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Apple Pay Responsible for 1% of Digital Payment Dollars in November, Most Popular at Whole Foods
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I love Apple pay used it three times yesterday without making a effort too. It was my wife and I first year anniversary and we went to Chicago to see a play. I used it for our cheap McDonald's lunch. Parking via spot hero (fantastic app by the way) and lastly to pay for a cab ride. The cab had a nfc terminal right on the divider. It was pretty awesome
That wouldn't make much sense, given that they can't see your name when you pay with Apple Pay ...
You guys need to fix your tablets if they don't know the word "apple". I think it was pretty common before 1975.
I work at whole foods. It was available I believe a week after apple pay was revealed.
Oh yeah... I know why they are doing it... I just don't think it will turn out well for them.
CurrentC is a clunky system that uses QR Codes. WTF?
That might have been fine if NFC solutions like Google Wallet and ApplePay didn't exist. But considering CurrentC hasn't even fully launched yet and they are already touting less-sophisticated technology... I don't see it being popular.
You say stores will stick with CurrentC for the long-term... but some people have stopped shopping at CVS because they don't offer ApplePay or Google Wallet. Those people aren't coming back. That's a problem for the stores.
Creating a situation where people do not shop in your store cannot lead to long-term financial gain.
So getting back the the earlier topic... I predict CVS will support ApplePay and Google Wallet again someday. Hopefully sooner than later for their sake.
Very few people that I've seen have cards that don't require a swipe. Or even if they do, they don't realize it. Then they still have to sign, hit accept, etc. Obviously this only takes seconds, but after using the ease of Apple Pay, this seems interminable.
The real advantage of Apple Pay is that none of your payment data is available to the merchants and stored on their servers, so it cannot be hacked.
I wouldn't say that Whole Foods food is a LOT better. If they were right next to Wegman's I'd probably go to Wegman's 9 times out of 10. Sometimes I want, say, Triscuits, not "shredded wheat rectangles," which is all Whole Foods offers. it's nice to be able to get good food AND some brands I want in the same store. Same thing with Fairway in NYC, which I went to over Whole Foods routinely. Good, quality food but also carries **** like cheez whiz.
TouchID is neither a signature nor a card PIN replacement.
It is a convenient shortcut for the phone unlock PIN.
The fingerprint sensor hasn't verified anything, except that it matched the last person with access to the phone and its unlock PIN, who registered a finger.
If they wanted to be super secure, they'd ask for photo id... as well as an instant photo of the purchaser that could be stored to prove a match
But that's not their goal. The goal is speedy checkouts, which encourage more buying, and that's how everyone makes money.
Moreover, if it was totally secure and payment was assured, then there'd be no need for banks to charge fees. But again, such perfection is definitely not their purpose in life. The CC companies exist to charge for mitigating the risk of payment.
You were not verified with a fingerprint that was stored on the phone, because the merchant... just as with your signature example... did not compare the fingerprint to your actual finger.
There is a coming standard for fingerprint authentication for EMV payments, but it would require the fingerprint to be taken at a bank and stored with your other account info at the bank. Any print authentication would be compared to the data on file. That's the only way to be sure the finger on the device sensor at the time of purchase is really yours.
Do you see the difference? An on-device fingerprint can be changed by anyone who steals your phone and knows your PIN, ergo it is only as secure as your device PIN. That's why Google Wallet and the Apple Watch only need a device PIN to activate the purchase app.
TouchID is more about making spending convenient, while making the user feel more secure.
What you say is true but ignores the real utility of Apple Pay. When using AP, none of your payment data is placed on the merchant's servers and so cannot be hacked (as has been happening with alarming frequency).
That's security for the *user*... I think the comment you're quoting is addressing security for the merchants (assurance they'll be paid), and why TouchID doesn't do that for them.
Of course, that utility also goes for using cash, Google Wallet, gift cards, etc... but even with such alternatives, people just can't seem to stop using their physical debit/credit cards.
Using a tokenized payment method at one store, also doesn't help much if a person continues to use that same card for regular payments anywhere else. A chain is only as strong as its weakest link. For best effect, a card you use in Apple Pay should never be used in any other manner.
Also, as others have noted, such hacking doesn't seem to be high on people's worry lists. People continue using their cards, even at the hacked stores. After all, having a number stolen usually results, for most people, in the annoyance of waiting from overnight to a few days for a replacement. Barely a blip on the meter of life, compared to other events.
Nevertheless, merchants should all move to storing tokenized account numbers, so even regular credit cards are safe from hacking.
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There's another reason why I'm no longer part of Apple's target audience. That and all the changes following the renaming from Apple Computer to Apple.
Just went to Whole Food and while waiting in line I:
-Scanned a new credit card
-Entered the security code on the back
-Got my wife to let me borrow her phone to verify the credit card
-Entered my security number texted by the bank
And as I finished, it was my turn...
-Put my finger over the home button and tapped the reader while pulling goods out of the cart and putting them on the conveyor belt
BAM! Transaction complete!
Still had to sign though...you aren't getting out of Whole Foods without spending more than 50 bucks.
-Scanned a new credit card
-Entered the security code on the back
-Got my wife to let me borrow her phone to verify the credit card
-Entered my security number texted by the bank
And as I finished, it was my turn...
-Put my finger over the home button and tapped the reader while pulling goods out of the cart and putting them on the conveyor belt
BAM! Transaction complete!
Still had to sign though...you aren't getting out of Whole Foods without spending more than 50 bucks.
You would think those who have been hot would be rushing to install something that at least sounds way more secure. But I heard Target was moving it's cards to chip and PIN, but I still have the same old magnetic strip card. No rumors of Target moving quickly to adopt ApplePay either. Kind of baffling.
Another smart move by Apple, as easily anticipated. If only it was available worldwide.....
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Btw, Apple is running for the profits race, leaving the market share run to losers....
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How many Google wallet enabled devices already are in three market, against the recently launched iPhone 6? And do you know that
Pay is working in US only for the time being?
This is the real news:
The ITG Mobile Payments report, which uses data from the ITG Investment Research proprietary consumer panel, found that Apple Pay was responsible for 1% of digital payment dollars in the month of November. This is a strong showing considering that the service is only available to Apple customers with the newest hardware and it is currently supported by a relatively limited list of merchants. In comparison, Google Wallet, which launched in 2011, accounted for only 4% of digital payment dollars in the same month.
It depicts Google wallet in a slightly bad light, but you twisted it completely the other way.
Interesting....
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What?!?
Btw, Apple is running for the profits race, leaving the market share run to losers....
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Did you really feel the need to take Google into the discussion?
How many Google wallet enabled devices already are in three market, against the recently launched iPhone 6? And do you know that
Pay is working in US only for the time being?This is the real news:
The ITG Mobile Payments report, which uses data from the ITG Investment Research proprietary consumer panel, found that Apple Pay was responsible for 1% of digital payment dollars in the month of November. This is a strong showing considering that the service is only available to Apple customers with the newest hardware and it is currently supported by a relatively limited list of merchants. In comparison, Google Wallet, which launched in 2011, accounted for only 4% of digital payment dollars in the same month.
It depicts Google wallet in a slightly bad light, but you twisted it completely the other way.
Interesting....
The main point of ApplePay is to remove the possibility of card cloning and PIN theft which accounts for 98% of money stolen through cards. The amount of money lost through stolen or lost original cards is negligible.
Even with contactless payments in Europe, you don't need a PIN and the transaction is limited to £20 (25, $30) but there is no security to the way the data is sent so people can still skim the info from NFC payments.
ApplePay is only on when you need it unlike contactless cards, each transaction is unique, no relevant data is sent, plus (and this is the big one), if you lose your phone, you generally know very quickly so you can wipe it or lock it down. You can disable all of your cards in 1 go, immediately.
The chance of someone having access to your phone, know your password to get in and change the TouchID and then get to a retailer and make a purchase before you realise your phone is missing is incredibly unlikely.
As for the continued security risks elsewhere. Well, obviously. You still have to be careful but ApplePay has only just come out, give it a chance! Change is coming, it's not going to be instant.
Even with contactless payments in Europe, you don't need a PIN and the transaction is limited to £20 (25, $30) but there is no security to the way the data is sent so people can still skim the info from NFC payments.
ApplePay is only on when you need it unlike contactless cards, each transaction is unique, no relevant data is sent, plus (and this is the big one), if you lose your phone, you generally know very quickly so you can wipe it or lock it down. You can disable all of your cards in 1 go, immediately.
The chance of someone having access to your phone, know your password to get in and change the TouchID and then get to a retailer and make a purchase before you realise your phone is missing is incredibly unlikely.
As for the continued security risks elsewhere. Well, obviously. You still have to be careful but ApplePay has only just come out, give it a chance! Change is coming, it's not going to be instant.
interesting, here in Europe there are no other than contactless cards being issued now and almost everyone is paying contactless here...
After buying a iMac 5K for my heavy lifting I'm firmly in the market from a 12" rMBA for all my writing and to look after my eyes. I'm looking at it as a health investment. Believe me Retina displays are so much easier on the eyes.
Yeah and at one point the credit card companies were advertising this as a feature. I just don't know why it didn't become the default set up.
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Yep that is why I'm comfortable using Apple Pay anywhere it is available. I don't love my credit card being stored all over the place, so if it is a small purchase I will try to pay cash. But Apple Pay is easier and has that security. So now I use Apple Pay whenever it is available. I used it at Walgreens. They scanned my loyalty card off my passbook and then I paid with touch ID. I didn't have to have two cards in my wallet or take it out.
And cute cashier told me it was cool using Apple Pay.
Right now the folks not shopping at CVS is probably so minimal it is meaningless. But Apple has something like 42% of the U.S. smartphone market share and growing. All of Apple's new phones will have Apple Pay going forward. Factor in that Apple's 42% is much more affluent than Android's 52% and soon too many consumer, with too large wallets, will have Apple Pay to ignore.
So I doubt the effect is noticeable now. It is too much hassle to go out of your way in order to use a slightly easier payment scheme. But once most of the customers have Apple Pay (weighted by their spending ability), then stores will support it. The complaints will be too much to ignore. It just hasn't happened yet. I suspect that this tipping point will be toward the end of 2015. If that isn't actually reached by then the trend will still be so large that it will be obvious to everyone that it is inevitable. The U.S. just needs one more round of upgrades to get the 5s users (and the thrifty 4s and 5 who don't do early upgrade) into Apple Pay. Then it will be too large an audience to ignore.
Apple Watch may also add Apple Pay users as it will give that purchasing ability to 5 and 5s users, I think.
Sure... CVS might not notice the effect now... but they will.
That's why I said "someday" CVS will offer ApplePay. If they don't... they're crazy.
The reasons you describe are exactly why a store would want to support ApplePay... not shut them out.
Two months ago nobody could use ApplePay. But you're right... from now on every new iPhone will have it. It's gonna be big. I'd say it's one of the biggest things Apple has ever introduced.
And the longer a store does not offer ApplePay... the worse it's gonna get for them.
I'd love to check back in 12 months to see CVS' stance on ApplePay. If they still don't support ApplePay by then... I guarantee the money lost by not offering ApplePay will be far greater than any money gained by using CurrentC.
While I see your point about waiting for the tipping point... some stores are already offering ApplePay. They didn't wait at all. They'll have quite a headstart.
I think we are seeing a tipping point already with Apple Pay. The other day I went to my local mom and pop haircut place for my monthly cut. I noticed they now had a card reader sitting on the counter where you pay (instead of behind the counter as in the past). I held my iPhone up to it and apple pay popped up -- so I paid with Apple pay. The owner said I was the first one to do so, and she was upset she missed seeing it work -- since it happened in the blink of an eye.
So here is a small business (blue collar type place) -- not a huge chain- accepting Apple Pay and no announcement by Apple that this local tiny business was a "partner". If this business can afford the NFC reader needed for Apple Pay, I'm sure most small businesses can. And there is no reason Apple Pay won't be more readily available all over the U.S.