I find it strange given the fitness aspect of the Watch and iPhone 6 that McDonalds is one of the first companies to accept Apple Pay. ;-)
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Apple to Collect Fee From Banks for Every Purchase Made with Apple Pay
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What happens when your battery runs flat? You need NFC and Fingerprint sensor?
In Australian NFC payments for paywave / paypass are well established and it's taken on big time. No minimum purchase for most retailers. Apart from not carrying my credit card, I can't see a massive win for consumers here. May be different in other countries where NFC payment is not as common.
In Australian NFC payments for paywave / paypass are well established and it's taken on big time. No minimum purchase for most retailers. Apart from not carrying my credit card, I can't see a massive win for consumers here. May be different in other countries where NFC payment is not as common.
That limit is artificially set by banks because NFC is not very secure. Apple pay is so secure that only paying with body parts would be more secure so I doubt there will be any kind of limit.
Nope. The fee is going down and apple will cover just part of the reduction as merchants will pay lower fees.
Why lower fees? Because apple is introducing multiple security measures to reduce fraud. This saves the banks money, which allows them to charge lower fees to merchants who use apple pay and still give apple room to take a cut.
This is why it is unlikely android NFC devices will be welcome to this circle as they lack the advanced security.
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That is how every credit card processor in the world works
I'm not sure where you live, but there is a reason some gas stations charge less if you pay cash vs. credit card. You have been paying a fee for years. 3% that all merchants must pay to use the credit system.
wait...
this will generate an huge amount of money only IF "you" buy Apple products and only IF "you" use ApplePay system.
by now there is NOT a LAW to use ApplePay System as the only 1 method to pay everything.
Anyway, it's going to be used much more in the future. Apple is always two steps ahead...
Apple's involvement will reduce fraud. Reduced fraud allows reduction in fees to merchants. Not only will apple get a piece of the pie, merchants will pay less for apple pay transactions compared to other NFC transactions.
Respectfully, incorrect. Every time you swipe a card, debit or credit, an interchange fee is paid. It may be the merchant who processes the fee, but in the end, you are paying it.
And you have been paying it for the past 20 years. Every single swipe = fee.
Don't take my word for it. Here is Visa's 2014 interchange fee schedule for the USA. Every country has a fee schedule, and what a schedule it is. Visa, MasterCard, Amex, Discover, all of them have fee schedules. Fees, fees fees. If you use a card, you are paying fees, paid by the middleman (merchant), which are passed onto you via higher prices.
Maybe, BlackBerry tried to ask Banks a fee for any transaction made with a BlackBerry, and the banks says NO.
Now, Apple said to Banks that they will pay fee from ApplePay, and Banks reply YES, SURE!
Honestly some "innovations" make you wonder - if your battery is drained for whatever reason you are not able anymore to make any payments - a good old plastic credit card will do the trick every time again and again.
I would always, but always carry plastic around
I would always, but always carry plastic around
really?
can't believe it ! i think they will do it for free... just for they own pleasure..
very strange.
can't believe it ! i think they will do it for free... just for they own pleasure..
very strange.
Yeah, except for too many people it's just that...a DREAM. This game is rigged so badly. But , good for apple. I guess.
Yeah it may even be that retailers only accept apple pay for NFC as other set ups are much more prone to fraud which means card processors would charge retailers a much higher rate than apple pay.
Weirdly, that is credible enough. Ironic since Apple are pretty much the last one to the game with NFC payments.
Those transactions are limited to £20 because there's no validation done on the user i.e no request for a PIN number. Apple Pay uses the touch I.D sensor for validation, therefore the £20 limit shouldn't apply.
I hate all of these fees. I despise interchange fees. They are skyhigh -- wildly out of proportion for the service rendered. Wall Street earns billions and billions every year skimming 1% to 3% of your everyday transactions. Each of those twenty-five cent skims results in a torrent of money.
I wish more people understood this entire regime fully. Mention interchange fee, 90% of the public will have no idea what you are talking about. Financial ignorance. This also is why banks fought so furiously to defeat the Durbin bill, which brought some much-needed regulation to these disgusting fees.
Best way to pay for stuff is cash. Cash is the only way to avoid paying fees for using your own money. This also is why we can never move to a "cashless" system -- thieving middleman banks will insert themselves into every single electronic transaction, draining you like a vampire. This also is why Visa and Mastercard ran those commercials that imply cash transactions are old or slow. Utter BS: they don't want people using cash, because they can't skim a fee off a cash transaction.
Stop parasitic money loss, use cash when you can.
I wish more people understood this entire regime fully. Mention interchange fee, 90% of the public will have no idea what you are talking about. Financial ignorance. This also is why banks fought so furiously to defeat the Durbin bill, which brought some much-needed regulation to these disgusting fees.
Best way to pay for stuff is cash. Cash is the only way to avoid paying fees for using your own money. This also is why we can never move to a "cashless" system -- thieving middleman banks will insert themselves into every single electronic transaction, draining you like a vampire. This also is why Visa and Mastercard ran those commercials that imply cash transactions are old or slow. Utter BS: they don't want people using cash, because they can't skim a fee off a cash transaction.
Stop parasitic money loss, use cash when you can.
Yes, there is always a fee, that is correct. But in many countries, these fees are part of the product cost and customer service. Old credit cards systems (VISA, Amex) on the other hand require an ADDITIONAL fee. And that is the no-go. And as ApplePay so far only reaches out for those old credit card systems, it will naturally introduce an additional fee.
As in many countires, a published price must be declared including all additional costs and this is just not looking good.
I am not a banking expert but I am a consumer. And I see that paying with credit card costs me more than with a pin'd debit card or cash. That's what I see and that's how I decide what to use.
Because blackberry and everyone else provided insecure NFC implementations with high fraud rates. My understanding is NFC payments have been charged at the much higher rate charged to phone/internet orders.
Due to apple pushing its security and fraud protection it is rumored they have secured much much lower rates for NFC apple pay payments, which are likely equal to the rates charged for swiping a card. The difference in these rates can be substantial , as much a 1%-2% of the total sale price. Such huge saving allows apple to wet their beak while the merchants pay less.
Apple makes money, the banks save money and the processors pay out less money. It is win win win
Kudos ton apple., getting the banks,,processors, and credit card vendors all to agree had to take a lot of work.
I think apple pay NFC will really take off in the us., I think other NFC systems will find themselves behind the curve and in some cases locked out.
So if you accept ApplePay as a great feature you can't go on without, you're forced to buy the last iPhone model, because the ones they're selling in this moment aren't supported
These days cash is almost always slower. Credit transactions under fifty dollars dont normally require a receipt. I can check out much faster. Given there are not cash discounts payijg with cash does not save money
The banking industry is the scum industry of the planet IMO. And don't fret people, you WILL end up paying for that Apple tax on them.
I'll be interested to see how they get on with the UK banks and regulators, then again it would be nice to see a contactless payment system.
I'll be interested to see how they get on with the UK banks and regulators, then again it would be nice to see a contactless payment system.
It's £20 because there is no verification, Apple Pay has TouchID which would overcome this