Obama Administration Backs Apple Pay

obama-endorses-apple-pay

President Barack Obama has backed Apple Pay – Cupertino’s new payment system – after Apple chief Tim Cook was given a 15-minute-long ad spot at the White House on Friday.

That endorsement means that the government will accept Apple Pay transactions for citizens who have federal-payment cards and are, for example, claiming social security benefits.

The White House said in a brief note on its cybersecurity and consumer protection fact sheet:

Apple, Visa, MasterCard, Comerica Bank and U.S. Bank are committed to working together to make Apple Pay, a tokenized, encrypted service, available for users of federal payment cards, including DirectExpress and GSA SmartPay cards.

It comes after the Obama administration signed an executive order in October last year, promising to beef up consumer financial protection with the launch of the Buy Secure Initiative.

Click here to read more.

SOURCE: The Register UK, Kelly Fiveash

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