In reply to ShamusR.

For both points Apple should be able to do it since they have full control over th phone hardware. As I have had some other comments on the story, the signature value may not that great if the PAN, expiry and CVV2 are captured, but I had put it into the mix ... I do not see the reason why Apple could not capture it (Square does it all the time when cards are swiped for mPOS payments) and provide it as an image as part of the enrolment protocol.

iPhone 6/6+ uses standard NFC chip, which should enable more modes of operation than just 'card emulation' mode. On Android they use the same NFC chips and it is definitely possible to turn the phone into the NFC contactless reader. on iOS Apple forbids external access to the phone internal NFC hardware, but they could have done it thru the OS itself, since they have full control.

Plus there are other 2 potential integration points
- importing card data from existing digital wallets (MasterPass, V.me/Visa Checkout, etc) and rely on them to properly confirm cardholder identity
- if card is enabled for 3D Secure use that and rely on card issuer 3D secure service provider to confirm cardholder identity

Hope this clarifies what I had in mind.