It looks like major banks are working on their own mobile payment app that would rival Apple Pay and other solutions on the market today, like Google Wallet and Softcard/ISIS. A MasterCard executive stated that banks are beginning to explore technology that would allow it to offer their own solution. MasterCard SVP for mobile and emerging payments James Anderson said: Banks all around the world are working on this right now. Banks would leverage software, rather than hardware, to increase adoption, according to PC World: The most likely way will be through a technology called host card emulation, that was introduced in Android 4.4 \ »KitKat\ » and allows software apps to emulate the secure element chip found on some bank cards and the IPHONE 6. Using software means wider compatibility with phones than if a dedicated chip was required. What do you think of a solution made by banks? Would you give it a shot? Source: PC World

Source: The IPhone Blog

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