MCX Says Merchants Doing What's Best for Customers, Being Attacked for 'Challenging the Status Quo'

[coolfactor]

All CurrentC members deserve to be boycotted! MCX has egg on its face, and if it truly believes what they are spewing, then they are seriously delusional.

Thank you, Apple, for doing what is right for consumers.

 

[APlotdevice]

This statement is coming out because they fear the iOS users opting to not do business with any of their partners.

Actually I think they're more afraid that people won't use CurrentC when it rolls out because of all the negative publicity and flood of negative reviews in both the Apple and Google Play Stores.

 

[mikey12806]

What he means by "challenging the status quo" is screwing credit card companies. I guess we're all supposed to hate Visa, Master Card and Amex and by extension Apple because they worked with the credit card companies to implement Pay.

Of course they want you to hate credit card companies...mcx is composed of merchants who hate cc companies because of transaction fees. In my opinion, there's not enough benefit in any rewards program I've seen that outweighs the security risks here.

 

[SlCKB0Y]

In the end, CurrentC will win. Because Walmart.

That's not enough. Besides, you're forgetting that both Google and Apple have a payment solution suitable for global deployment, and Walmart/MCX do not.

 

[hellmacpro]

I was helping a neighbor lady get her health coverage cancelled, because she's starting Medicare. The operator did need some form of ID to cancel it. (Probably a good idea.) She was flustered and looking through her purse. Now, this is "Covered California," so a semi-governmental agency. The government has your number. But they only see, and they're only allowed to ask for the last four digits, and that's all they see on the screen to verify your answer.

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They said the stories of big fines if you leave aren't true.

my mistake then...thx..

 

[coolfactor]

Actually I think they're more afraid that people won't use CurrentC when it rolls out because of all the negative publicity and flood of negative reviews in both the Apple and Google Play Stores.

I sure hope that comes true.

I signed up with Target when they came to town, completely oblivious to the risks of handing over my information. I filled out a long form and then linked my bank account to my Target card. Used it once in two years. Now I see just how bad that move was, and I'm going to see if I can have my information removed from their system. It will be interesting to see what they tell me.

 

[Irishman]

Really, Status Quo? QR Codes were the status quo like 10 years ago. We've moved on since then. This is so MCX can make consumer data trafficking a lot easier.

MCX is the gift that keeps on giving.

2550 reviews on the App Store giving CurrentC a 1 star review speak oh-so-loudly!

 

[HEK]

From laughter. Oh my god. What morons.......this giant floating turd will swirl the rim and shoot straight into the sewer.

Please give warning next time, I nearly went to hospital choking on Cheetos as I read this. And know I can't get the graphic out of my head!

 

[coolfactor]

Of course they want you to hate credit card companies...mcx is composed of merchants who hate cc companies because of transaction fees. In my opinion, there's not enough benefit in any rewards program I've seen that outweighs the security risks here.

I'm all for not paying a fee to a company simply because I carry around a plastic card in my wallet. Credit card companies are running around with millions of dollars in "profit". It's a pure cash business for them. But Pay does not penalize consumers with an extra fee, unless of course businesses start tacking on an extra fee when a customer goes to use Pay. If it ever gets to that point, there better be a revolt!

 

[SlCKB0Y]

Come on. How do you think Apple is making money off of Apple pay?

Apple's rather tiny cut (0.15%) is coming out of the standard merchant fee for credit card use.
https://www.macrumors.com/2014/09/12/more-apple-pay-details/

For a credit card company charging 2% (rather low), Apple is only taking 7.5% of their total transaction fee. For companies with higher fees, that percentage is less. The credit card companies can probably pay Apple and still come out ahead because of fraud reduction, PLUS the ease of use means more people spend more money.

Normally, mobile payments cost a few percentage more than credit cards for merchants (thats why they don't like mobile payments).

Source?

Do a little thinking.

Amusing, since you are the one maintaining you are correct without providing anything in the way of support whilst at least 6 or 7 people tell you that you are wrong.

 

[Zaqfalcon]

What a boring story. Now; where are my Hello Kitty headphones?

 

[ptb42]

Come on. How do you think Apple is making money off of Apple pay? Normally, mobile payments cost a few percentage more than credit cards for merchants (thats why they don't like mobile payments). Now, whats happening is that banks are getting the normal rate for credit cards. Apple gets the rest that would make up for mobile payments. Merchants would pay the same rate for mobile payments which is higher than just using a credit card. Thats why they want their own mobile payment system. If Apple pay picks up, they lose money. Why would merchants want that? Do a little thinking.

Do you enjoy doubling down on being wrong, when 4 different people have told you that you are mistaken? Let me give you a clue: when so many people point out your error, maybe you should take a few minutes to investigate. Then, you would now longer look clueless.

If you bothered, you would find that Apple got the banks to agree to accept "Card Present" transaction fees when using Pay. That means that whether you use an iPhone 6, or the physical card that you loaded into your Passbook, the merchant pays exactly the same fees.

Period. Full Stop. There is no "but". There is no "however". There are no exceptions. Don't even bother arguing about it, because I can tell you up front that you would be wrong.

Apple gets a small amount (15 cents per $100) from the issuing bank. The bank already collects about $1.50 per $100, so it's a small amount to them. In exchange, they don't have to refund fraudulent transactions or replace cards when a merchant has their point-of-sale system compromised (like Target, Home Depot, and others).

 

[babbit]

Come on. How do you think Apple is making money off of Apple pay? Normally, mobile payments cost a few percentage more than credit cards for merchants (thats why they don't like mobile payments). Now, whats happening is that banks are getting the normal rate for credit cards. Apple gets the rest that would make up for mobile payments. Merchants would pay the same rate for mobile payments which is higher than just using a credit card. Thats why they want their own mobile payment system. If Apple pay picks up, they lose money. Why would merchants want that? Do a little thinking.

You are wrong. The merchant pays the same rate whether it is with mobile payments or cards. To a retail store, the fees are transparent. The banks actually receive LESS for each Apple pay transaction because a percentage now goes to Apple. Now why are banks so excited about pushing a paying option that gives them LESS? That's because fraudulent payments eat up a chunk of their profits. With 2 step verification processes like chip and pin or Apple Pay, fraudulent charges plummet like no tomorrow. Theoretically, Apple Pay would reduce it even more but at the very least it is no worse than chip and pin. That means banks can give up a little bit of cashflow in exchange for higher overall profit.

 

[Judas1]

Apple's rather tiny cut (0.15%) is coming out of the standard merchant fee for credit card use.
https://www.macrumors.com/2014/09/12/more-apple-pay-details/



Source?



Amusing, since you are the one maintaining you are correct without providing anything in the way of support whilst at least 6 or 7 people tell you that you are wrong.

Are you saying that banks are cutting that .15 from their profit? No silly boo, its coming from the merchants.

 

[Kebabselector]

It'll be interesting to see how it pans out once the rest of the world gets Apple Pay. In the UK (and Europe) it's common for card payments to be taken with NFC (under £20) and using chip and pin for high amounts.

Adsa in the UK is owned by Walmart - so I wonder if the potential Apple Pay ban will continue over here (not sure if Asda do contactless payments yet)

 

[saoir]

Anyone with shares in this CurrentC thing should get out now ... because it's going to crash and burn.

 

[StyxMaker]

Come on. How do you think Apple is making money off of Apple pay? Normally, mobile payments cost a few percentage more than credit cards for merchants (thats why they don't like mobile payments). Now, whats happening is that banks are getting the normal rate for credit cards. Apple gets the rest that would make up for mobile payments. Merchants would pay the same rate for mobile payments which is higher than just using a credit card. Thats why they want their own mobile payment system. If Apple pay picks up, they lose money. Why would merchants want that? Do a little thinking.

Do a little reading. Merchant actually pays a slightly lower 'card present' fee (the fee payed for a card swipe) and Apple gets 0.15% of that fee paid to Apple by the bank. An Apple Pay payment does not cost the merchant more money.

 

[Judas1]

You are wrong. The merchant pays the same rate whether it is with mobile payments or cards. To a retail store, the fees are transparent. The banks actually receive LESS for each Apple pay transaction because a percentage now goes to Apple. Now why are banks so excited about pushing a paying option that gives them LESS? That's because fraudulent payments eat up a chunk of their profits. With 2 step verification processes like chip and pin or Apple Pay, fraudulent charges plummet like no tomorrow. Theoretically, Apple Pay would reduce it even more but at the very least it is no worse than chip and pin. That means banks can give up a little bit of cashflow in exchange for higher overall profit.

Banks make the rules for the rates for transactions. You're acting like banks can't tell the difference between mobile and credit card transactions. They can. And they charge more for mobile transactions.

 

[HEK]

trust the Credit Card companies to do more for you in the event of a hacking.
Whose going to give you back your money if you have s problem with CurrentC. Not the banks as they are not backing it and not the credit Card companies as they have been cut out. You're on your own!

Dekkers Davidson MCX CEO and Scott Rankin COO, will personally cover your losses. Just e-mail them when your bank account registers zero balance from being emptied by hackers using CurrentC's cloud withdrawal system.

 

[i.mac]

Are you saying that banks are cutting that .15 from their profit? No silly boo, its coming from the merchants.

The cc folks are giving apple a cut from the less fraudulent hacks on their systems, and for effectively providing th CC companies security in transactions.

 

[Judas1]

Do a little reading. Merchant actually pays a slightly lower 'card present' fee (the fee payed for a card swipe) and Apple gets 0.15% of that fee paid to Apple by the bank. An Apple Pay payment does not cost the merchant more money.

I'll do a little further reading. But if you think that banks would give up even 0.01% let alone 0.15% to Apple, you've gotta be really naive. They know that people buy Apple regardless, and they'll use apple pay regardless. They don't have to give Apple anything. Apple is far more likely to be getting paid from the merchants.

 

[SlCKB0Y]

Are you saying that banks are cutting that .15 from their profit? No silly boo, its coming from the merchants.

* goes to bang head against the wall *

 

[StyxMaker]

I'll do a little further reading. But if you think that banks would give up even 0.01% let alone 0.15% to Apple, you've gotta be really naive. They know that people buy Apple regardless, and they'll use apple pay regardless. They don't have to give Apple anything. Apple is far more likely to be getting paid from the merchants.

Yes, the banks are willing to pay Apple 0.15% of what they receive from the merchant because they will save even more than that by reducing card fraud. You are either purposefully spreading misinformation or you are not as well informed as you think you are.

 

[oddnendz]

Do a little reading. Merchant actually pays a slightly lower 'card present' fee (the fee payed for a card swipe) and Apple gets 0.15% of that fee paid to Apple by the bank. An Apple Pay payment does not cost the merchant more money.

either way, merchant is going to pay something which is going to be passed on..... the "savings" from MCX won't be passed on to the customer...

 

[SlCKB0Y]

But if you think that banks would give up even 0.01% let alone 0.15% to Apple, you've gotta be really naive.

Whatever they give Apple is more than made up for by the reduction in losses due to fraud which are prevented by the more secure Apple Pay.