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Apple has a high-profile name and knack for revolutionizing the markets in which it operates. But consumer confusion over a myriad of mobile payment options and technologies may be a stumbling block for Apple Pay.
September 26 -
Apple Pay's impact will be mitigated by the limited availability of near-field communication terminals and by consumer concerns about the safety of NFC technology.
September 23 -
The mobile wallet finally has some real momentum. Will the biggest banks use the opportunity to take business from their smaller peers?
September 17 -
Apple's desire to maintain tight control of the payment experience is likely to wind up pushing banks away from iPhones and toward Android and host card emulation technology.
September 12
Capital One's new Capital One Wallet is a cardholder app for Apple's devices that uses an Android-like pattern-recognition feature for authentication.
The card issuer launched the app on iOS in September and plans an Android version "soon," according to the bank's website. Capital One did not immediately return a request for comment.
The app will give consumers information on Apple Pay transactions, according to a report on TechCrunch. The app also shows balances, rewards and contact info for businesses.
Capital One Wallet can be unlocked through SureSwipe, which mimics the pattern-tracing login method used on Android phones. This method is designed to avoid requiring users to key in their information.
To use SureSwipe, consumers establish their patterns with the institution, and pre-existing patterns used to access Capital One's primary mobile app will work with Capital One Wallet.
It's a departure from the security used for most apps, such as PINs or Apple's Touch ID fingerprint scanner. Touch ID is one of many security measures Apple is deploying to protect payments, including tokens, dynamic data and the phone's secure element.