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Apple to Collect Fee From Banks for Every Purchase Made with Apple Pay
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Actually they tried to and Bank Of America, JP Morgan caught so much flack it had to rescind the fees they were trying to add on.
At first I loved the idea of Apple Pay.
However the more I think about it, the more I feel that until adoption rate is at 90-100% in all stores across the US then its really not worth it.
I would still need to carry my cards around anyways, why not just use my card.
Until it comes to a point where I no longer have to carry my cards around, then I think I'll fully jump on board. But right now its just an addition to my cards I use.
Would i have to ask the merchant everytime I use my cards "Hey do you accept Apple Pay", that will get annoying quick.
However the more I think about it, the more I feel that until adoption rate is at 90-100% in all stores across the US then its really not worth it.
I would still need to carry my cards around anyways, why not just use my card.
Until it comes to a point where I no longer have to carry my cards around, then I think I'll fully jump on board. But right now its just an addition to my cards I use.
Would i have to ask the merchant everytime I use my cards "Hey do you accept Apple Pay", that will get annoying quick.
It works through nfc, so you'd just have to look for the nfc terminal at checkout at the stores. I don't know that it requires anything other than that, but I could be mistaken.
back in 2009 (1/1) here in Sweden the banks and cc-companies forced the merchants to stop using magnetic-swipe, and start using chip-pin (online authorization) by making the merchant financially liable if any fraud was suspected...
a year later a law was introduced prohibiting a higher price using cc vs cash...
in the end every merchant now uses chip-pin, but some may refuse small transaction <5$ or so...
some skimming (copying the mag stripe) still occurs at ATM:s, but you´ll have a new card and your money back in 2 days via your bank..
my point is: shopping is already safe and I cant understand why my bank & Visa would be interested in Apple Pay, Google Wallet or other??
and how would a merchant be interested in yet another terminal??
Well, for starters, credit cards are not remotely secure here in the US. Chip and pin is literally just starting to roll out, and won't be completely rolled out for a long time now.
The merchants want to work with Apple pay most likely to attract customers that will pay that way. We will see as time goes on... There are still places that don't accept cards of any type: I refuse to shop at those places. I think it's mostly about giving the customer choice. Also, most new credit card terminals already are ready for Apple pay. If it's got NFC, it's ready.
Why waste time hacking a phone when you can much more easily lift a wallet?
If this means I lose my points, sadly I won't be using it.
In most cases, I suspect the merchant finds the SERVICE provided by the payment processor to be worth the COST. Otherwise, the merchant would stop using the services provided by the firms you call "vampires".
Relatively few merchants are cash-only, but that option is available to all of them. A cash-only business incurs other costs. Cash is risky to accept, handle, and store. It's labor-intensive, and labor is expensive. Fewer payment options means fewer customers - many of customers don't like carrying much cash.
It seems to me that many merchants VOLUNTARILY agree to pay the credit and debit transaction fees because the services are good value for the money, compared to the other alternatives (including cash) available to the merchant.
If you really have a hatred for "vampires", you are free to run your own business as you see fit. You can refuse any payment type that makes your blood pressure go up.
You can even go into business providing alternate, non-vampire payment services. You can provide it as a free service if you want to. Hopefully you are rich, because you'll probably need quite a bit of capital to run your free service, and I don't think you'll find many investors willing to put their money at risk. But there will be some -- so put together a non-vampire business plan and head over to kickstarter.com to fund it. I wish you the best. If your service is good enough, I'll even use it myself.
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.
You only invent something when you need it. You don't have to reinvent the wheel if something already exists that is usable. NFC is a standard, and one that many Droid fans are attached to. Adopting to this standard = switching those die hard Droid fans with nowhere to tap their NFC's to come over to the Apple side.
You don't actually swipe your phone... SMH. Just tap it.
Apple's DNA has always been about combining great, simple software with sexy hardware.
Actually, Apple negotiated lower rates for merchants who need to process cards but don't physically have them. By taking all the risk, and making the transaction more secure, it seems like there will be lower or the same rates for all participating merchants. The main part is the lower risk, which is why I think many will jump onto this rather quickly.
You don't have to have Apple products to do this - any NFC capable device should work. However, people will get the iPhone 6 because it can do it eloquently.
Definitely need DD to be added.
For me it's (please forgive it these are actually supported)
MicroCenter
BestBuy
DXL (Imma fat guy)
Burlington Coat Factory
Quiznos
Chipotle
The adoption rate wouldn't have to be 90% . . . . not even 70% to be honest. If it was 40%, and just in the places that the target demographic shops then it will be a hit.
Even in this high credit nation of ours we still have to carry cash for various things. Apple Pay just makes it a little easier for us to NOT have to pull out our wallets and swipe and drop it and loose it.
Except that now the merchant has to pay someone to count the cash, balance the registers, hire two security guys and an armored truck to ship the money back and forth between the bank and the store. The bank then has people counting, accounting and whatnot.
If you for one second think that this does not cost money, you are seriously deluded.
Why would you lose your points? You are still using the same reward card(s), except the authorizations are transmitted via NFC instead of a swipe, or hand-typed via the keyboard.
Not a chance in #3l!!
It will take quite some time to roll out this program. It will likely take 3 to 4 years before Apple turns any kind of profit on it. I can't wait for it to be fully implemented. GO APPLE!
Meanwhile, Home Depot's lax CC system compromised my MasterCard. Third credit card replacement this year. The current system totally sucks!
Do you know what "monopoly" means? There's a great hint right there in the word -- "mono".
If you take a bunch of distinct words, connect them with slashes, and then describe the resulting collection as a "monopoly", I think you're doing it wrong...
yupp, I understand safety is a valid point... but you still need a bank and a cc, and if you introduce a 3rd party (Apple in this case) whos paying that??
will you get 3 prices: 100$ cash, 110$ Visa and 115$ Apple Pay...
For some stuff yes... but not everything. If an industry's standard is too slow to catch up (e.g. USB 2.0), then it makes sense for Apple to try and create/use something better in the interim (i.e. Thunderbolt) until that industry catches up.
NFC is still pretty new in terms of adoption... and luckily it's not something that requires a lot of data to be transferred for each transaction - so it's basic enough for Apple to use it.
Remember, they still have iBeacon in their back pocket if they want to get fancy with things... but for now, the first step is signing up more users onto iOS and get many back into iTunes.
Your red card is NOT tied to your debit card. Target has no access to your bank info... It is tied to your checking account number and your routing number. It is a check card, electronic, but a check, not a debit card.
I hate the name of the card. We save fees, we pass them on to you....
Signed,l just a "mouth breathing" cashier at target
http://9to5mac.com/2014/09/10/disco...d-and-visa-in-apple-pay-contactless-payments/
Looks like they'll Discover it soon enough!