 4 I’d imagine it’ll be a while before we see any communication with Apple.


#11

My optimistic hope was that the transactions would be treated like a regular transaction, instant, I guess I’ll have to wait and see, I’d hate for it to have that delay otherwise I’ll just have to go without


#12

Dan, I’ve heard of people saying similar things about paypass before. Friends choosing not to use it because of the delay. But as most here have stated the available balance should essentially be instant. Might not hurt to question it with your bank to see if they can come up with a solution for you. Might be handy for both paypass now and apple pay in the future…


#13

I might give commonwealth a call, it really would be a shame if I was put off using Apple Pay because of it


#14

Alas, the same with BankWest! Instant views of what happens, mind you, it shows up as “Authorisation Only” though - still better than ANZ who took 12 days on most transactions on my old account…


#15

So will Apple Pay be like a separate service like PayPass Or Pay Wave? So you’ll have all these options when you go to pay for something? I just can’t see small retailers adopting yet another standard that is specific only to Apple devices. I mean I hope they do.

I’m not sure I’ve really got my head around how this whole thing will work and if it’ll take off - which will depend on how it is implemented.


#16

Unlikely. Apple’s presentation and suggested Apple Pay would be compatible with existing PayPass/PayWave units.

So instead of taking out your MasterCard/Visa to pay for something using PayPass/PayWave, you’ll be able to do the same thing with Apple Pay.

At least, that’s the general idea.


#17

Yes I think that’s right. From the user’s perspective it will work in the same way as PayWave etc although you might have to approve it on the phone with touchid.

I don’t think the retailers will have to do anything differently as the payment will be processed through their bank as normal and be subject to their bank’s fees.

The new bit will be any cut Apple can negotiate with Visa/MC/Amex and the card issuers.


#18

Does the app need to be open to pay or will it work in the sense that you hold the iPhone near the payWave thingo and then the iPhone will recognise this and prompt you to authorise?

If it has to be opened first then it’s probably going to take longer than getting a card out and using PayWave but then I guess the whole idea is to eventually get rid of the wallet.


#19

You won’t need to open any app, you hold the phone near the NFC scanner. There’s a few videos demonstrating it as well as Apples demonstration in the keynote which will explain it better


#20

So, this topic is over 433 days old and we are still waiting for Apple Pay.

Yes, I know Apple Pay is technically here, but not practical for us ‘commoners’ who do not use AMEX credit cards and instead have normal bank accounts.

The rumours are that the Australian banks are trying to freeze Apple Pay out, some have even called it ‘anti-competitive behaviour’.

i don’t care too much which bank brings us Apple Pay, as long as its a normal bank. I have been with my bank for years, but if they refuse to use Apple Pay and another bank jumps on board, i will jump ship.