I am really glad the abandonment of MCX has begun. But hold back your cheers if you are an Apple shareholder...and beware the media backlash that begins in 3, 2, 1, Now.
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MCX CEO Out After Best Buy Begins Accepting Apple Pay
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Um, how would currentC not be traceable as well? And I was under the impression that if your bank supports ApplePay you can use your debit card as well (I admit I could be wrong there), so that's as much a cash exchange as currentc would be.
I have a debit card associated with my Apple Pay account and Passbook. Apple Pay actually makes me feel safer about using a debit card versus using my credit card each month and then paying it all off at end of month. Given the extra layer of abstraction and no need to share my PIN at purchase, its a win-win.
If you are going to do it that way, you are going to have to take into account in your math that people will do the math and you won't see anyone being paid 34823 - how much ever more you have to get paid before after taxes the amount you get is > 34822. People will figure you you get paid more if you get paid slightly less than the cap where you start getting taxed and won't accept wages that are in the window where you aren't getting more money than if you got a salary that was less than the cap.
Would you mind translating this into something besides a couple of run-on sentences? I'm having a lot of trouble following your meandering.
I originally wrote that I picked that amount, because it was the floor on adjusted gross income for the top 50%. Using that number in 2011 would have eliminated all personal federal income taxes for the bottom 50% that year. Everyone else would have subtracted that amount from their AGI, and applied the 21% flat tax to the remainder.
In reality, the "standard deduction" (or exclusion, or whatever you want to call it) would be based on the number of members in a household. But, the IRS data doesn't include that information. You might be able to come up with some estimates using the Congressional Budget Office data you can find here:
http://www.cbo.gov/sites/default/fi...tribution-of-Income-Taxes_Supplemental_0.xlsx
See sheet #4: Income Group Minimums. But, be aware that the CBO calculates income differently. The IRS uses adjusted gross income from tax returns. The CBO adds "market income" and "governmental transfers" together. See the first tab (Contents and Notes) for the definitions.
Curious, why haven't they looked at decoupled debit + NFC wallet. This would require either host card emulation (HCE) or a separate chip on the phone (eg iPhone 6/Galaxy S6) so older models that can only use QR codes would be out. Add in some extra authentication/security factors and then release. Decoupled debit is basically closed-loop with a ACH back-end. If they added in tokenization on top, they in theory could achieve similar security to current mobile wallets all the while with low processing fees.
I disagree.
If I have a contractor come over and trim the trees in my yard, he bills me $900 and I refuse to pay for no good reason he can sue me, put a lien on my property, and so on.
If I walk out of a restaurant without leaving a tip there are no legal ramifications whatsoever.
A tip is a moral obligation, but not a legal one. And frankly it's only been made a moral obligation after prohibition ended and restaurants started encouraging patrons to subsidize their workers wages in a way that has become accepted in America these days.
In many other countries workers are fairly compensated for their work, and patrons are not expected, and in fact are discouraged from leaving tips.
https://www.youtube.com/watch?v=q_vivC7c_1k
Here is the explanation in video form
Perhaps I didn't explain enough. It would be like a landscaper charging 900 and you pay him 1000 for a job well done.
The landscaper is not getting paid $2 an hour. He just made $900 less his out of pocket. The $100 would be a nice touch, but he is not needing that to survive.
Conversely the server cannot possibly live on the wages they get without tips.
Eh. It'll still be a few years before all of the cards are changed. LoopPay also has a plan for it involving some form of tokenization that will likely require bank cooperation: https://www.looppay.com/faqs/#post-2171. Whether that'll happen is the big question.
That's true, but the retailers are upgrading the terminals now, RiteAid just finished for example, every store is upgrading now in if the card are not out yet. All of these new terminals are standard with NFC, so MST will be pointless when every store supports NFC anyway. Also, it's going to use MSD CVV3 tokenization. This is an older form of tokenization used in Google Wallet (for now), older contacts cards from only the US, and only MasterCard on Apple Pay even support MSD tokenization. It's old and payment processors are sure to drop it in favor of EMV cryptographic tokenization (end to end encryption) once that becomes finalized, rendering it useless.
LoopPay said:
MSRs are still everywhere in the United States and phasing them out is going to take a long time. I don't care what happens in October with fraud liability. It's still the current standard and far from obsolete. Samsung Pay will also support NFC and I don't know why anyone would think they'll have problems adopting any other new standards and technologies going forward. Adapting to -and creating- new technologies is what companies like Samsung, Apple and Google do.
Good point. Also, I've received 6 new major credit cards in 2015 (Visa, MasterCard and Discover) and only 3 of them had EMV chips.
And then there's Samsung's "Loop Pay" which basically uses near field magnetic voodoo to talk to MSR's, possibly prolonging their miserable little lives.
https://www.looppay.com/how-it-works/
As already noted, it'll be years before most people have chip cards in the US, many will never have an NFC device. Not to mention all those magnetic swipe gift cards etc.
Plus Samsung sells to far more than just the US, of course.
Heck, according to EMVCo (the backers of Chip & PIN), over 70% of the world's in-person card transactions are still NOT done using a chip.
That includes 99% of US store transactions, 80% in Asia, 50% in Eastern Europe, 25% in Africa and the Middle East, 17% in Canada and Latin America.
So LoopPay (aka Samsung Pay) will still benefit people all over the world who use mag stripe cards, for likely a decade or more.