Tim Cook was one of the only Silicon Valley execs to talk at theWhite House Summit on Cybersecurity and Consumer Protection , held on Friday in Palo Alto . Mark Zuckerberg , Marissa Mayer , Larry Page , and Eric Schmidt were invited , but all refuse to look .
And President Barack Obama did Apple a solid in comeback : The White House declare thatApple Pay will soon support federal - payment cards , such as debit entry wag issued for Social Security and veterans benefits .
Why this matters : This is a vainglorious mountain for Apple . Its rollout of Apple Pay has been a success , and this is silent to an secondment from the Union politics , which is a mighty big customer . The two payment networks call for in the passel , Direct Express and GSA SmartPay , handle upwards of 87.4 million dealings per year , worth $ 26.4 billion , accord to the General Services Administration , asreported by Bloomberg .
Security is one of Apple Pay ’s selling stop . Cook remarked at the Goldman Sachs Internet Conference earlier this weekthat his own debit calling card has been breached three time already . Apple Pay let users make secure transactions with a single - use relic , without exposing the user ’s actual account number or other in person identifying details . That way , if a depot ’s database is breached , the drudge wo n’t get any information they can habituate to open new report or make new transactions .
That seclusion even extends to Apple . The company does n’t store records of where Apple Pay users shop , what they bribe , or how much they spend . “ It ’s none of my business , ” Cook state the Goldman Sachs conference .
In Cook ’s remarks at the White House cybersecurity summit on Friday , he also advert that jump in September , Apple Pay would support many transactions with the federal government , such as reserving campsites at home Park .
