Such a glaring error from what I thought was a reputable site. Who are they hiring to write these if they don't know such simple concepts as decimals and percentage? smh
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Apple Pay Details: Apple Gets 0.15% Cut of Purchases, Higher Rates for Bluetooth Payments
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Such a glaring error from what I thought was a reputable site. Who are they hiring to write these if they don't know such simple concepts as decimals and percentage? smh
He did say that at the beginning of thePay presentation. It's good the hear that Apple has no self interest in this.
He did not imply that Apple doesn't have self interest in this. He implied that Apple's self interest did not override the customer's user experience.
0.15% is a lot considering they only collect 1.5 to 2% merchant fee. This is easily close to a billion dollar of revenue to apples bottom line in a few years if things go well.
For 0.15% to be a billion, total transaction volume would have to be 666 billion.
That's a lot.
Hahaha; after reading the first couple of pages of comments on this thread, I'm with you on number (2) bro.
Note to self: don't hire some of these people at the front cash.
So I guess we will take your word for it that it won't be passed along. It is another fee. Money is taken out to another party during the transaction. That money didn't appear from no where. It seems there isn't any solid evidence that the fee won't be pushed on merchants and then dissipated back to the customer eventually.
Time will tell, but it is much too soon to say if it won't impact prices, even if only a tiny amount.
That's what he wants the consumer to think, and from what I've read here, it's working quite well. People singing the praises of something that isn't even in use yet, bashing banks and retailers who aren't on board yet.
You get your statement from your card processor. Your card processor has all the details, unlike the merchant. You should see the same as you did last month.
True. But the merchant has a partial record, and the card processor has the whole thing.
You might even get an electronic record sent to your phone that's equivalent to the paper record that is mandatory in certain places.
Relax -- this isn't an issue that has not been thought about. We do not know the exact answer but I am confident that there is one.
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Not so fast. Locations with NFC have the hardware support needed for ApplePay. Whether or not it works there depends upon the merchant software behind those NFC terminals.
It seems that WalMart has decided to not support ApplePay in their stores. I have no experience with NFC payments there.
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Deals vary and percentages do too. Do you think Visa is happy with that percentage of a $2 transaction at McDonalds ? Have you not ever wondered about the signs saying "Credit card $10 minimum" ?? Not even once?
The retailer's terminal tell Iphone 6 or 6s that it want a payment of $300, Iphone 6 presents the request to consumer, consumer select a credit card that was registered with Itune beforehand, press the touch ID, request go to Apple Itune server via our carrier network, Itune send the request to the credit card company, and get an approval token back (the token can be just a string of encrypted data), Itune send the token back to customer Iphone, and the iphone send it to retailer POS terminal and take that token to the credit card company to collect money. The key for Apple is that all the infrastructure is already in place. They already has Itune and with million of credit card registered. It make it awfully easy for consumer to buy into the solution. It is really not much more complicate than someone buying an itune sond while walking in the mall.And Apple has no idea of what we buy. All it see is a request for payment and once the transaction is completed, the only record Apple has is the request for payment and the return token. Credit card company also don't know what we buy unless they have arrangement with the retailer to get that record and present them to the consumer at the end of the month.
The beautiful part is that Apple does not store anything in the transaction (so their is no recording, auditing, safeguarding type of cost and worry about being hacked) except the credit card info. The safeguarding credit card task is already being done by Itune servers. And the secured transaction between Itune and credit card companies are already in place. So Apple only need to worry about the finger printed sensor, the secured encave in the Iphone 6 and they are golden..
Ever drop your phone into some water and destroy it? Won't that be fun when you've got all your ways to pay in your phone and you have no money to get home. I can't wait until we start reading the stories on here. Not to mention dead batteries.
Yes, I worry Japan may have trouble implementing this as there are already so many IC card companies and NFC standards here that are ingrained and I expect protected somewhat. It could be like smartphones and mobile internet all over again where Japan was very late to the party because of the existing network and phones (which were very advanced at one time).
If it's a MacBook Pro that's being purchased, wouldn't Apple get all $2000?
Thread winner! <slowclap>
True, but it's a very realistic figure.
As I said in a post earlier, the North American credit card processor TSYS alone processes 1 trillion dollar annually in debit/credit card volume.
But it's also true that most of the rest of the world is still in a cash economy....
Granted. That's a good point. But it's still better to carry one emergency card than 4 or 5 cards.
Apple may not be in between but they're there at the end it seems. This video shows the iPhone getting a receipt of the transaction from the sales desk in Notification Centre:
http://9to5mac.com/2014/09/10/apple-demonstrates-just-how-quick-easy-apple-pay-is-to-use-video/
It seems Apple may be collecting a lot of potential ad-delivery data that Google and Zuckerberg can only dream about getting their grubby hands on. Yet the MM's on Wall St decide that Google and Facebook deserve the sky high p/e compared with AAPL
I don't think apple will harvest this data. They wouldn't dare touch it. Imagine the uproar.
Actually it's a relief to me that apple is not in the business of collecting user data and selling them to advertisers.
That is one of the key reasons why I would prefer to use apple over android.