SmartMetric Inc (SMME)

[PoorP-S]

How Naive !!??

allegedly its "Good for Apple. Its their technology."
I guess you meant to say "It's its technology".

Yes we do know about NFC and generally we don't like it because it's not so secure. It may be sexy to tap'n'go for people who think their own time is too relevant to take a few extra seconds to confirm their own money is safe. Apple itself has indicated in a tone of recent articles that there are entities around the finance world that wish to control it (yes - the technology and Apple) to the point where the technology cannot secure your hard-earned money. I assume you know what I mean as you've also earned your money by hard effort, not through sitting at home and trying to crash companies you don't like through the use of social media...

Anyway, here is another article from open-source media that comments on the problem. It clearly recognises there are significant problems with securing this technology. It would be so easy for the big companies to do what they want and let us all carry the risk further downstream.
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Apple Says Some Banks Can't Use Apple Pay Technology
You can't touch it!!

Apple doesn’t want to share its Apple Pay wireless payment technology with certain banks.

Four Australian banks had approached the company in July with the hope of gaining access to the NFC chips that are a part of all iPhones and enable users to wirelessly pay for things via Apple Pay.

But Apple AAPL -0.06% is arguing that if the four banks—the Commonwealth Bank of Australia, National Australia Bank, Westpac, and Bendigo and Adelaide Bank—use the NFC chips independently of Apple Pay, it would compromise the phones’ security.

“Providing simple access to the NFC antenna by banking applications would fundamentally diminish the high level of security Apple aims to have on our devices,” the company said in a submission to the Australian Competition and Consumer Commission (ACCC).

If the banks’ apps were to use iPhones’ wireless payment system, they would get a cut of the fees that Apple charges when consumers use Apple Pay. Apple’s response comes after the banks worked with the ACCC to negotiate with the company collectively, forming what Apple called a “cartel.”

In its response, Apple said the main motive of the four banks to use the iPhone’s technology is to preserve their credit card businesses. Australian credit card interest rates are usually around 20%, The Register reports, despite home lending rates currently being below 5%.

Fortune reached out the banks and will update the story if they respond.