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Apple Negotiates Lower Transaction Fees With Credit Card Issuers for Mobile Payments Initiative
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I don't know quite how we got to a situation where to spend money we need to pay the bank and then that also means we are paying for them to track us and our spending? I mean really cash is the best method but it's not been updated to reflect the types of transactions people do, such as large denominations.
I really wish we could cut the banks out of the loop entirely, i know that's bit coin but no one is gonna buy that you aren't dodgy using it.
I really wish we could cut the banks out of the loop entirely, i know that's bit coin but no one is gonna buy that you aren't dodgy using it.
Ummm, that's what remote wipe and PIN numbers and TouchID are for. My phone was stolen two days ago and I was able to remote wipe it, reach over and grab one of my other phones, sign into my global account and was up and running in 5 minutes. It's so much easier than losing a wallet.
I can't remember the last time I saw a discount for paying in cash. Does Amazon allow cash transactions? If my electric company offers one then I doubt it offsets the cost of getting there. It sounds like you might know some cool tricks though to save. Come forth and share your life hacks.
been expecting this
And I bet that part of the deal is that Apple will, in its part, indemnify the banks/issuers to some extent in case of fraud.
You might think that Apple would resist but it's actually a competitive advantage. If Apple has done its security well - and I believe that it has - then it can afford to offer this because it will cost almost nothing.
But Samsung, on the other hand, will try to match it. If it does, and Samsung's security turns out to be not so good, then Sam is on the hook for a lot. If it doesn't, then look for a series of ads from Apple pointing what device to have when security is important.
And I bet that part of the deal is that Apple will, in its part, indemnify the banks/issuers to some extent in case of fraud.
You might think that Apple would resist but it's actually a competitive advantage. If Apple has done its security well - and I believe that it has - then it can afford to offer this because it will cost almost nothing.
But Samsung, on the other hand, will try to match it. If it does, and Samsung's security turns out to be not so good, then Sam is on the hook for a lot. If it doesn't, then look for a series of ads from Apple pointing what device to have when security is important.
I don't know if this is what he meant, but if I'm spending physical cash, I'm more aware of how much I'm spending. I tend to spend less if I feel the weight of my spending.
Makes sense. "Fingerprint Present" should be the most secure and lowest-fee option of all.
Plus, how many valuable, proven consumers' accounts does Samsung currently have regularly using their online purchasing ecosystem, compared to what iTunes has?
Only Apple can pull in ALL the pieces to make a new payment system happen:
- Total hardware control
- Total OS control
- Total dev tools control
- Years of massive third-party support
- Massive proven ecosystem
- Vast quantity of existing user accounts
- Biometric security already proven on a mass scale
- Hard-line negotiating to drag aging industries into the 21st century, kicking and screaming, for their own good
Who else has even half of that vital list? With Android, the OS vendor and hardware vendor don't even share the same goals!
We may catch up.... We may surpass
Plus, how many valuable, proven consumers' accounts does Samsung currently have regularly using their online purchasing ecosystem, compared to what iTunes has?
Only Apple can pull in ALL the pieces to make a new payment system happen:
- Total hardware control
- Total OS control
- Total dev tools control
- Years of massive third-party support
- Massive proven ecosystem
- Vast quantity of existing user accounts
- Biometric security already proven on a mass scale
- Hard-line negotiating to drag aging industries into the 21st century, kicking and screaming, for their own good
Who else has even half of that vital list? With Android, the OS vendor and hardware vendor don't even share the same goals!
And finally we may catch up to Japan which has had Suica built into cell phones for what, a decade?
We may catch up.... We may surpass
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I think that poster was referring to a psychological effect. When you actually have to count out bank notes and coins in order to pay for something, you're more likely to choose a less expensive option (e.g., get the 4.7" iPhone instead of the 5.5" one). But if all you're doing is swiping a card or putting your thumb on the TouchID, then "paying" for your purchase is exactly the same whether you choose cheap or expensive. At the end of the month, you've spent more, but paying the bill is a disconnected event from the purchases themselves.
Well in America where we don't have widespread NFC payments, almost nobody prefers paying in cash. Cash transactions at businesses are becoming exceedingly rare.
Cash usage is down in Canada drastically. Most people like using a Credit or Debit card here.
Ya - true. Keynote will be over by about 3pm EST.....somewhat close to the closing bell, but likely enough time for a nice jump.
This is very exciting
Apple is NOT the first company to do mobile payments, but it could be the company that propels it to critical mass (i.e. everyone and their Old Aunt Ethel will be doing it regularly once Apple gets in the game).
As far as "doing it right" . I just hope they give lots of attention to the security concerns. Everything else (e.g. not-so-great user interface) can be fixed in future refinements. But any initial mistake made regarding security will be a fatal mistake.
Apple sees the opportunity on this one ....
Something, banks will never do. However, since its all digital anyway, it doesn't really matter in the end user, since it all comes from the bank..
Who really cares what the middle middle charging us in smaller amounts if the source is the only thing that really matters.
However, if its lower than Paypal, then Apple has it in the bag
Something, banks will never do. However, since its all digital anyway, it doesn't really matter in the end user, since it all comes from the bank..
Who really cares what the middle middle charging us in smaller amounts if the source is the only thing that really matters.
However, if its lower than Paypal, then Apple has it in the bag
LOL. No.
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Yeah... Except that touchid was hacked in the first 24 hours of its public availability using a basic digital camera and a laser printer.
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Why would it, since getting said fingerprint only requires a basic digital camera and a $50 black and white laser printer?
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WTF? Apple, Samsung, LG or whatnot is not making anything happen. The credit card companies are the ones building and deploying this infrastructure. Apple et al. are welcome to tag along, but they sure as hell aren't pulling anything here.
Suica is just for train fare, no? If so that's a far cry from NFC payments. A better example is Google Wallet on Android phones that use NFC.And finally we may catch up to Japan which has had Suica built into cell phones for what, a decade?
I notice you didn't mention which country you reside in. I wonder why.
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Not likley....probably will go even lower. The stock will go up again when it appears that Apple is selling new hardware like "hotcakes", and will have a blowout quarter, and any new products have a huge future demand. Until then don't get your hopes up.
Hmmm. If you "lose" your iPhone absolutely nothing will happen. The phone will become a brick to anybody else. If someone steals your iPhone and beats you until you give them the password, and make you use your thumb for touch id, well then that's another story.
Either way theft will be down because most Phone theft is "Grab and Run". It's too much trouble and too much time in jail to beat someone, or threaten them with a gun or knife. Still there will be some criminals who will do this. Just carry a concealed weapon along with your phone, and you'll be fine. Yes, I'm only kidding.