Apple Inc. (NASDAQ:AAPL) recently released iPhone 6 and iPhone 6 Plus with an embedded mobile payment method which is getting a lot of appreciation around the world, but some experts think that this feature is not as innovative as touted in the media. In a program on CNBC, Gerhard Fasol, CEO Eurotechnology said that many Japanese smartphones have this technology already. This technology of mobile payment system is known as “Osaifu-Keitai” which means “Wallet Mobile”. He said that Japanese companies never marketed this feature outside Japan on an international scale, but Apple has an edge in this domain. He thinks that Apple Inc. (NASDAQ:AAPL) must have carried out a lot of research on Osaifu-Keitai and its success inside Japan.
“The Japanese system which is called “Osafu Keitai”, by the developer DoCoMo, one of the developer is DoCoMo, is in Japanese smartphones, for example produced by Sharp. It has been there since 10th of July 2014 in public sales […],” said Fasol.
Fasol also compared Apple Inc. (NASDAQ:AAPL)’s mobile payment system to Osaifu-Keitai technology and claimed that he doesn’t know of any case in which Osaifu-Keitai’s security was breached. He said that there are always some vulnerabilities in every system and the real question lies in how much barriers are put in between the user data and breaches.
Answering the question about similarity between Apple Inc. (NASDAQ:AAPL)’s mobile payment technology and Osaifu-Keitai, Fasol said that there is a concept known as “Tokenization” which is common between these two systems. By using Tokenization, Apple Inc. (NASDAQ:AAPL) is making sure that your secret data related to credit cards doesn’t get passed to the store where you are making the payment using the new technology. In this way, Apple Inc. (NASDAQ:AAPL) is depleting the chances of data theft which is often done by the insiders.
Carl Icahn’s Icahn Capital LP is one of the shareholders of Apple Inc. (NASDAQ:AAPL), having approximately 52 million shares in in the company.
Disclosure: None
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