"not Amex" "is accepted" are contradict each other. What are you saying?
Finding a bank that will meet Apples' conditions will be very difficult.
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U.S. Regulators Want More Control Oversight Into Apple Pay
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"not Amex" "is accepted" are contradict each other. What are you saying?
Finding a bank that will meet Apples' conditions will be very difficult.
Maybe, maybe not. We don't know the terms of the contract. It is possible that high acceptance rates were part of the deal.
Good point. I thought after about 2008 or so the financial industry re-learned the reason you don’t just approve every application. If that’s true they made a bad deal and Apple’s legendary negotiating prowess lives on.
Your second paragraph - I have no idea and either does anyone here. It's likely someone is doing something dubious but still legal.
Your first paragraph: if you want to argue that the response didn't go far enough, go ahead. But it's much easier to post what you posted than to have an informed opinion.
I truly hate ideology. It never works when you try to shoehorn the real world into it.
Not really sure what you mean. I am simply stating, like many others on here, that Apple Pay is just an electronic interface for credit cards like Visa. There is no "Apple Pay" subsidiary that is extending credit to iPhone users.
The Apple Card, on the other hand, is different, and Apple proper are not even the creditor there.
Response? To what? Are you saying that credit card usage caused the Subprime Crisis?
Re: ideology - The irony here is that it was actually the government that laid the foundation for the SC...
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It is more than "just an electronic interface." Apple is still subject to consumer protection laws when consumers use Apple Pay, even if it is just an intermediary to another institution. Also, the feds are concerned about Apple restricting tap-to-pay technology on Apple products to Apple Pay and not extending access to other financial institutions. The feds want to make sure Apple is playing by the rules and not veering into antitrust territory.
https://www.consumerfinance.gov/abo...ts-role-of-big-tech-firms-in-mobile-payments/
It's an electronic interface. I use it so that I don't have to physically pull out my Visa... I also enjoy the the privacy of it showing up as "Apple Pay" as far as Visa is concerned. I get less annoying ads targeting purchases I've made.
Have Apple been accused of abusing Apple Pay users? I think we're going full circle here. It was revealed on Page 1 that there aren't any real complaints against Apple Pay, not by consumers, anyway.
That's its best feature!!! Am I missing something? Leave it to the government to destroy a perfectly viable business model.
Now that I've read your link in totality, it's clear this is just a power grab by the Big Bank Lobby. Apple users would be wise to complain to their local and State representatives. Banks are not here to save the little guy with their own rollout of NFC payment tech.
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If my bank would let me tap-to-pay through their app, then Apple wouldn't have my payment data. Pick your poison.
BTW, my bank (BofA) shows the vendor, it is not "Apple Pay" so it's not anonymous.
Edit to add: yes, you are missing something: the banks are passing those Apple Pay fees onto their customers.
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I trust Apple more than I trust the banks (emphasis on the comments section). Your point is noted.
The banks aren't going to pass on any savings to you. That'll go to their shareholders. Just like the banking "reforms" of 2009 saw the deletion of the ability to accrue debit card points.
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It sounds like you should read the proposed regulations and submit your comments at the federal level (not local or state).
https://files.consumerfinance.gov/f/documents/cfpb_nprm-digital-payment-apps-lp-rule_2023-11.pdf
I read the Reddit you linked to and it has nothing to do with banks, it is discussing info given to merchants. Also, the bolded statement in the privacy policy (top post) seems to contradict your assertion that Apple Pay is anonymous to the merchants and banks. All of my Apple Pay transactions show up on my Visa bill as regular charges to the merchants so the bank knows who to pay. Maybe your bank has a different arrangement with Apple than mine does if your transactions show up only as "Apple Pay."
This is why I said "emphasis on the comments section".
It has everything to do with credit cards vs Apple Pay. Is that not the discussion? My apologies.
Are you wanting to have a separate discussion on what is the role of Visa and what is the role of Chase with say a Chase Visa? In the case of Apple Pay, Apply is neither Chase, nor Visa.
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