Banks exploring their own solutions to compete with Apple Pay

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

Chuong H Nguyen