The point is a lot of store cards and bank cards are owned by the same person/corporation so it balances out. But it needs to be free. The illusion of you having store cards for different stores is just that an illusion. Its given to you so if you get pissed off with one store you go shop at another. But really nothing changed, the money still goes to the same owner. Its the same with household apliances. Its called the manufacturer merry go round. They don't care cause you can't get off if you tried.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
'Plastc' Smart Payment Card Aims to Replace Card-Stuffed Wallets
- Thread starter MacRumors
- Start date
- Sort by reaction score
The point is a lot of store cards and bank cards are owned by the same person/corporation so it balances out. But it needs to be free. The illusion of you having store cards for different stores is just that an illusion. Its given to you so if you get pissed off with one store you go shop at another. But really nothing changed, the money still goes to the same owner. Its the same with household apliances. Its called the manufacturer merry go round. They don't care cause you can't get off if you tried.
Just checked out the hide + seek, and don't understand how it's different to other wallets?
It looks like every other wallet I've owned, with 2 slots for cash, a few slots for cards. My current wallet also has a slot in front of a cash slot with a zip (I keep sim cards, memory cards, and sim eject tool in there). Also a slot behind the card slots for, I dunno, another card I guessed.
I've worked in Financial Services for most of my adult life and while there are many store cards owned by bigger banks they only account for a fraction of all cards the public carries in their wallets. Chase doesn't want to GIVE you a card to store your Citi owned Best Buy Card. What about all the credit unions? What about each local / regional bank? The "big boys" don't account for enough business to make it worth their while to give something like this away. Banks give NOTHING away. Look at "foreign" ATM fees. Many banks are now charging $4 to use their ATM if you don't bank there.
Yeah, free would be nice but it's not realistic.
Guys I appreciate that many of you live in the U.S or Europe, but I think there are another BIG growing set of markets that wont have Apple Pay for QUITE a while, where even today NFC payments or capabilities build in to debit or credit cards are not common that would MASSIVELY benefit from something like this. I live in Colombia right now and I can honestly tell you that Latin America would greatly benefit from this. Brazil, Russia, India, China and Korea I doubt very much will be having Apple pay widely adopted to replace all card transactions, Biggest growing economies.
I agree that it is on the expensive side, $99 starting price would secure more success in my opinion, maybe a $149 version that has a bigger display that can also store your I.D, or more space for more cards, or less cards on a $99 version.
I do love the concept though and I see this as a big thing in other parts of the world.
P.S After been a 5 year avid fan and daily reader of Macrumors, this is my first official post, apologies if its not done correctly.
You do realize that no retailers actually do this? Retailers don't even know why your card is declined beyond a vague "not authorized" message.
Probably their main concern since they are the ones liable for fraudulent charges.
Why would Bank of America care if I lost my Capitol One card?
Both of these are really about price. The cost to reprint a simple plastic card is less than a penny. Even at cost any smart credit card would cost over a 1000x more for zero benefit or security to the financial institution.
Many cards don't even have the logo of the bank on the card, the whole idea of pretty or custom cards is to attract people to get their card. Nobody ever says, "look at this awesome CitiBank logo on my card" people get custom cards with their kids, dog, etc. for themselves, not for the cashier who doesn't care and is really the only other person who ever sees the card.
----------
I see places with NFC capable devices everywhere, more so since they've been mandated to replace older devices or get stuck with the liability. But places haven't enabled them and their POS software doesn't support the functionality. I think that Apple Pay will do for NFC what the iPod did for the MP3 player, it will drive widespread acceptance and use of the new technology. Apple Pay is the best thing that ever happened to Google Wallet.
Interesting, I just came from the HTC M8 and used Google Wallet many places. I never ran into an NFC terminal that wasn't enabled or didn't accept it.
It isn't going to be a big thing in other parts of the world because you can't clone an EMV card. They've offered no explanation at all for how they plan to circumvent, and then integrate with Chip/Chip & PIN.
And honestly, if they have somehow figured it out, that's way bigger news than a card that consolidates cards. They'll have just broken a security technology that much of world already relies on, and the US hopes to rely on soon.
And honestly, if they have somehow figured it out, that's way bigger news than a card that consolidates cards. They'll have just broken a security technology that much of world already relies on, and the US hopes to rely on soon.
However 'hardware authenticator' devices ARE being given by some banks to their customers. At some point it's called 'increased security'.
The bad part of this product is that IF a bank or credit card company were to market this, they wouldn't make it easy, or inexpensive, to protect your other cards. It would almost seem that someone like Equifax could market this, or some other credit monitoring service. At least for them, it could be an easy sell on the 'We look after your security 24x7x365 with our (expensive) service!'
In this crazy and innately insecure world, the first huckster that comes along with a product guaranteed to protect you, no matter what, will own the market...
Hi mr. Bank, please buy this card so that your users can put the other cards they use on it from other banks...
Something tells me they won't be that keen.
you talk like the banks are all separately owned (right at the top) its an illusion
Plastc confirmed to me today that in order to be EMV compatible, they'll need direct relationships with financial institutions. When I asked if they had those relationships, or hope to, they stopped answering questions.
Be careful if you're pre-ordering. If you ask me, this is dead before it arrives.
Be careful if you're pre-ordering. If you ask me, this is dead before it arrives.
Target? Wall-Mart? Best Buy? All of their terminals are NFC capable but you can't use NFC there to make any payments. Those are just the big ones, every retailer is being forced to replace their old equipment with equipment that supports chip/pin technology or they will be liable for fraudulent charges instead of the financial institutions. Most of them have already replaced equipment but without a compelling reason to include NFC they simply haven't spent the money to update their POS systems to accept that form of payment. Most places that you've seen replace their old systems in the last year or two likely have a system that is capable of NFC, but if you can't pay with Google Wallet via NFC they haven't written the code to support it in their POS terminals yet.
I don't think this will work for one reason: I don't want yet another device to have to charge on a regular basis. Too easy to run out of juice and then you can't even buy juice!
Totally agree. With Chip&PIN fully engrained already and contactless gaining good traction of late I don't see why retailers would be falling over themselves to support Apple Pay even if it does make it to UK shores any time soon.
In the US with the majority (in my experience) of retailers still using antiquated payment procedures (beautifully demonstrated in the keynote) I can see why Apple Pay might take off there much faster.
You named three of the companies in the "Merchant Customer Exchange" that have made it clear they don't plan on supporting NFC payments at all. And it is not some complex process of each store writing code, the service comes stock on POS from Verifone and the other big name POS manufacturers. Merchant Customer Exchange companies have intentionally disabled this service.
I don't keep track of the UK banks but in the US that's not how it works. That not how any of this works.
This is the list of the top 25 banks in the US (by assets). Tell me which ones are owned by another bank.
Source - https://www2.fdic.gov/idasp/main.asp
Even better, look at the holding companies. Again, please let me know which holding companies are owned by other holding companies? http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx
Attachments
Last edited:
Yes, I just named 7,000 locations all across the country where they have NFC capable equipment but don't accept NFC payments. I'll also throw out Kroger, Wegman's. Giant, Burger King, Wendy's, Taco Bell, and many others. I'm not against NFC, I just haven't seen a rush from retailers to adopt it. I think that Apple Pay could help get consumers more accustomed to paying via NFC which would be great for Google Wallet. I'm not against NFC, I just don't see anybody rushing to adopt it.
Friends of mine who prefer Android have joked about the lack of NFC in the iPhone 5s, 5, 4s since it's been part of Android for several years. But as soon as the iPhone 6 was announced with NFC they all simply said, "It's no big deal, nobody accepts NFC anyway." I wish more places did accept NFC, I think that it will get more popular over time as consumers adopt it but until then retailers aren't generally known for bending over backwards to support technology ahead of the curve. Let's be realistic, some retailers still had people signing paper credit card receipts 10-15 years ago. It'll could be 2025 until NFC is just as commonly available.
I canceled my Coin a few days ago. I was surprised they were quick to respond to that email yet lax at a handful since I ordered it in early Spring. I had three friends buy one which should have given me $15 off the $55 purchase. I checked my bank records, no refunds were made from Coin into my account, yet they docked me $15 and only refunded $40. I wasn't about to get into it with them as they generally don't respond to emails well.
Just a warning to many: do not bother with Coin. It is a mismanaged project that took money from many with promises left unfulfilled. I had to apologize to my three friends as they're canceling theirs as well.
Just a warning to many: do not bother with Coin. It is a mismanaged project that took money from many with promises left unfulfilled. I had to apologize to my three friends as they're canceling theirs as well.
Love to get it. But I'm not pre-ordering anything like this after the Coin-fiasco. Also it is three time for expensive than a Coin. Though admittedly Coin has only shipped a beta product to a few customers. Who knows when (or if) the actually product from Coin will ship.
Even if Coin does ship, I don't think it supports chip technology, so I don't think it will work in a lot of places starting in 2016. But those places in the US will probably take Apple Pay. So the product still might work for its customers.
Even if Coin does ship, I don't think it supports chip technology, so I don't think it will work in a lot of places starting in 2016. But those places in the US will probably take Apple Pay. So the product still might work for its customers.
