Home > Uncategorized > Sync your Visa, MasterCard or American Express to your iPhone

Sync your Visa, MasterCard or American Express to your iPhone

Apple’s recently awarded patent for “an electronic device that will be able to deliver real-time authorization of cardholder-not-present transactions” should be setting off alarm bells throughout financial institutions.

The patent applications reveal the world’s most successful company has mobile payments firmly in its sites – by using NFC on an iPhone that facilitates contactless and remote payments via credit cards synced on iTunes.

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How iTunes will sync cards

Financial institutes only need to look back 11 years and replace cardless payments with digital music to appreciate the enormity of what’s coming. Here is the company that reinvented computing; the music industry; the mobile phone and the tablet announcing the time is right to reinvent how society transacts.

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A commentator for Forbes.com succinctly put it: “If past is the prologue, Apple will implement electronic wallet better than existing players and Apple stock will rocket to $1000.”

Banks may look at closed-loop payment failures – the most recent of which appears to be Google Wallet – and believe time is on their side. It was a similar scenario in 2002 as music company executives bickered over a common standard for copy-protecting digital music while CD sales were heading south.

In 2003 in it’s first six days iTunes sold a million songs and within 18 months had 74% of the portable music player market.

Time is not on our side.

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  1. July 8, 2013 at 5:26 pm

    Wow that was unusual. I just wrote an very long comment but after I clicked submit my comment
    didn’t appear. Grrrr… well I’m not writing all that
    over again. Regardless, just wanted to say excellent blog!

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