1. Let’s see you try it.
2. It’s still a lot harder than copying a 19 digit number.
Let us know when someone breaches Apple Pay.
Actually a nineteen digit number security system is pretty robust. What has evolved around it is a sort of fire alarm and fire sprinkler system. When a breach happens the system springs into action to minimize the severity of the damage. And the losses are minimized and written off.
What Apple is touting is a new system they say ‘prevents’ security breaches. And it does not. In fact it inadvertently assists hackers once they break in by keeping the break-in hidden and difficult to detect.
So the networks will ask why should they invest in this new local token scheme security when in fact it is so easily defeated. The risk-reward is not worth replacing the current system which works well enough as-is for the network operators, banks and card providers to make nice profits.
Sorry but I think Apple is hyping its Apple Pay to an image of invincibility and exclusive must-have, and they will fail badly in the next 2 years with it. I have been involved in R&D for more than 30 years and have served a principal investigator advisor to Venture Capital Firms, Hedge Firms and Academic Advisory Boards for hundreds and hundreds of startups and incubators.
I have a simple slide that I think over time has become an observation that should be in every person’s thought inventory. And that is for every 1000 inventions proposed, possibly only 1 or 2 will find commercial success. It is a profound observation because many of the scientists and engineers behind innovations that fail are the cream of the crop and their ideas and inventions are astounding until they are injected into commerce and then they fail miserably. I have example after example, hundreds of examples of ‘sure things’ that went wrong.