Whether it’s this or the App Store it all comes down to other companies not thinking Apple deserves a cut of reoccurring payments but Apple execs believing they do.
And Apple is starving?
Not everybody will agree but I'm quite happy that they are doing this. In my country Google Pay is available but no bank supports it and Samsung Pay isn't available at all. The banks all have their own apps to avoid fees while simultaneously trying to squeeze more money out of their customers. Apple Pay on the other hand is supported by a large number of them.
Yes, I use the Apple watch to pay all of the time....unless it's some cheap ass store that does not support "contactless payment".....listen up Homey D.Point your Apple Watch instead-- it is the far better way to use Apple Pay -- no Face ID required since the watch was unlocked when it was put on your wrist and remains unlocked until you take it off. Even better, you don't have to go reaching into your pocket to retrieve it since it is already on your wrist.
That said, I agree that the card issuers / banks are just being greedy whiners. I can see the argument that on a recurring subscription Apple is not doing anything more to secure the transaction since the first transaction was already secured with an Apple device, but on the same note banks have been taking huge fees for years on credit card transactions -- so much so that they can offer as much as 2% cash back on all transactions and 4% on specific categories of transactions without losing money. Quibbling over Apple's 5% cut of their 3% transaction fee (i.e.: 5% of 3% is 0.15%) seems silly -- especially when you consider the reduction in fraud provided by Apple Pay.
It's always funny when the middle man complains about somebody being a middle man.
Apple also has enough money. I can’t side with either one on this issue, it’s not like anyone will pass on the savings to customers.
Banks are making out like bandits, getting interest off my money but keeping it all for themselves. Many now give customers 0% interest on their accounts. Others are around .02%. Decades ago, they'd give you about 3% or even more, and they worked hard to keep you as a customer. No wonder alternatives like Bitcoin are taking off. People are fed up with being treated poorly by their banks. My bank just sent me an NFC debit card. I know those can be read by someone near you with simple equipment, so I asked them to send me a card without NFC. They refused. So I no longer carry that card around and just use Apple Pay. And if the store doesn't have Apple Pay, I either use my non-NFC credit card or better yet don't buy anything. If the bank listened to its customers instead of its shareholders, maybe things would be better for everyone.
Pretty much.. I don't see why Apple should get a cut of any recurring subscription payments as they are no longer required to be part of the transaction. Once the payment schedule is setup, Apple no longer needs to be involved.
Banks were supposed to make their income from investments made while holding the collective finances of their customers.
This.
Corporate taxes are applied to profits. They are not part of the cost basis (COGS) of products and services, so they don't get "passed on" to the consumer. Don't argue with me, that's GAAP.
And when they fail to innovate the citizens end up with the bill, thanks bailouts
And how exactly do you think they pay those taxes to achieve profits, yep the consumer.
Once a reoccurring payment is set up what is Apple further securing?
