Dynamic elements to transactions will make account data hard to steal or compromise, thus making merchant systems safer and more secure.

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And, just like other search engines, FatLens does not include extraneous capabilities such as merchant grading systems, user reviews or feature comparisons.

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He added that Visa's practices of not allowing use of rival currency conversion systems at merchant outlets also meant that retailers were denied opportunity to share the revenue arising from such transactions.

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Under terms set by the card systems the merchant can refuse to accept any or all varieties of plastic, but if it takes a card it can't make the user pay the card fee.

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Rather than waiting for the numerous mobile payment systems from Google, Isis, the Merchant Exchange, Square, and others to get traction and see which thrives or is dies on the vine, launching such a mobile payment solution would enable Apple to bring mobile payments to the market today.

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Earlier in his career, Salem was a vice president at Security Pacific Merchant Bank, where he led projects for the development of real-time trading systems.

WHITEHOUSE: Enrique Salem