Apple would be relying on visa and MasterCard to manage the payment system . There is exactly zero chance if them being 'edged out' of the market.
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Apple Continues Pursuing Mobile Payment Solution, Seeking to Hire Industry Executives
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Apple would be relying on visa and MasterCard to manage the payment system . There is exactly zero chance if them being 'edged out' of the market.
Utterly pointless, really a waste of time. I got a new bank card complete with NFC payment built right in it, so the banks are going to stop using a system already being rolled out and implemented by them and others, and use Apples locked system?
I think not. But hey carry on Apple, I think it'll die quietly in a few years.
And to those claiming you will be able to walk into an Apple store and buy things, no. The current NFC system has a set limit of 10 or 20 pounds, can't remember which, but that is a limit set in the system by the banks.
So Apple would need to persuade them to let you have no limit. I can only guess the limits are set due to security?
I think not. But hey carry on Apple, I think it'll die quietly in a few years.
And to those claiming you will be able to walk into an Apple store and buy things, no. The current NFC system has a set limit of 10 or 20 pounds, can't remember which, but that is a limit set in the system by the banks.
So Apple would need to persuade them to let you have no limit. I can only guess the limits are set due to security?
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I suppose you've never used Google or bought anything online? Because your information is already out there, might as well embrace the technology that is coming with it. It would make it simpler.
I guess I'll keep prices high by continuing to use plastic.
Not pointless. There is currently no mobile standard in payments. Unless you expect mobile devices to die out in years... And mobile extends to eCommerce as well, that market is huge. Although there are a lot of companies that are building technology like that, imagine it is native in your device.
Also, the reason that NFC has a limit is b/c it is not PCI DSS secure. And this is a pretty big issue when you consider the payments industry - fraud, data breaches and liability.
Of course their is a standard, what do you think Contactless Payment is? It's a standard the banks setup, they are hardly likely to roll over to anything Apple comes up with.
And it is already native on my device as my device has NFC built in, if it didn't I could get an NFC tag.
SMH... again, NFC doesn't have the highest payments industry security... so I'm not sure what you are trying to argue. Apple could go the way of Paypal and Square by using an aggregate model. I feel like that is what they are focused on, the technology side of taking/giving payments - kind of like streamlining Dwolla.
Also, Visa is quite outspoken about adopting new technology b/c of cost. Someone will eat the cost of replacing the entire POS system, and there will be plenty of resistance from merchants b/c it will cost billions to do. So why Apple? Because they've alluded to us that integrating w/ their system will involve low cost iBeacons. And you'll likely see merchant services update their software to accept Apple payments b/c it would be a disadvantage to be the company that doesn't.
There's a big difference between buying things online sometimes and having every single payment you make and every move you make in a store tracked, logged and stored.
As to your other point, I do hope retailers finally start offering discounts to people who use cash (and thus cost them less money).
I honestly have no clue if there is a limit or not overseas, it is just what someone mentioned. But it doesn't change the fact that that form of payment doesn't have the security that chip and pin has or even mag stripe. And at least in the US, less secure means the merchant pays more for each transaction.
In any case, I know how far behind the US is in terms of technology. I can't believe we won't be on chip and "pin" until the end of next year. But can you imagine the card companies asking US merchants to adopt EMV, and then to also pay for contactless? We need EMV b/c credit card theft is just stupid rampant. But there is always room for a low cost and convenient form of payment.
Understood. My point is that there is value add in many cases b/c privacy is gone for all intents and purposes.