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Apple Making Play in Financial Transaction World
Wednesday, October 9, 2013 6:55 AM

The original iPhone revolutionized consumer technology and breathed life into the market for mobile payments, but the newest iPhone's most futuristic feature may signal a growing problem for banks and card networks. The fingerprint reader built into the iPhone 5s raises the stakes in a way that should concern the banks and card networks.

"Why would Apple develop fingerprint biometrics on an iPhone?" asks Don Thibeau, chairman at Open Identity Exchange and OpenID Foundation. "They want to elevate trust on their closed system."

Such moves by Apple are "increasingly independent of financial institutions," he adds. The fingerprint reader on the iPhone 5s isn't accessible to banks or other app developers.

 

(Source: Payments Source, Oct. 7, 2013)