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Aren't they both digital abstractions over NFC payments (e.g. PayPass)?

I have a feeling on the terminal side, it looks just like like a plastic card with PayPass.

It sounds like they both definitely work with your standard contactless card reader. My worry is that Apple will have an Apple only reader as well. I'm not saying that I think they will, but I wouldn't be surprised, either.

From the demo video, it looks like a "standard" reader that I've seen in use today.

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