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Apple's Jennifer Bailey Says Customers Are Willing to Switch Banks to Use Apple Pay
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Since everybody wants a cut, we'll probably never see a new system.
(Which would be magical-
For starters the banks no longer could claim that they had to charge 24% interest due to theft. Even an online entry of an Apple Pay code with dual authorization would protect a charge.
I am pretty sure if any government would be willing and able to sidestep the lobbyists, this could be changed for the better and consumers would have more money to spend on goods, rather than just making minimum payments on stuff they couldn't afford in the first place.
One can always dream.
PS: I can't understand why posters here want to slam Apple. The idea of Apple Pay is good and much safer than what we had. Every business is there to make money. To call that greedy is misunderstanding the purpose of a business.
I welcome the day when all I have to carry is my phone, no wallet with cards of any kind and a a little change in the car tray or pocket.
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I've used Apple Pay since it came to ANZ in April last year and stopped carrying a wallet ages ago. I no longer need to visit ATMs or get cash out, and I like the security of all the merchants I'm visiting not getting my number.
It does make me wonder who paid for this amazing network in Australia that provides contactless payments everywhere, but it is not the banks; it's the customers and the merchant fee of about 0.15% paying it. Some places like Aldi pass on that fee to any credit card, others absorb it.
For the conspiracy minded out there; I think the Government has also encouraged Australia to go cashless by regulating fees to make contactless payments probably cheaper than handling cash for a business; that is, unless they are fiddling their books. I wouldn't be too surprised if cash were slowly phased out; first $100 notes, then $50; then in a few years there will be none at all.
It does make me wonder who paid for this amazing network in Australia that provides contactless payments everywhere, but it is not the banks; it's the customers and the merchant fee of about 0.15% paying it. Some places like Aldi pass on that fee to any credit card, others absorb it.
For the conspiracy minded out there; I think the Government has also encouraged Australia to go cashless by regulating fees to make contactless payments probably cheaper than handling cash for a business; that is, unless they are fiddling their books. I wouldn't be too surprised if cash were slowly phased out; first $100 notes, then $50; then in a few years there will be none at all.
You're right and wrong.
You're right and wrong too.
This is what she should have said: "... some customers will say they are happy to switch banks to use it."
Sort of a Schrodinger. If TroyBoy30 opens the box, Jennifer's wrong. If bbeagle opens the box, Jennifer's right. If 69Mustang opens the box there will be a zombie cat. {mind blown} <-- it's funny if think about Schrodinger... the physicist, not the cartoon pianist.
Don't these stores already have loyalty schemes? in the UK all the shops do and I readily hand them my loyalty card even when paying with Apple Pay and that no doubt records what I purchased with my identification to the store as I get perks for buying things.
From what I've read about Walmart Pay is they want to handle the payments so they can keep the card processing fees that currently go to Apple, Visa and so on. Walmart is big enough to take on the burden of operating their own payment system while making a profit.
I bet the number of people willing to switch banks to use Apple Pay is probably that small group of people who have rather simple banking usage and little value in their time.
I wonder how many people are willing to switch smartphones to use a headphone jack?
I wonder how many people are willing to switch smartphones to use a headphone jack?
On an unrelated note, I like your use of the Walken comma!
[doublepost=1486757796][/doublepost]Yea, that's because AP is amazing!
No. I get many service for free at my bank because I have multiple types of accounts, mortgages, etc. Not giving that up for Apple Pay.
I have a bank and a credit union that I use for checking/savings/loans. The credit union is usually much better rates for loans, so we keep a savings account there. They keep asking why we don't switch checking and I tell them it's because they don't offer Apple Pay.
I can't speak for fel10, but personally I think Apple's very arrogant to go to a country with a fully-established contactless system, open to all banks and retailers, and then to try to dictate more terms and conditions on top of that. Frankly I'm amazed that ANZ agreed in the first place.
I think the 3 main Australian banks are holding out till the last minute, so that they can "try" and get a better deal with Apple with fees etc. Hopefully the ACCC will decline the banks next month and the banks will wake up and give what the customers actually want. I'd like to know how many customers the ANZ gained with Apple Pay or how many those other 3 main banks customers they lost.
Whats stooping you? Or are you one of these paranoid customers who cover the keypad of the transaction machine with a palm, looking suspiciously from left to right before entering the pin
I love Apple Pay, specially with my Apple Watch. Not having to pull out my wallet is awesome.
I just wish more retailers would accept it around here.
I just wish more retailers would accept it around here.
Actually, she IS incorrect, at least according to industry stats from non-Apple sources:
https://www.ncr.com/company/blogs/financial/contactless-payments
https://www.smartpaymentassociation...SPA-Contactless-Payment-Benefits-WP-Final.pdf
Europe is leading the charge in contactless payments - Australia being the biggest adopter outside of EU.
It's funny how it's the US who's been the least likely to adopt using NFC tech. (we've had tap to pay in Canada for about 10 years or so - just none of the mobile apps/wallets ever caught on until Apple Pay).
I don't think Canadians were switching banks to get it....they just added an Amex card to their wallets as they had it first (as the banks were still squabbling with Apple over how they were going to carve up the pound of flesh *ahem* fees that they extoll).
Does make you wonder how many Amex cards were cancelled after Apple Pay became available to all of the banks though.
https://www.ncr.com/company/blogs/financial/contactless-payments
https://www.smartpaymentassociation...SPA-Contactless-Payment-Benefits-WP-Final.pdf
Europe is leading the charge in contactless payments - Australia being the biggest adopter outside of EU.
It's funny how it's the US who's been the least likely to adopt using NFC tech. (we've had tap to pay in Canada for about 10 years or so - just none of the mobile apps/wallets ever caught on until Apple Pay).
I don't think Canadians were switching banks to get it....they just added an Amex card to their wallets as they had it first (as the banks were still squabbling with Apple over how they were going to carve up the pound of flesh *ahem* fees that they extoll).
Does make you wonder how many Amex cards were cancelled after Apple Pay became available to all of the banks though.
Eagerly awaiting the moment when hackers realise there's lots of money to be made hacking Apple Pay.
OMG the **** is gonna hit the fan...
OMG the **** is gonna hit the fan...
I set up another account with a different bank as my main bank didn't support Apple Pay out of the gate.
Maybe, but they're not about to give up, or access to, trade secrets, or compromise the SecureEnclave. And that's a good thing for the millions of ApplePay users the world over.
