multiply by the whole world.. there's tons of money to be made by apple with applepay.. #loads.. not sure why you're trying to downplay it ?
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MCX Says Merchants Doing What's Best for Customers, Being Attacked for 'Challenging the Status Quo'
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multiply by the whole world.. there's tons of money to be made by apple with applepay.. #loads.. not sure why you're trying to downplay it ?
In order for Apple to play in this space, seemingly all they had to do was ink deals with the banks and credit card companies and develop the new iPhones (which they already do every year anyway). If I could add 1.3B to my revenue stream in the first year just by signing a few deals and doing nothing else differently than I normally would, I'd do it in a heartbeat. Apple doesn't have to do any special hardware or software upgrades to existing NFC POS terminals or anything like that. It's a no brainer of a move for Apple to get their foot in the door of a huge, huge industry that's only going to get more robust as consumers seek out better security for personal information.
Because they have no agreements with banks outside the US. I wouldn't speculate as to when that might happen, given their lack of interest in bringing several of their other services overseas.
i get it, i'm a random dude on the internet..
listen to tim cook then:
Fast forward 13 years and Apple is again looking to revolutionize an industry with Jobs' successor Tim Cook revealing this week its entry into the finance sector with Apple Pay. Payments, he said in language reminiscent of Jobs' original comments, is a "huge business"
-- http://www.cnbc.com/id/102000065Look at the profit margins on the iPhone. Think about how much a single person would have to spend using Apple Pay for Apple's cut to eclipse that mark.
Apple Pay is primarily a big business if it convinces someone to buy an iPhone.
40billion/year? is that how much they make off iPhones?
they could come close to it with apple pay.. especially if they sell more phones because of it.
but anyway, besides this backNforthing.. what is your exact point? because i'm hearing you as saying apple is doing apple pay with the consumer being priority1.. if that's not what you're saying, please clarify
I have seen ONE person claim that the lower "card present" merchant fee was an additional advantage for Apple Pay. He was wrong, just as you were, and still are.
With Apple Pay, the transaction fee is exactly the same as the card swipe fee. If you would stop reflexively making the incorrect claim that a "higher" mobile payment fee is imposed on the merchant, then people will stop correcting you.
You keep making the claim with no substantiation. When pressed for it, you claim it's obvious. You're wrong, and I can't decide if you are too stubborn to admit it, or just trolling.
You are the status quo! You can't fight back at a competitor like Apple Pay, with a brand new service, and say they are the status quo.
"These rates are not only lower than so-called "card not present" fees assigned to touch-less systems, but also traditional "card present" fees."
Apple Pay actually does get preferential rates, even lower than the standard 'card present' rate.
yeah, when said that way, a single person has to spend about 60,000/year through apple pay in order for apple to surpass the amount of profit they've made off the phone with the amount they've made off apple pay. (assuming 2yr upgrade cycle)
but people are going to run their businesses through apple pay.. a GC building houses can run up more than 60k per month on building materials alone.. with larger businesses, 60k/month is nothing.. with them, apple will make way more via apple pay than they will via hardware.
but again, this is sort of a ridiculous argument.. i mean, it's pretty freaking obvious apple stands to make an assload of dough here.. if you can't see that then i don't think i'm the one who will open them.
Really, $40 billion a year from Apple Pay? Apple Pay is going to be used for $26 trillion in purchases annually? Even an analyst with the rosiest of spectacles wouldn't predict that.
My point is that Apple Pay is not the big fish for Apple. Of course the little kick back doesn't hurt, but not everyone that has an iPhone/iPad will use Apple Pay. However, everyone that uses Apple Pay will have an iPhone/iPad. And cue the halo effect.
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sure, with nearly $5trillion pot to pick from in the u.s. alone, 25trillion world wide isn't insanely far fetched..
this isn't some samsung vs. apple vs windows vs pepsi vs etc spectacle..
i linked the chase site on the last page which has apple pay and the iPhone6 being advertised on the homepage.. that is huge.
chase and bank of america are the big boys league.. apple is tiny compared to jpmorgan_chase.. you get that, right?
apple pay isn't big fish?
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further, it's not as if chase is going to cut apple a check every month to pay them for their services.. that 15¢/$100 is going into a specialized account at the banks and generating a lot more than the original deposits.. we're told .15%.. they're going to make a lot more than that
/speculation
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This is in the Apple Insider article. It is apparently written by someone without the whole story, before the details were known. The sentence immediately prior says:
"The publication reiterates rumors circulating prior to Apple Pay's debut on Tuesday, saying banks are offering Apple transaction fees lower than what is normally charged for credit card processing. "
We now know that Apple isn't processing payments. The lower transaction fees are being accepted by the issuing banks, because they are giving Apple part of what they already receive. In exchange, they expect lower costs due to fraud and no need to replace cards if a merchant is compromised.
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"Davidson argued that merchants know their customers best and are making the choices they believe are right for their customers. "
This statement also sounds allot like Apple too and Apple knows whats "best".
What about the customer ? don't we get a say ?
Apparently not.
But at least no personal info is shared....... I guess MCX just doesn't understand that
This statement also sounds allot like Apple too and Apple knows whats "best".
What about the customer ? don't we get a say ?
Apparently not.
But at least no personal info is shared....... I guess MCX just doesn't understand that
I responded to this quote above. The quote is out of context, from an article that was published before the complete details were understood.
It's just as wrong as a claim that Apple Pay costs the merchant more than a card present transaction.
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Your thinking is too limited.
Think Europe, Canada, and Australia. NFC is already ubiquitous there.
Then, add Japan, China, Korea, and India. If they can leverage the rollout of EMV in those countries (like is happening in the US), it will turn into a tidy stream of income.
Apple spent $6 billion on R&D last year. They could fund a lot of it with the cash flow from
Pay.That's over 25% of the gross world product. Seems just a tad far fetched...
this isn't some samsung vs. apple vs windows vs pepsi vs etc spectacle..
i linked the chase site on the last page which has apple pay and the iPhone6 being advertised on the homepage.. that is huge.
chase and bank of america are the big boys league.. apple is tiny compared to jpmorgan_chase.. you get that, right?
apple pay isn't big fish?
[edit]
further, it's not as if chase is going to cut apple a check every month to pay them for their services.. that 15¢/$100 is going into a specialized account at the banks and generating a lot more than the original deposits.. we're told .15%.. they're going to make a lot more than that
/speculation
Not sure what Samsung, etc have to do with anything I posted. I also am not aware of how advertisements on bank websites have a significant impact on consumer spending habits. Does being on a "big boy's" home page really convince people they need to use Apple Pay?
Not completely different.
NFC contactless cards exchange the same information with the terminal as an EMV chipped card with contacts. They both use the same EMVCo specification: encryption, handshakes, etc.
The difference is the connection. One is wireless, one is not. Some cards do both.
In the US, we will be migrating to cards that have an EMV chip with contacts. Some of them will support contactless as well. I used to have a contactless card with no contacts, but it was recently replaced with one that does both.
Very true
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Old contactless cards and even some new ones are not full EMV on the contactless interface. They only have enough data to create a magnetic stripe.
i was assuming they would stop accepting credit cards
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yeah that's what i was assuming.
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Paying in cash is great, but, in the end, that is what the merchants want (although your privacy is much safer). The former Walmart CEO who spearheaded Current C wants VISA to suffer. In that case, I'll use my VISA check card.
i think that was their initial intentions, but as they grew with more participants, they were asking for more than just removing credit cards. they want the big data.
heh.. ok. if you don't realize how significant it is to be in bed with jpmorgan, especially in regards to moving cash around the planet and back up the chain then so be it.. i don't really care that much despite what my posts may imply.
I hear ya..i know what you saying...for changes..i just put them in pocket till i go home and put it in a nice piggy bank to collect all that changes and change them out to bills..or I just in a tin can container in my car for changes if needed.
It works for some and it doesn't work for others...
I don't have a relationship with a store from which I buy stuff. Good grief, some people really take some upper level marketing BS classes. If these people knew their customers, they wouldn't take away a payment option in the middle of the night like CVS and Rite-Aid did.
I bought a drink from a vending machine last night using Apple Pay. You can't do that with a stupid QR code.
I bought a drink from a vending machine last night using Apple Pay. You can't do that with a stupid QR code.