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Chase Launches 'Chase Pay' Payments Service to Compete with Apple Pay
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You could have changed "Chinese" to "Japanese", and it would be 1980. We know what happened to Japan. The Chinese may have already peaked, as indicated by the collapse of their stock market and their increasingly desperate currency machinations. The Chinese were smart a few years ago by adding some aspects of a market-based economy to their decrepit underlying economic and political system, but most of the benefit from that has been realized. If the Chinese TRULY think long term, they will be changing THEIR system even more; especially the legal system, but including the politics. We will see if they have the stomach for the radical change they need; personally, I doubt it. They will nibble at it by going after low level judicial corruption, but it will be politics as usual.
I feel like these people just started building something, and never sat down and thought, "Why would a user want to use our payment platform?"
First, for iOS users it is multiple steps slower than Apple Pay -
Apple Pay:
1. Double tap home
2. Hold to terminal
Chase Pay/MCX/CurrentC
1. Unlock phone
2. Find/open app
3. Find "pay" button
4. Hold to scanner, which the person behind the register will likely have to pull out.
So using it is slower and more clumsy, so what is left? I doubt they will give users better rates, they would rather them just use their plastic card at that point.
First, for iOS users it is multiple steps slower than Apple Pay -
Apple Pay:
1. Double tap home
2. Hold to terminal
Chase Pay/MCX/CurrentC
1. Unlock phone
2. Find/open app
3. Find "pay" button
4. Hold to scanner, which the person behind the register will likely have to pull out.
So using it is slower and more clumsy, so what is left? I doubt they will give users better rates, they would rather them just use their plastic card at that point.
Good thing I paid off my Chase Amazon credit card this morning--now I won't ever use it again since Chase wants to partner up with MCX.
Have fun subsidizing my cash back and miles, while not being able to get a hotel room or rental car.
This.
And this. A number of people in this thread have said something like "Who still uses QR codes?!"
Well, let's see. How about nearly every airline on the planet?
Plus, as you noted, various loyalty programs.
GOOGLE will do it. What the credit card companies do, can't be controlled. But GOOGLE will do it as well.
Apple will not.
Inferior only in terms of using them as a payment method.
All this is just a waste of time and energy IMHO... Anything related to CurrentC will be dead by the end of 2016. With the new readers to support chips being mandated for all US based retailers, from what I've seen, they are also updating to support NFC at the same time. So, the availability of supporting ApplePay, and AndroidPay is expanding fast.
It also doesn't change the fact that we are talking about linking to your bank and other personal information directly rather than allowing you and your transaction to remain anonymous. It's also specifically allowing you to chose what merchants you want to have your purchase information or not.
MCX paid Chase Bank to use their name. In exchange Chase Bank will get data and information on all MCX customers. This will allow Chase Bank to send these people marketing materials etc in the hopes that they'll switch to using Chase Bank.
For years before Apple finally added it, many people used NFC to make purchases on other phones.
Did you think the iPhone was inferior all that time because it could only use QR codes?
Likewise, there are many phones out there still without NFC. To them, just as with the iPhone of a couple of years ago, QR is still a superior solution for them.
It's really not a hard, long concept.... Not sure about the credibility of your point.
That's a good point. However, this reads like MCX using Chase Bank's name to keep people from knowing it's really just CurrentC with a new skin.
I can pay with Apple pay at Walgreens, but I still need my Walgreens rewards card or have to type in my number. At Dunkin', I use the Dunkin' app with the QR code because I can use coupons and rewards given to me through the app. I can pay from wallet, but I still have to open the app to find coupons.
The challenge for the banks or the stores using QR codes should be pushing apple to somehow incorporate rewards or coupons in apple pay. Sometimes you get to a scanning coupon, but in the interest of the ease of most other payments, I don't want to have to interact with my phone before paying. I'd prefer if apple pay could automatically use a certain card at a certain location and apply any coupon within that card resulting in the lowest cost. Coupons will certainly never require no human interaction and maybe QR codes are the way to go for them, but can't that be incorporated somehow into apple pay?
The challenge for the banks or the stores using QR codes should be pushing apple to somehow incorporate rewards or coupons in apple pay. Sometimes you get to a scanning coupon, but in the interest of the ease of most other payments, I don't want to have to interact with my phone before paying. I'd prefer if apple pay could automatically use a certain card at a certain location and apply any coupon within that card resulting in the lowest cost. Coupons will certainly never require no human interaction and maybe QR codes are the way to go for them, but can't that be incorporated somehow into apple pay?
I don't want the clerk putting their hands on my card
Apple would have to give Starbucks and the like an API they could use to access the NFC chip. They should perfect the NFC first. No need to rush it. Merchants can wait until 2016 for api access.
Mobile boarding passes would be better off using NFC and encryption than QR codes.
I refuse to buy anything from anyone with Apple pay - fortunately that doesn't exclude many people.
Apple need to work on sorting out OS X and iOS not making more still borns like AP, AW and music....
I don't understand what you're saying. You insert the card on your own, and you remove it on your own. It literally takes three to five seconds.
Suit yourself. Why don't you apply for a job with Apple? You might be their savior.