Some of the names of newer banks in this country never fail to amuse me. Same with estate agents and car retailers.
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Apple Launches Tap to Pay on iPhone in the UK
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No, not at all. I believe the issue is that the EU (when the UK was a member) capped the amount credit card providers can charge retailers, which was fine in an attempt at state-controlled benevolence as opposed to a free market. However, what that means is that the sort of benefits that come with Apple Card (and other top reward cards) cannot be "afforded" from what the retailers would pay.
I’d bet my next pension check that fees are charged. Why offer a service free when the idea is to profit from it? Many retailers, especially bars and restaurants are charging extra for the use of a credit card to cover the processing fees. Use cash and you pay less.
The fee is charged by the payment processor. They don't need to impose an additional fee for the iPhone tap to pay part, and I haven't heard that anyone yet has charged an additional fee for the iPhone tap to pay program, based on: https://developer.apple.com/tap-to-pay/#regions
So I would say you owe me that next pension check, unless you unrealistically meant if there were no fees whatsoever, which doesn't work in the world of card payments, there's always a transaction fee.
I haven’t seen this used in Australia yet. It that may because every business already has a tap to pay contactless lad from the likes of their bank or for smaller businesses, entire POS solutions like square and an iPad.
Had no idea this was already available in Australia. Is it for anyone with an ABN?
that's probably why people hold to their iPhones longer than Android phones and Apple releases software updates for old phones longer than competitors.
I would love to do that, but i have not seen any place offer discount for using cash.
I went to my local Sunday market here in Sydney, and the lady who sold vegetables and fruits hold her phone to me when I made my payment. I was a little surprised that it is already adapted so early after Tap to Pay came to Australia last May. She said Westpac helped her to setup, but it's pretty easy anyway, and she doesn't have to pay a cent to pay for other devices or external fees. Needless to say it's as easy as pay with my phone and done. It even works with Android wallet or whatever they call it.
I went to my local Sunday market here in Sydney, and the lady who sold vegetables and fruits hold her phone to me when I made my payment. I was a little surprised that it is already adapted so early after Tap to Pay came to Australia last May. She said Westpac helped her to setup, but it's pretty easy anyway, and she doesn't have to pay a cent to pay for other devices or external fees. Needless to say it's as easy as pay with my phone and done. It even works with Android wallet or whatever they call it.
Good to hear this. Hopefully Apple expands it's availability quickly.
I’m still not sure how this works as I’m not from US, but I’m a bit afraid to just pay someone’s iPhone. The only thing that would help me trust it is relative inability to install other software on the iPhone. However that might change soon. So someone might emulate the payment screen with a different amount and you will not know. The Wallet notification with the purchase amount sometimes comes later and it’s already late at that point anyway. Anyone has thoughts on this? I’m not afraid of established stores doing this.
From my understanding with Tap to Pay on iPhone, customers’ payment data is protected and encrypted and processed using the Secure Element like Apple Pay. So if you trust Apple Pay, it is the same as Tap to Pay. It's no less secure than using Card Reader machine in supermarket.
You see the amount to be charged plus the merchant name (this is a requirement to work with the system APIs in order to read cards and send a payment). But yes, people might overlook the merchant name and get scammed. Probably won’t matter if you can have other software, it’s more like someone pretends they’re an associate and they have their merchant account loaded up on their phone and people don’t question anything.
Good thing with credit cards (and debit cards) is that they have a dispute process, so if the store calls you up and says you didn’t pay for the item (they have you on security tape and get your license plate or whatever, although they’d see the scammer store associate too), you can report the transaction that was made and they will reverse payment, and if they have enough chargebacks, they will ban the merchant and they can’t take payments any more. Perhaps they make more accounts, but at least they will have a difficult time getting the money, because as a merchant you get your money monthly and you could be permabanned from getting your money before you even get 1 payment.
Well I hope we will have Apple Card soon but currently it seems like Apple is going to transit from Goldman Sachs to Mastercard which means there is some problem there?
Btw brexit seems to make apple’s business in the UK easier now. I hope Apple isn’t forced to allow third party App Store in the UK.
Btw brexit seems to make apple’s business in the UK easier now. I hope Apple isn’t forced to allow third party App Store in the UK.
No transaction cost.
Banana cost $1. You pay $1. She receives $1. $1 enters into her bank account. $0 fees.
Surely she gets charged something - maybe not for the Tap to Pay part, but still for the merchant/bank handling the money.
e.g. Here in the UK it looks like there'll still be charges. This is from Revolut, one of the initial banks offering TtP...
I asked Westpac and yes, they do charge the payee 1.4% per transaction when they use the app to accept card and mobile device payments.Surely she gets charged something - maybe not for the Tap to Pay part, but still for the merchant/bank handling the money.
e.g. Here in the UK it looks like there'll still be charges. This is from Revolut, one of the initial banks offering TtP...
So to answer your original question, payee pays the transaction fee of 1.4% flat rate. Which means for that $1 banana, she must pay 1.4 cents to the bank (and I think it varies with banks) but $0 for Apple.
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