If I am reading it right, as it stands now, the stores that will use CurrentC, when it is fully active next year (if it makes it to next year), will no longer take Credit Cards and won't be allowed to take other forms of payment, such as Apple Pay or Google Wallet. I think it's cash or CurrentC at these merchants. Let's go backwards to Ma Bell, shall we?
It can't. If benefits are tied to a payment card, Apple Pay has a clear advantage. In the same way it would be possible to use some rewards programs with Apple Pay by allowing store cards (like the Target red card) to be used with it. Of course it is up to the issuer if they want to allow that or not.
Usually you can get expenses reimbursed from the HSA if you don't use the provided debit card. Of course it's more hassle.
Too true on the first part, I never heard of them.
You're right, the exclusivity is concerning other forms of payment such as NFC and such, but, still taking credit cards, they are just trying to get people to use it instead, save merchants CC processing fees.
good concise read
Possibly, but it's worth noting that Apple Pay is not anonymized from a police-with-a-warrant standpoint; the credit card company still has a record of where you shopped and when, information which can be subpoenaed.
Not true. The token (the device account number whose last 4 digits you can see in the card info page) stays the same as long as the card is registered in Passbook. Only the additional security code changes per transaction. So retailers can certainly track purchases over time. However, Apple Pay does not seem to transmit your name to the merchant (while it can be read from the mag stripe of a physical credit card when swiping), which may make it a bit more difficult to match your transactions to a personalized profile the merchant might have. Of course, if you use any kind of loyalty program even once together with Apple Pay, they know who owns that device account number.
Yes, of course. It is your "virtual credit card number" that is given to the merchant instead of the real number.
The way Apple Pay works (utilizing the existing card payment networks), it is not practical to completely randomize the token. That would be like using a new credit card for every transaction.
"[D]efying MCX's exclusivity agreements does have 'consequences.'" Is that a threat? Oh when I'm threatening you, you'll know it! Soooo, was that a threat? No.If they can't handle credit they shouldn't apply for credit. Plus you end up trapping those people who have made mistakes in the past but straightened themselves out and are getting back on track.
and if a lender is being coercive, deceptive, or otherwise misrepresenting the terms and conditions they should be punished in accordance to the appropriate laws.
No, the Device Account Number is static for a particular card and your device. It will be used every time you use that device with that card. However the token generated by the phone is one time use and supposedly won't be something a crook could easily generate, plus I think the DAN isn't valid for other types of transactions.
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