Earlier quoted context omitted.
No; this is now out-of-date. (I work at Stripe.)
"I work at Stripe" Understatement :)
Understatement I would expect given the design of https://stripe.com/about
Stripe and Apple Pay
81–90 of 100 posts
Re: Stripe and Apple Pay
#82Earlier quoted context omitted.
Apple Pay doesn't actually deal with banks or credit card processors. It's just the frontend for the actual physical payment(card swipe or nfc).
Then why does Apple Pay have to be "compatible" with visa/MC/Amex? I don't think it just stores a digital version of the credit card...
Apple charges the banks and credit card issuers a fee every time Apple Pay is used, rather than charging the company receiving the money.
Re: Stripe and Apple Pay
#83I'm not sure I understand Stripe's value proposition here. What is the benefit of using Stripe's library over using ApplePay (PassKit) directly? (Honest question)
Here's how I think about it: Apple is the user's broker and Stripe is the merchant's broker. Every time there's a transaction between the user and the merchant, they are setting up a deal between their respective brokers. As fgblanch points out, a merchant using Stripe only needs a single account with them to handle credit cards, Apple Pay, and whatever else comes along tomorrow. As Igglybook and zaidf point out, App…
In other words, Apply Pay is a digital credit card. You still need the remaining infrastructure to process credit cards, as well as be compatible with a physical credit card.
Re: Stripe and Apple Pay
#84I'm not sure I understand Stripe's value proposition here. What is the benefit of using Stripe's library over using ApplePay (PassKit) directly? (Honest question)
Apply Pay is essentially a digitized copy of your physical credit cards. You still need the remaining infrastructure to process credit cards, as well as be compatible with a physical credit card.
Re: Stripe and Apple Pay
#85Earlier quoted context omitted.
With Apple Pay, your physical credit card number is NOT stored on the iPhone 6's secure element; instead, a token is (the token is effectively an alias to your credit card number; it looks like one too - is 16 digits, etc, so will work nicely w/existing payment infrastructure). So there's additional security there. If your iPhone 6 is stolen, you can report it stolen, and the issuing Bank of your credit card will sim…
Just curious...does Google Wallet also do the same thing?
I don't know, but I do know that Google Wallet has some kind of 'ghost' credit card number - that's the one that gets sent to the terminal, then presumably Google charges my actual card in the background somewhere.
Re: Stripe and Apple Pay
#86Earlier quoted context omitted.
... That's not directly. The "interface with the payment provider" is what Stripe is and this lets you interface with Stripe.
What is the barrier in building your own interface with the payment provider? Is it red tape, or technical challenges?
Both. You have to build a pretty significant architecture which meets PCI compliance (so e.g. hardware firewalls, hosted in a data centre with sufficient physical security, etc. etc), which makes it hugely expensive, and technologically demanding. Then you have to sign a contract with a bank or banks in order to get the process going, which is the red tape part. Then you get to handle all the systems responsible for handling fraud, chargebacks, extra customer service, and so on. And then you pay higher rates because you're doing worthless volumes, even assuming that the banks will deal with you at those volumes.
Once you're done that, you've built a small-scale, inefficient, featureless, and altogether shitty version of what Stripe will offer up to anyone with an e-mail address, and it's taken you six to eight months to build. Oh and your app is out of date and all your competitors have taken your customers.
Re: Stripe and Apple Pay
#87Re: Stripe and Apple Pay
#88Earlier quoted context omitted.
What is the barrier in building your own interface with the payment provider? Is it red tape, or technical challenges?
Both. You have to build a pretty significant architecture which meets PCI compliance (so e.g. hardware firewalls, hosted in a data centre with sufficient physical security, etc. etc), which makes it hugely expensive, and technologically demanding. Then you have to sign a contract with a bank or banks in order to get the process going, which is the red tape part. Then you get to handle all the systems responsible for…
What I meant to ask was, "what did people do before Stripe came into existence"?
Re: Stripe and Apple Pay
#89Earlier quoted context omitted.
Both. You have to build a pretty significant architecture which meets PCI compliance (so e.g. hardware firewalls, hosted in a data centre with sufficient physical security, etc. etc), which makes it hugely expensive, and technologically demanding. Then you have to sign a contract with a bank or banks in order to get the process going, which is the red tape part. Then you get to handle all the systems responsible for…
What I meant to ask was, "what did people do before Stripe came into existence"?
There are dozens of payment gateways. Braintree and Authorized.net are two large ones. If you accept credit card payments you will need a payment processor. You don't want to do this yourself.
Re: Stripe and Apple Pay
#90Earlier quoted context omitted.
With Apple Pay, your physical credit card number is NOT stored on the iPhone 6's secure element; instead, a token is (the token is effectively an alias to your credit card number; it looks like one too - is 16 digits, etc, so will work nicely w/existing payment infrastructure). So there's additional security there. If your iPhone 6 is stolen, you can report it stolen, and the issuing Bank of your credit card will sim…
Just curious...does Google Wallet also do the same thing?
No, Google Wallet doesn't. When performing a tap & pay at a merchant NFC terminal using Google Wallet with your Android phone (running 4.4+), your Google Wallet Mastercard card is the card-account actually being used vis-a-vis transaction authorization. Then, later, Google will charge your card that you've configured to be your default-payment card. I do not know if Google is fully implementing Mastercard PayExpress spec, but they are implementing some of it at least. Thing is, because Google Wallet is HCE-based, and thus there's no secure element, they cannot permanently be storing the encryption keys needed to generate the cryptogram(s) and such that are part of a standard EMV transaction (Mastercard and/or the issuing banking of your Google Wallet Mastercard - Bancorp[1] would never allow permanently storing the encryption key w/out a secure element).