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MCX Postpones Rollout of Apple Pay Rival 'CurrentC'
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I have done that too. The experience wasn't so very different because I still needed to accept the charge amount and sign. Also, if you have more than card, paying with Apple Watch is more than just double-tapping on the button. You have to select the card you want to use before you get to the terminal or you might well pay with the wrong card. That's already happened to me. The iPhone is actually easier to use in that respect since it more clearly allows you to select the card you want to use before authorizing payment.
That is still a stupid policy. MAKE IT EASY FOR THE CUSTOMER TO BUY YOUR PRODUCT.
Except that Walmart Pay lets you use a credit card. If it was still that much of a hassle to pay the fees, why not make it bank transfer only like CurrentC?
If those users think it's not much better than swiping or even inserting, why should they bother? Also, five million users seems to be an indication that bank support isn't the biggest problem.
I could have been using a debit card (which, BTW, will still allow signing for purchases). Or a foreign card.
Seriously though, I have a Diners Club card, which isn't being issued anymore. So no, I wouldn't say that "chip and PIN is being adopted". Hell, I wouldn't be surprised if at some point in the future they send a replacement chip and signature card because supporting PIN became too much of a hassle.
Man, I'm really confused now.
It was never about convenient for me, it is all about security. I am looking forward to one day merchant will never see/know my credit card number, security code, and my signature with AP/SP, vs when I hand them all my critical info on with credit card, specially when travel oversea, and merchant know you are from oversea.
Samsung Pay is top dog, followed by Apple/Android pay. This crap just needs to be canceled.
I have Diner's club too, my Discover Card.
It is better than inserting. However, they already have essentially the same thing in RFID cards, so it's almost pointless to use Samsung Pay. If I had any contactless cards left, and if the U.S had a normal adoption of NFC readers, I wouldn't even bother with mobile payments.
I agree, it does tick me off that banks are opting for chip and signature.
No, that scenario is not likely to happen. Walmart is able to do this effectively because they have over twice the number of stores in the US than their competitors like Target. Moreover, in many rural markets WalMart is the only game in town. That is some substantial leverage, and likely the only reason that Apple allowed Walmart to carry the struggling Watch after the retailer thumbed its nose at accepting Pay. Im not completely sure about my stats, but I believe Walmart might be the largest retailer in the world. Very few other merchants could begin to compete with that kind of volume to warrant supporting a unique payment system. Now, if Walmart successfully roles this out, and I believe they will, then they may be inclined to start offering it to other retailers, and then better integrated into iOS. So customers who presumably already download the app for a particular store they shop at will have the tech built into it, and have it as an option, without investing a substantial expense. It serves the same purpose as loyalty cards, and the stores can incentivize adoption and use by offering exclusive deals through it. However, those smaller store don't have anything like the power of Walmart in volume or scope, and will likely continue to offer Pay, and any other payment system that has widespread adoption. On the other hand, I'm still waiting for Starbucks to offer it.
Costco had an exclusive deal with AMEX which certainly drove adoption by less affluent customers. But AMEX lost touch with the changing environment, and has lost their exclusive deal with Costco at a massive cost to AMEX, who is now scrambling to replace the income losing that deal will cost them. Apple runs a similar risk. But in general yes, many smaller merchants will want to accept Pay, but that's certainly not the case with Walmart, or any of the big box retailers for that matter. Certainly Costco seems to have no incentive whatsoever to accept it.
I meant https://www.dinersclubus.com/home/consumer-cards (issued by BMO Harris Bank), which is a MasterCard.
I honestly don't think that people would care enough about it taking an extra second over tapping. It's just that retailer software is almost universally bad right now. Also, people are wildly bad at judging time--I've heard people say that it takes "a minute" or longer when it probably only took 10 seconds at most.
The study is for the US. There are 100 million iPhone users in the US. Out of those, ~30% have an iPhone 6, or 30 million. 20% of that is 6 million transactions since late 2014.
That's 6 million... likely mostly low value purchases... out of well over 150 billion transactions, or about .004% (one out of every 25,000).
That said, there were estimates that during its debut week, Apple Pay accounted for 1% of transactions at Whole Foods, showing at least that many people wanted to try it out at places it was usable. One out of a hundred is still pretty low, though.
I agree that it's just a matter of time, of course. Ten or fifteen years from now, few will remember the way things are today.
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As far as the Walmart Pay app, it was being used over 22 million times a month even before it gained its current extra capabilities. The sheer size of Walmart's customer base ensures high usage.
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Sign me up to CurrentC....Sign me up to Pay
So I can tie my bank account...and lose all my money today!!!
So I can tie my bank account...and lose all my money today!!!
That could be handy, especially in places where card number theft is common.
Personally, I'd hate to have to tell my wife that she's got to remember another PIN
Signature is easier to remember, just as quick, and treats you less like a potential card thief.
What constitutes "the same visit" to them? If you go outside and come back in is it a different visit? If you come back in 30 minutes, one hour, next day? What? Seems like a really strange anti revenue earning policy. There are many times when I have gone back up to a counter someplace and added something else.
I've gotten too spoiled by using my Apple Watch to pay for things. The only downside is that some places that take Apple Pay don't actually know it, so I'll pay for things and they aren't sure what to do. Other places get all excited because I'm the guy who pays with his watch! I can't imagine using CurrentC (or Walmart Pay)... might as well just get my wallet out and pay with my credit card.
I have not noticed massive delays at Target. I timed a transaction for a poll on Planet Money and from the time the cashier hit "Total" until the receipt started printing it took 15 seconds for the transaction to process. I do not consider this to be a "disaster". Where the transaction takes longer is with people who are not prepared to pay and need to fumble with their card, look up their PIN on the scrap of paper in their pocket etc.
Personally, I'd hate to have to tell my wife that she's got to remember another PIN
Signature is easier to remember, just as quick, and treats you less like a potential card thief.
PINs are a pain but signatures are of no use at all. I now do a protest doodle and of course nobody cares they just take my money. Biometric validation ultimately will make the other methods obsolete, some day. If only we could get the banks to believe that a fingerprint is much harder to forge than a signature.
To my knowledge there is no bank that offers this kind of lookup service. I don't see how this would even be possible since the POS terminal interacts with the payment networks, not the banks directly.
This is entirely voluntary. If you don't add the loyalty card to Wallet, or don't set it to "automatic activation", the merchant never sees your loyalty number.
Apple doesn't do anything to facilitate data mining by the banks. It's exactly the same as if you were using the physical card. And banks have only limited ways of mining your transactions since they don't see what you actually buy (although just seeing the stores you use can of course also be revealing).
Personally, I'd hate to have to tell my wife that she's got to remember another PIN
Signature is easier to remember, just as quick, and treats you less like a potential card thief.
However, I wouldn't want to drop my card and then have someone use it at the store before I realize it's gone. Even if the banks cover fraud, it's a huge pain in the behind. Recently dumped one of my credit unions because they kept goofing around with credit and payment adjustments after I had fraud on my card.
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I should've just went outside for a second and walked back in and said, "oh look, different visit, now take my card."
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I know, however by the time I'm done tapping my card and the payment has gone though, I'd still be trying to stick my card in the reader. Contactless cards are even faster than Apple Pay is believe it or not.
Totally agree with this. Such a short-sighted implementation here in the US.
The banks are the ones that give out the token, so the bank would have the knowledge of who has what token.
I don't know if you are being satiric or not, but you may be onto something. If at anything, to force Apple Pay at all of their vendors to really push it out so CurrentC can just die and be done already once and for all.