piss pour sense of humor on your part. you sound angry and upset inside...some deep hurt in you, isnt there? hey -- it's not your fault. listen to me. it's not your fault. IT'S NOT YOUR FAULT!
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Apple to Collect Fee From Banks for Every Purchase Made with Apple Pay
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piss pour sense of humor on your part. you sound angry and upset inside...some deep hurt in you, isnt there? hey -- it's not your fault. listen to me. it's not your fault. IT'S NOT YOUR FAULT!
How do you think credit card processing works? Do you think VISA, Master Card, and American Express are charities?
what on earth? what ignorant rubbish. didnt you read on apple's site where they stated in very plain english that they do not retain ANY records of your transactions? none. privacy is one of the selling points.
so how is that becoming the govt?
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how can someone hack into your phone? you possess your phone. if you lose your phone, you sign into icloud.com and shut it down.
what's the problem? it's better than physical cards in a physical wallet.
Correct.
Another point overlooked is that while you could make contactless payments , via NFC, with google wallet or others, the transaction limit is restricted and low. Not the case with Applepay.
I am only commenting on the iPhone 6 option with touch ID. There still is the question of the Apple watch and how that works with payments, since there isn't touch ID on that device (none that they showed anyway). Thus this could be limited in $$ thresholds, like other NFC options. Not really a discussion at this point since the watch isn't being released anytime soon and we still have only seen part of what it can do.
When Tim was going on about other companies failing because they just try to make money out of these sort of payments, I genuinely thought he was about to announce Apple had created an open standard...
Nope, they are just trying to make money from it, just like those 'bad' people he was describing, LOL.
what an absurd thing to assume. an open standard? no. he was referring to the service delivered to end users -- the UX for this via an iphone is much better than how other vendor solutions.
Apple is working on getting Credit Unions and smaller local banks on board with
Pay system .. That's the question that i'm waiting on ... if iTunes credit will work as
Pay option if yes then I'll buy a generic Apple card up to $500 limit kind { Grey iTunes card } and use that ..
you gotta start somewhere, dude. you dont start w/ the outliers, you start w/ the major bank issues that can cover 80% of use cases.
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not necessarily. youre overlooking the fact that this system reduces fraud costs for the issuing banks -- that means not having to spend immense amounts of money researching the fraud intrusions, contacting customers, issuing credits, etc etc. that is a tangible savings, and which may/probably offsets the fee to apple.
Ah NO ... iTunes accounts, using iTunes cards, can only be used for movies, books, music, NO HARDWARE.
Yeah stock up your account with 10, 15, and 20% discounted cards and then buy a car - sure - that's why you can't use your iTunes card account.
It's like you're trying to imply that no one will use this. You know better than that.
Interesting idea, but might require a bit of an infrastructure. They would need to work with the banks, get involved a bit with merchants, point of sales, etc...
It would be similar to work needed if a finance company starts a new credit card brand
I can see banks removing rewards for transactions that utilize Apple Pay if they are also having to pay Apple as well. To put it simply, if the amount the collect for swipe/transaction fees goes down due to paying out to Apple, then the amount they will allow to pay out to customers in the forms of rewards will also go down.
However, I'm not privy on all the details of who pays who for what so my worries may be unwarranted.
Look at the companies that are first out the gate on this. Notice that Target is one of the first, not the first but one of them to get on board. Is the US way behind in protecting the consumer...yes we are. Are fees built in to the price of buying stuff at you favorite place...yes they are.
Let me ask this: When you go to the store (grocery, drug, hardware or what ever) do they give you a discount if you pay cash? For me the answer is no, they don't. Cash payers pay the same amount as credit/debit. So the "fees" are paid by everyone. These "fees" com from the "profits" of the businesses. Your "mom and pop" stores give you a "minimum" purchase amount or they tack on a dollar amount to the purchase to offset these "fees".
Now I am not ready to fully commit to the idea of waving my magic phone over a NFC device...yet. They need to include the stores I go to before I will consider it. In theory, the idea sounds good. But, like everything new, it will take awhile until it is accepted and becomes the norm here.
I will be in the corner, waiting and eating my popcorn, to see how all this goes.
Let me ask this: When you go to the store (grocery, drug, hardware or what ever) do they give you a discount if you pay cash? For me the answer is no, they don't. Cash payers pay the same amount as credit/debit. So the "fees" are paid by everyone. These "fees" com from the "profits" of the businesses. Your "mom and pop" stores give you a "minimum" purchase amount or they tack on a dollar amount to the purchase to offset these "fees".
Now I am not ready to fully commit to the idea of waving my magic phone over a NFC device...yet. They need to include the stores I go to before I will consider it. In theory, the idea sounds good. But, like everything new, it will take awhile until it is accepted and becomes the norm here.
I will be in the corner, waiting and eating my popcorn, to see how all this goes.
Maybe I misunderstood the concept, but I thought ApplePay would be used instead of the physical card?
You are correct that banks are probably not going to be 100% transparent about exactly what is built into their overall fees and interest rates, so we'll lose either way.
This is what I was saying from the beginning but was told oh no, Apple isn't taking a percentage or that they negotiated to make fees less, not to take their own.
Apple willy earn .015 to .025% of every Pay transaction amount which is not worth the convenience to me, but I'm sure it will be to plenty.
Apple willy earn .015 to .025% of every
Pay transaction amount which is not worth the convenience to me, but I'm sure it will be to plenty.The purpose of rewards are to get you to choose to use their product over another. The fact that I can safely carry ALL my cards using
Pay, will mean card issuers will have more need to reward me not less.I hope that a future revision will allow me to set default cards for types of merchants: my Capital One card for gas purchases, my Citibank for groceries, my DinersClub for restaurants. This will make it easier for me it maximize my rewards.
Just got an email from Chase saying that they're going to support Apple Pay. Finally mobile payments might be thoroughly implemented.
The purpose of rewards are to get you to choose to use their product over another. The fact that I can safely carry ALL my cards using
I hope that a future revision will allow me to set default cards for types of merchants: my Capital One card for gas purchases, my Citibank for groceries, my DinersClub for restaurants. This will make it easier for me it maximize my rewards.
Actually, my argument has already come true for debit cards where swipe fees were a big revenue source for the banks. But I believe those got limited and that's why most debit cards dropped their rewards programs.
So since most rewards programs are on interest bearing cards, my worries are likely unnecessary.