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CVS Stores Reportedly Disabling NFC to Shut Down Apple Pay and Google Wallet
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I'm not up on all the regulations and compliance issues companies must address. But before condemning or implying MCX is evil over this - it might be interesting to find out if other organizations have the same requirements as far as holding on to ACH documentation for a set amount of time?
PayPal might be a good one to find out what their policies are since they deal with ACH.
I am not advocating for MCX's policy. I am questioning whether it's unique to them or requirement of anyone processing ACH transactions.
Yes I am. It just shows how stupid it is to restrict NFC based payments when they have no problem offering traditional credit card payments.
Because suddenly there's a deluge of people able to use NFC payments. And because they are getting ready to launch a competing product and don't want people adopting NFC payment options but rather their own.
In short - they want mobile payments to use their system. They'll never control those that choose not to use mobile payments.
The app also records your location and collects health data and transmits it to their cloud. Sounds legit to me. Sounds like they pulled off the hat trick of making something that actually seems less secure than current credit card swiping though.
I believe the highest fees are from debit/credit cards attached to a bank account, that also say Visa/MC on them. Over 4% vs AmEx's 3.5%. (plus a per transaction fee, probably negligible as a %) "Regular" Visa fees are below 2%.
There are certain leaps in life that are larger and have more effect than others.
For example: The adoption from VHS to DVD was significant. So much so that DVDs are STILL being sold. The jump from DVD to Blu Ray wasn't so rapid or widely accepted.
Cash to credit/debit cards was huge. I don't think it will be the same for NFC/Apple Pay. Too many obstacles to overcome. You have to have a certain phone, the merchant has to accept it, the bank has to support that card bla bla.
No they don't. Most airlines stopped accepting cash for purchases on board years ago.
In fact, straight from the fed:
http://www.federalreserve.gov/faqs/currency_12772.htm
The funny thing is that he doesn't even have the list of companies right. Walgreen is one of Apple Pay's staunchest supporters and founding partners. Also look at a lot of those other companies, Kmart, Best Buy, Sears...all in serious trouble/big slumps. This is the last thing they need, being on the losing side of some payment system war that is not even part of their core business.
I've snipped out a bunch and highlighted the actually important issues in that deal. #4 especially is absolutely pointless and shows that it means nothing to Apple long-term. But go ahead and keep up saying that Apple was "saved" by a relatively small investment which was a court settlement of a long-standing feud that cost the companies MORE than that in legal costs. I'd almost call it nominal.
Flash was a plugin that Apple didn't support. Apple doesn't support plugins period. CurrentC is an app. What rule does it violate?
This couldn't be further than the truth.
I have 2 American cards with chips. Contact chips. Most chip cards in the US are contact cards. In fact, I haven't heard of any EMV cards that aren't contact chip.
Your talking about Apple Pay, and the poster you've replied to is talking about NFC in general, of which Apple Pay is just one implementation.
Just transferred from CVS to a big new Walgreens less than a mile away - closer than CVS which I've used for years. I told Walgreens it was specifically because they accepted ApplePay that I was moving to them.
What a nonsensical business decision by CVS. I'll be sending CVS corporate an email also.
What a nonsensical business decision by CVS. I'll be sending CVS corporate an email also.
It's a business. Of course it's all about the money
. I expect if their decision negatively affects their earnings, they will change it fast.
Here's where I'm confused. The supporters of these retailers claim its a win for them and consumers if the merchants don't have to pay these service fees. Yet apparently you'll be able to use credit cards with CurrentC system. If that's the case than clearly service fees isn't the issue here.
Too many are being willfully disingenuous, like claiming that Apple's fee is 30 percent or they get a cut of the sale from merchants. Anyone not willfully spewing crap would know that Apple's business model is making money selling hardware. The fact that their iTunes/App Store revenues have been steadily increasing due to more iOS device sales is just a bonus. Apple isn't interested in making a lot of money off Pay. They're interested in building out a service/feature that gets more people buying iPhones, iPads and Watches.
Duplicate functionality for one? Doesn't really matter, actually. Why are torrent clients on the App Store? I'm sure they reject CurrentC under the same umbrella.
That whole thing about Apple providing a similar service. Remember all the web browsers that were blocked? They don't do that anymore.
Yes, and this move just proves that they are concerned about Pay becoming popular and taking off (and perhaps having a positive effect on Google Wallwt usage as well). If they weren't there would be no reason to turn off NFC now when their solution won't be here until next year. And if their competing system is so much better for everyone then why are they afraid to allow NFC? Let the better system win.