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iOS 12.3 code hints at support for more forms of mass transit
Apple's plans to expand support for mass transit now appear likely to hinge around its next big iOS 12 update. Tap Down Under has found code within iOS 12.3 that hints at support for EMV payment cards (think credit cards like AmEx, Mastercard and Visa) within Apple Pay Express Transit, letting you pay for public transportation fares in New York and other areas where EMV is an option. You could set a preferred card for transportation if you don't want to use your usual card for subway rides.
Square sellers no longer need signatures for card payments
Square Cash is continuing its crusade to make the business of parting with your hard-earned money a little less painful. It's just announced that it's cut down EMV transaction time on Square Reader for contactless and chip even further, to just two seconds, compared to the average eight to 13 seconds. The process uses a new "dip transaction flow" that prioritizes the parts of a transaction that are critical to security, which means less time standing in line, waiting for your card info to churn through to the issuer.
Visa will make signatures optional for chipped credit cards
It's been about a month since American Express and Mastercard decided to stop requiring signatures for EMV chip credit cards. Now Visa is joining their ranks, making signatures optional for chipped transactions in North America.
Mastercard aims to speed up your chip-and-PIN payments
Chip cards are ultimately faster than paying with a magnetic stripe and a signature (or worse, a check), but they're sometimes slow -- and it's bad enough that Mastercard wants to do something. The company is partnering with Verifone and Global Payments to build its speedy M/Chip Fast technology into EMV card reading systems destined for the US. The focus is on fast food, grocery stores, mass transit and anywhere else that waiting even a few seconds might cause frustration (especially for the people behind you).
Square is speeding up EMV chip card transactions
Anyone who has encountered a "NO CHIP, PLEASE SWIPE" sign while trying to pay via credit or debit card has probably noticed the switch from magnetic stripes to EMV chips hasn't been the smoothest. According to one study cited by the New York Times, it takes an average of eight to 12 seconds just to complete a transaction. While folks outside the country might scoff at American impatience, Square went ahead and did something about it: driving down checkout times with its latest update to the Square contactless and chip reader.
Those chip and PIN cards aren't as secure as we thought
Chip and PIN cards and readers are finally rolling out in the United States. Unlike traditional magnetic cards, which use static information to make a transaction, these pieces of plastic create a new key with each purchase, based on a standard by Europay, MasterCard and Visa. That should make purchases or withdrawals more secure, since the information is only valid for 60 seconds. As it turns out, according to Rapid7 security firm researcher Weston Hecker, a lot can happen in that minute.
Disney World starts accepting Apple Pay and Google Wallet this week
Making a trip to Walt Disney World during the holidays? You might not avoid the long queues or endless parking lots, but you won't always have to pull out your wallet. As promised back in September, the Orlando area theme park will start accepting mobile payments on December 24th. The launch will let you use Apple Pay, Google Wallet and tap-to-pay credit cards to buy tickets, shop at stores and order from both bars and fast service restaurants. There are a few gaps. The system doesn't yet work at places that need a portable payment terminal, so you'll still have to break out the cash or plastic at a table service restaurant. You'll also have to wait until 2015 to get similar treatment at Disneyland in California. But hey, it's a start -- and it may save you a few headaches the next time you're jonesing to take a ride at Space Mountain. [Image credit: Kent Philips]
Poynt's smart store terminal lets you pay any way you like
One of the many reasons you don't see widespread support for mobile payment tech like Apple Pay or Google Wallet is the hardware investment needed to make it all work. Why should a store spend thousands of dollars on machines that miss out on some features, or will be obsolete in a few years? That's what Poynt wants to fix with its new smart terminal. The Android-powered device takes just about every form of payment imaginable, including NFC transactions from your phone, chip-and-pin cards, QR codes and old-fashioned magnetic stripe cards. You can even add a cash drawer through USB. The countertop machine also has Bluetooth beacon support for in-store offers, and its app platform lets stores adapt to new services by either downloading apps or writing their own.
New White House efforts help secure your payments
American banks and stores may already be planning to tighten your payment security, but the White House wants to give those efforts a boost. President Obama has signed an Executive Order that will require the federal government to both issue more secure chip-and-PIN (aka EMV) payment cards and upgrade terminals to match. This isn't just for protecting day-to-day staff expenses -- it also means that pensions, Social Security and veteran payments (all of which tend to go through official debit cards) should be safer. There should also be fewer risks when you're buying from federal locations like national parks and the passport office.
Square's new chip card reader will make your payments more secure
There's a good reason you don't usually see Square readers outside of the US: they're built to read payment cards with magnetic stripes, not the more secure chip-and-PIN cards that are common everywhere else. All that's set to change, however. Square has revealed plans for a reader that accepts the chip-based EMV format alongside stripes, letting shops handle credit and debit cards from around the world (and the US, once it catches up). The company will only start taking pre-orders for the payment device later this year, but it could be worthwhile for stores and customers alike. Besides the greater availability, it's much harder to clone a chip card -- you shouldn't have to worry about an unscrupulous clerk (or a clever hacker) stealing your credit card and going on a shopping spree.
Leaf unveils next-gen LeafPresenter Android POS tablet for taking payments
You're at a coffee shop or restaurant and it's time to pay for your sustenance. After reaching for your wallet, you're presented with... an Android tablet? This particular scenario is taking place more and more often as small businesses are taking their point-of-sale systems mobile, and Leaf is one of the big contenders battling for market share in this industry. Its signature product, known as the LeafPresenter, is an Android-based tablet with a funky lip on the top right that allows for mag-stripe credit card transactions. While the first-gen version of the device has been out for some time, Leaf is ready to branch out later this summer with a new model that offers more functionality. In addition to a newer forked version of Android (Leaf OS), the upcoming LeafPresenter throws in NFC, EMV and gift card support, as well as a 2MP front-facing camera, 1,280x800 display and better battery. Last but not least, the new device also includes support for a Leaf-branded third-party app store geared toward small business usage. While there's no specific cost to the tablet itself, business owners will need to fork over $50 per month for the opportunity to use it. Check the press release after the break for more.
MasterCard opens EMV tech to US debit networks, hopes to spur adoption (update)
After almost sixteen years of trying to encourage EMV adoption in the US, MasterCard has hit upon a potential reason why it's not catching on: its closed, proprietary standard. But that's changing today, with the financial giant announcing it's making some of its circuit card tech open to other US debit networks instead of waiting on them to come up with their own solution. An alternative to magnetic strips, EMV claims to provide more secure payments thanks to the use of cryptographic algorithms and user-specific PINs, but hasn't captured much interest stateside. Perhaps in opening the standard, MasterCard and crew will spur its US adoption and thus garner more EMV followers. Of course, it has to catch on before NFC replaces cards entirely, rendering the issue moot. (Update: We erroneously stated EMV isn't popular outside of Europe and Asia -- it's actually prevalent in other parts of the world as well, just not in the US.)
MasterCard reveals roadmap for our electronic payment future: EMV in, magnetic strips out
It's been over fifteen years since MasterCard, Visa and Europay developed EMV technology to make your credit cards more secure, but it has yet to really catch on here in the US. However, MasterCard has created a master plan to help usher in the EMV era and sound the death knell for the magnetic strip. Why? The EMV infrastructure is far more fraud-resistant because each transaction is authenticated dynamically using cryptographic algorithms and a user-specific PIN. That's why MasterCard plans to help build out the EMV POS infrastructure by April of next year and have its secure e-payment system functioning at ATMs, online and with its myriad mobile payment options as well. For now, the nuts and bolts of how the credit card firm plans to bring its plan to fruition are few, but more details will be forthcoming, and there's a bit more info at the source and PR below.
Cambridge University finds credit card security flaw, uses the money for beer pong supplies (video)
Oh, those crazy kids at Cambridge University -- when not doing keg stands or playing Hacky Sack in the quad they're hard at work proving the vulnerability of the EMV verification used in credit and debit cards (or as it's called across the pond, Chip and PIN). We won't go into too much detail (because we don't have much detail) but a flaw has been discovered that allows one to convince the terminal that a card's PIN has been entered -- and you know what that means: free money! All you really need to pull it off is a fake smart card connected to a card reader containing the stolen card and some fancy software. (Place the contraption inside a hat box or bowling ball bag if you want to be slick.) What could be simpler than that? "We think this is one of the biggest flaws that we've uncovered - that has ever been uncovered - against payment systems, and I've been in this business for 25 years," said Professor Ross Anderson from the school's Computer Laboratory. Sure, this is a proof-of-concept thing, and not yet a clear and present danger, but we have faith that the hackers will see this one through. Maybe we weren't crazy to bury all that gold in the backyard after all! British TV news (with the appropriate dramatic music) after the break.
