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U.S. Regulators Want More Control Oversight Into Apple Pay
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Its not as widely accepted as Visa and MC as they said right there in the post you quoted.
That’s new to me seeing as my multiple Amex cards are accepted everywhere!
I didn't say it was useless within the US. Perhaps it's misinterpreted. This is what I said, split into two statement thoughts:
"Amex is truly quite, quite useless outside of North America, and even within the US, it's not as accepted as Visa or Mastercard. "
Amex is widely accepted in the US. Only the really broke, small-time merchants that can't stomach the higher transaction fee are the ones that reject it. These are usually the types that are cash-only anyway.
Whenever I see an article like this, I try to think of it from beyond just the Apple perspective. We all know the stories about people who’ve had their PayPal accounts locked up with $100s, or even $1000s unavailable without much control. My guess part of this is simple consumer protection.
Of course, that might also be the aspect of the federal government wanting to have transparency into those accounts. The most of us don’t keep large sum of money tied up in our Apple Pay, it is possible for that money to be somewhat obscured.
At the end of the day, if they start treating Apple, like a financial institution, perhaps Apple will decide to just make the move in, become a fully independent financial institution. I would argue that would be good for consumers in general, based on their past track record and goals.
Of course, that might also be the aspect of the federal government wanting to have transparency into those accounts. The most of us don’t keep large sum of money tied up in our Apple Pay, it is possible for that money to be somewhat obscured.
At the end of the day, if they start treating Apple, like a financial institution, perhaps Apple will decide to just make the move in, become a fully independent financial institution. I would argue that would be good for consumers in general, based on their past track record and goals.
Then make them right. There is no 15-30% of anything. This has nothing to do with the App Store fees. But you knew that.
Apple takes a 0.15% fee of each transaction. And they take it from the BANK's 2-4% fee that they charge the merchant. People don't pay more for using Apple Pay. Merchants don't pay more for accepting Apple Pay. Banks make a tiny bit less by letting their cards work with Apply Pay. And I would venture that fee is more than made up by teh increased number of transactions by people using Apple Pay over their physical cards.
You mean this?
And reading just the first few the complaints are more with bank issues than with Apple Pay.
Does your local Chinese takeaway restaurant take Amex? I’ve encountered many that don’t.
Amex is not bad in the US, but certainly not as widely accepted as Mastercard and Visa.
So Apple Pay Banking side is actually using green dot bank platform. “Apple Cash services are provided by Green Dot Bank, Member FDIC. Learn more about the Terms and Conditions” https://www.apple.com/apple-pay/
Buy PayLater apple probably in-house or third party https://support.apple.com/en-us/HT201239#inapp
Buy PayLater apple probably in-house or third party https://support.apple.com/en-us/HT201239#inapp
Yes, there are lots of small businesses that don’t take AMEX as well as local municipalities.
I read it differently. I read it as things in the Apple wallet that are normally regulated (credit cards, etc.) are not regulated as such and should be regulated; just as other credit cards, etc. are regulated.
Like I said, mom and pop store are typically the ones that don't accept Amex. The ones operating at the bleeding edge of their profit margins.
Where Amex shines is in the fact that they smoke the competition in service quality as well as promptness. I can't honestly recall a local merchant that doesn't accept Amex.
Exactly. And many times, vendors at farmer's markets don't accept it either. So Amex is limited in that way.
Yes, I have heard good things about Amex's service. That said, it's also something that I really wouldn't be using. I use my credit cards for its basic bare-bones features: namely to advance me credit (which I do pay off entirely at the end of the month) so that it is safer for me to make transactions rather than with either a debit card or cash. So, widespread acceptance is a requirement.
Oh, also this: because I also go abroad (out of the US) a bit, having no foreign transaction fee is good. I do believe Amex cards have that. But in any case, my Apple Card and all other credit cards I have, do not have foreign transaction fee costs.
RIP Farmers Market, I guess.
Outside of that, you can use your Amex at 99% of places in the U.S. that accept payment via credit card
They are regulated through the same banks, Apple doesn't process those transactions, they are just a "wallet" for those cards, (Apple Cash is different), but when you pay with any credit card or debit card all transaction go through your bank.
Yeah, I don't worry about Amex in the US. I cross national borders somewhat frequently both for travel leisure and to visit family, so Amex isn't going to cut it for me. And yes, I do try to support small businesses as much as possible. Anyhow, all in all, I hope Apple Card isn't going to become an Amex card; I'd hope it would continue to be a Mastercard or become a Visa card.
Wouldn't bug me one bit. Amex is great. Most don't have international travel needs.
Of course, I have a Visa for the occasional vendor that gripes about Amex fees.
Apple is still on the hook for fraud, consumer protection and money transfer rights, privacy, etc. since they are a party to the transactions. The proposed rule would increase oversight of those aspects which Apple is already subject to under law.
I get better rewards for using Visa/MC. I stopped using AMEX after 20 years because all I got were Delta miles and I don't fly Delta enough anymore for it to be worth it.
The reason this thread makes me mad is that so many people just spew knee-jerk bile at anything to do with the government without knowing the first thing they're talking about.
No, the CFPB is not a bunch of useless red tape that only raises your costs and intrudes on your life, it's an agency set up to protect consumers from abuse. This was in the wake of the 2007 financial crash.
For example, do you want your bank to charge you illegal fees? The CFPB went after Wells Fargo for doing just that - along with illegal foreclosures.
They're on your side, for heaven's sake!
Now, I have no idea whether there's anything abusive about Apple Pay (I doubt it), but honest companies have no problem with scrutiny.
No, the CFPB is not a bunch of useless red tape that only raises your costs and intrudes on your life, it's an agency set up to protect consumers from abuse. This was in the wake of the 2007 financial crash.
For example, do you want your bank to charge you illegal fees? The CFPB went after Wells Fargo for doing just that - along with illegal foreclosures.
They're on your side, for heaven's sake!
Now, I have no idea whether there's anything abusive about Apple Pay (I doubt it), but honest companies have no problem with scrutiny.
Ah, I remember that. Government enacted a whole bunch of legislation having nothing to do with what actually caused the Subprime Crisis.
Apple is just an intermediary in transactions not explicitly involving an Apple Card. Sounds like the big credit card companies (and probably Uncle Sam) are upset that transactions just show up as "ApplePay".