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Apple Card customer agreement: use two-factor, no jailbreaking
As the debut of Apple's "new kind of credit card" draws closer, partner Goldman Sachs has published the official customer agreement (PDF) on its website. The Apple Card terms are pretty standard -- similar to some other cards, purchasing any kind of "cash equivalent" like cryptocurrency is prohibited -- but there are some specific items.
Apple Card rolls out in the US this August
The rumors of an imminent Apple Card launch were on the mark. As part of Apple's latest earnings call, CEO Tim Cook confirmed that the iPhone-centric credit card will be available in the US sometime in August. He didn't provide a specific date or other launch details, although Apple has already explained a fair amount about it -- you sign up for the card from an iPhone, and can use it either through Apple Pay or through a flashy titanium card that will be mailed to you for free within a few days.
Capital One data breach affected 100 million in the US
Just as Equifax announced a settlement for its massive data breach, Capital One has revealed that someone hacked into its systems earlier this year. According to the company, someone exploited a "configuration vulnerability" that allowed them to access and decrypt customer data affecting over 100 million people in the US, and about 6 million in Canada.
Apple’s credit card could arrive in the first half of August
In March, Apple made a fuss over its plans to introduce a credit card. But we haven't heard much about Apple Card since. Now, Bloomberg reports that the card will reportedly launch in the first half of August. The update suggests that the card is on track, as Apple initially said it would be ready this summer.
(Almost) everything you wanted to know about the Apple Card
With its latest product, Apple wants your money. But it also wants to be your personal finance coach. The company is pitching the Apple Card as a way to "help customers lead a healthier financial life," mostly through an intuitive app interface, a lack of fees and a unique new payment structure. The Card, issued in partnership with Goldman Sachs, does appear to give consumers greater control and understanding of their debt. But it's also another way to keep users stuck in the Apple walled garden -- how can you switch to Android when you owe thousands on your Apple Card?
Apple is launching a credit card
The rumors were true -- Apple is releasing its own credit card. Apple Card promises to make the most of the company's privacy, simplicity and (of course) integration with your iPhone. You can sign up for the Goldman Sachs-backed card directly from your device (it'll be useful right away), and it'll appear in an updated version of the Wallet app that can show your latest bills, transactions and spending history. Naturally, you can use Messages to ask for customer service.
Philadelphia is the first US city to ban cashless stores
Philadephia has passed a law requiring almost all businesses to accept cash payments, effectively banning cashless stores. It comes into force July 1st, and businesses which violate it face a fine of up to $2,000.
Apple will reportedly launch a credit card this year
Apple is teaming up with Goldman Sachs to launch a credit card as it looks beyond mobile payments, according to a new report. The card will be available to the masses later this year, following a trial run with Apple staffers, reports The Wall Street Journal. The tech giant is currently in the process of rolling out Apple Pay to even more countries, but the physical card would reportedly offer it a bigger slice of revenue from swipes.
Scientists dream up a credit card that no one can forge
One downside of bank cards is that, with the right equipment and know-how, they're pretty easy to clone. That's not just a problem for the people whose cash gets stolen, but also for the banks that are tasked with preventing fraud. It appears that credit card cloning may become a thing of the past if a theoretical system from the University of Twente becomes a reality. Rather than using numerical codes which, as Target, Sony and others will attest, are only as secure as the box they're stored in, this new method uses quantum physics.
Coin's Bluetooth credit card stand-in will reach 10,000 beta testers this fall
If you're one of the adventurous early adopters who pre-ordered Coin, you now finally have the chance to try it out. To recap: This Bluetooth-enabled piece of plastic acts as a stand-in for up to eight different cards, so that you only have to carry one when you're out and about. Until now, Coin has been available to beta testers, but only 1,000 of them -- a far cry from the multitudes who already placed pre-orders. (The startup sold 20,000 units alone in the first five hours its fundraising campaign was open.) Now, in an effort to fully QA the product before it hits stores, the company will expand its beta program to 10,000 people over the coming months. That means you could finally get your hands on one -- if you're willing to settle for non-final hardware.
Russia invests in homegrown tech with Visa and Mastercard out of the picture
America's sanctions against Russia have already had an impact on high-level space and satellite projects, but it's clear this is just the beginning of the growing technological separation between East and West. Ordinary Russians are starting to be affected too, especially now that Mastercard and Visa are forbidden from processing many of their credit card transactions. According to Bloomberg, the Kremlin sees the disappearance of US-based financial services as a "betrayal." It's looking to wean the country off foreign banking services, starting with a law that would allow all state employees (more than 20 million people) to be paid via a totally new, homegrown card platform.
Square Register for iOS now works even without an internet connection
Jack Dorsey's little credit card machine that could only really had one major flaw: it only worked with an internet connection. That's not an issue any more, thanks to an update to the Square Register iOS app which now lets you accept payments offline, as long as you upload them within 72 hours. You can set a limit on the value of each transaction, automatically set yo $100, since you'll lose out on any declined sales that weren't verified at the time. Still, if you trust your customers and have spotty WiFi, then it's probably worth checking out.
Daily Roundup: PlayStation 4 review, all-in-one credit card, 2014 ASUS lineup and more!
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Friday Favorite: Lemon Wallet
Back in the frosty days of February, the guys over at Distil Union sent me one of their very cool Wally iPhone 5 wallets to try out. That ended up being a fortuitous review for a few reasons. First, I found out that the back pain I had experienced for the previous year was due to having a George Costanza (i.e., thick) wallet in my right rear pocket, and second, it pointed me in the direction of Lemon Wallet (free, Plus service available for US$40/year in-app purchase). Lemon Wallet (now in version 7.1.1) has become a favorite of mine for exactly one reason -- it allows me to take a lot of things out of my physical wallet that I really don't want to lug around. What kind of things? Oh, like those frequent shopper cards that businesses like you to sign up for so that after $10,000 in purchases you can get a free can of Spam. Or membership cards for organizations that never require you to actually show the card. Even those credfit or debit cards that you never use, but keep around just in case... To enter cards of any sort, you start out by taking a picture of them. For a credit card, you're then asked to type in your cardholder name. The app uses OCR to make an attempt at filling in the card number and does a pretty good job; if it's wrong, there's a simple way to correct the information. That same OCR capability also tries to pick up the card expiration date, once again allowing for corrections if it selected the wrong date. It's then time to give the card a name like "Company Visa", enter information like the issuing bank's phone number, and then you drag a little window over the CVV number on the back of the card to highlight it. %Gallery-189955% What you end up getting in your virtual wallet is a fairly accurate representation of what your card looks like. I find this to be quite helpful when I am making an online order and don't want to dig out my wallet -- I just go into Lemon Wallet, pull up the virtual card and grab the information from it. One more feature -- any card that you create can added to Passbook with a tap. That's not a good idea for credit cards, but perfect for those membership cards you want to keep at hand. With the free account, you get an up-to-the-minute card balance for one credit card in your virtual wallet. That Plus service I talked about earlier expands that to all of your credit cards in Lemon Wallet through BillGuard. For each card, the balance shows up along with a list of "questionable" charges that you can approve or flag for review. With the Plus feature, every credit or debit card is monitored, and you'll get balance updates, notification of expiration dates, and if you lose your real wallet, you can cancel and restore all of your cards with one tap. One other feature of Lemon Wallet that I don't currently use (but should!) is its ability to let you capture receipts for expense-tracking purposes. You simply snap a photo, add some details and you get a history of all of those purchases you've made. With the Plus plan, the raw data can be exported either as a CSV file or sent to Expensify, Evernote or Box. One note: many reviewers on the App Store were complaining that Lemon Wallet previously did an OCR scan of all of your receipts as well, making it much easier to compile receipt data. Many of the negative reviews I've been seeing say that this much-desired feature was removed in the most recent version update. With all of this personal information, most readers probably wonder how good the app security is. The data is stored and encrypted on your device, then backed up to the cloud. A PIN is required to look at just about anything, and if you go for the Plus service, you'll also get App Lock for adding one more layer of password protection to the app. I've been pretty happy with the app, and it seems to get fairly good reviews on the App Store, except from people who want all of the Plus features at no cost and think it's a "rip off, man!" Anything that keeps me from having to carry a two-inch-thick wallet is OK in my book.
Paytouch lets your fingerprints make purchases, hopes to expand into Europe and America next year
The business of commerce is alive and well, and while there's far too much noise for anyone to stand on the mobile side, Paytouch is hoping to add a new wrinkle on the conventional end. The Barcelona-based outfit was on hand here at The Next Web Conference, showcasing its biometric payment terminal and setting the stage for what's to come. For those unfamiliar, the Paytouch terminal is currently being used at Ushuaïa Ibiza Beach Hotel -- users with a Paytouch account simply link their credit card to their fingerprints, and a two-finger press is all it takes to order another glass of sangria. The benefits are fairly obvious for all parties involved. For the consumer, there's no longer a need to carry a credit card that can be skimmed, lost or stolen; for the retailer, it's able to encourage impulse buying in an entirely new way; for Paytouch, there's a commission paid on each purchase.
Verizon offers another way to pick up a Square reader, make your eventual fortune
Not that there's been a lack of ways to pickup a Square credit card reader, but if you happen to find yourself in a Verizon Wireless store with a few extra bucks and the burning desire to open your own boutique business (and you're not craving coffee or a MacBook), you're in luck. As of today, VZW stores will be offering up the commerce device nationally for $9.97 a pop -- a price that comes with a $10 Square credit. Ka-ching. With $10 billion a year in payments at last count, that pricing structure seems to be working out for the company after all.
PayPal Here goes on sale at AT&T stores: like a one-stop shop for account hiccups
PayPal Here, despite all its focus on in-store transactions, hasn't really been available to buy in a US store -- that's been the domain of the seemingly ubiquitous Square reader. eBay's payment wing has at last established that retail beachhead through a deal with AT&T. About 1,800 of the carrier's stores are now carrying PayPal Here readers, and they'll keep the service's big rival from hogging the spotlight at a time when most aren't even aware that there's any competition. If you're still cynical, you can look at the AT&T move as a matter of convenience: at least this way, all your account headaches will come from one place.
Google Wallet to phase out prepaid card, cut-off date set for October 17th
Google Wallet's prepaid card concept has been plagued with its share of security concerns, and though Mountain View seems to have sorted out those issues, it's now phasing out the prepaid card program entirely. The service was intended to make up for a limited choice in debit and credit cards, and now that Google Wallet accepts any and all plastic, the prepaid option is a bit moot. The cut-off date for adding funds to a Google prepaid card is September 17th, and the prepaid option will vanish entirely on October 17th. Whereas users were previously charged $2.00 per month after 180 days without a transaction, they'll get slapped with the same fee after 30 days of no purchases. Google says you can request a refund if you have a remaining balance after the prepaid option kicks the bucket, though it's probably a good idea to just go ahead and spend those leftover dollars. [Thanks, Chris]
Square intros flat-rate payment option at $275 per month, hits small business sweet spot
Square is most often pitched as heaven for small businesses, but that 2.75 percent cut per transaction is sometimes a problem for stores that are too successful. Enter a new flat rate option. Shops that don't take more than $250,000 a year in Square payments, or charge more than $400 in a given sale, can instead pay a flat $275 per month regardless of how many swipes they take. The deal makes the most sense for businesses handling more than $120,000 a year through the reader, establishing a definite limit to its usefulness; this isn't exactly for a budding jeweler (or Starbucks). Even so, the simplicity of the rate might be very alluring for companies that aren't keen on surprise costs or working out the math, and it's a contrast to the half-steps towards flat rates taken by VeriFone and other, more traditional outlets going mobile.
Square and Starbucks make deal for cellphone payments
You could buy a lot of coffee with $25 million; that's how much money Starbucks is investing in Square as part of a deal to incorporate the mobile payments startup into its store systems. Starting in the fall, Square's Pay with Square app will be enabled for Starbucks purchases, and Starbucks will begin processing all its credit and debit card charges through Square. While the existing Starbucks payment app will still be supported, the expansion of payment options with Square and the connection to Square's Directory of merchants using the system will push rapid awareness and adoption of the credit card acceptance platform. Square founder Jack Dorsey (profiled in Wired last month by Steven Levy) posted a letter to the company's website announcing the Starbucks deal. "By embracing Square, Starbucks has validated [Square's] ideas as powerful tools-not just for small businesses, but for smart businesses," he said. Square offers its free flagship card reader for iPhone and iPad with new merchant account signups, and has expanded into the point of sale space with Square Register for iPad. The iPad POS competes with similar systems from Shopkeep, Revel and POS Lavu. Other payment vendors like VeriFone and PayPal are offering iPhone-based payment tools parallel to Square's as well. [via TechFlash]
