I assumed that by context it would be obvious that this was a future prediction, say 6-12 months after the upcoming release pf iP6's/6+'s on September 19th.
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Walmart and Best Buy Opt Out of 'Apple Pay' as Apple Leverages Required Point-of-Sale Upgrades
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I assumed that by context it would be obvious that this was a future prediction, say 6-12 months after the upcoming release pf iP6's/6+'s on September 19th.
I read on the day of the keynote that there would be a default card in your Passbook. You would have to select another one, if you didn't want the default.
In less than 3 months, there will be over 50 million of these phones in the wild. In a year, plenty, including the watches that will enable this on older phones.
I'd like to think that if I ran a retail operation I'd do everything in my power to make the process of customers giving me money as easy as possible, and take every step to increase their confidence that shopping with me won't result in a call a week later from their bank's fraud department.
But what do I know.
Just wait until best buy or Walmart suffers a large scale data theft; they'll get reamed for not following the lead of their competitors and taking easy steps.
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When you tap the phone to the reader, the default card comes up automatically and you can choose a different one of you'd like.
But what do I know.
Just wait until best buy or Walmart suffers a large scale data theft; they'll get reamed for not following the lead of their competitors and taking easy steps.
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When you tap the phone to the reader, the default card comes up automatically and you can choose a different one of you'd like.
Yes that is right, let us not forget that Walmart sells a lot of iPhones and all the US carriers are offering huge deals to downright free iphones with trade in and contracts. Sorry to burst your lame attempt to make yourself feel better other people.
Lol what? Android has had a three plus yr headstart on mobile payments and it went nowhere.
Don't know if you've looked around but it seems there are more people here who think they know more about technology AND business than Apple. Which is more ridiculous?
and they are going to go nfc anyway. It's just they want to support their own network so they get a cut of the transaction.
If Apple pay is an NFC based way to use a credit card from your phone how would you use that to pay your mortgage?
False. It is not more complicated or less secure.
There's a lot of confusion in general regarding how NFC and NFC payments work and how Apple Pay compares to Google Wallet. Well, there's virtually no difference. Here's a summary of what they both do.
- The both use NFC for mobile transaction.
- They both use a secure element.
- Google Wallet can work without a secure element, using Host Card Emulation.
- They both have an authentication interface (PIN, or fingerprint, or voice, or other biometric sensory input in the future).
- They both accept all the major banking, financial and credit card institutions in the USA.
- They both follow established mobile payment standards.
- Google Wallet will work where Apple Pay is accepted.
- Apple Pay will work where Google Wallet is accepted.
- You can use either at any PayPass terminal. Looks for the PayPass NFC logo to use mobile payments.
- They're both VERY SECURE.
In summary ApplePay is not a new "payment system" at all from the perspective of customer/merchant/bank process. It is just another implementation of NFC. Anyone that takes NFC payments will take ApplePay.
What ApplePay is is Apple's brand of NFC. They are unique in how they will secure your account number and other data in the phone. They will require TouchID to use the process. Other NFC solutions so far are less secure....either just the possession of a physical card with an RFID chip in it or perhaps a PIN or swipe pattern protection (that can be stolen/copied by someone else). Other's implementations are still open to some degree of fraud. This has been limited by low transaction limits, but not eliminated.
Apple has tied use of the system to your fingerprint. Much more secure. Your phone will never be lost/stolen and have fraudulent transactions made. Apple has been able to sell this additional level of security to the credit card processors in the form of a small cut of their fee. It's likely that fee is in the neighborhood of what it costs the credit card companies to deal with fraud now. Quite possibly it's even less. So this may actually be a win for the credit card companies in reduced fraud costs and a win for Apple in a new source of revenue. I wonder if it can be/has been patented in a way that would make it difficult for Google and/or Samsung from developing something similar?
What ApplePay is is Apple's brand of NFC. They are unique in how they will secure your account number and other data in the phone. They will require TouchID to use the process. Other NFC solutions so far are less secure....either just the possession of a physical card with an RFID chip in it or perhaps a PIN or swipe pattern protection (that can be stolen/copied by someone else). Other's implementations are still open to some degree of fraud. This has been limited by low transaction limits, but not eliminated.
Apple has tied use of the system to your fingerprint. Much more secure. Your phone will never be lost/stolen and have fraudulent transactions made. Apple has been able to sell this additional level of security to the credit card processors in the form of a small cut of their fee. It's likely that fee is in the neighborhood of what it costs the credit card companies to deal with fraud now. Quite possibly it's even less. So this may actually be a win for the credit card companies in reduced fraud costs and a win for Apple in a new source of revenue. I wonder if it can be/has been patented in a way that would make it difficult for Google and/or Samsung from developing something similar?
It's true: the majority of users won't spend that kind of money. But, the average amount will be significant, especially given Apple's target demographic. Multiply that by the number of iPhones that are sold, and it's going to be like Office Space joke where they captured the cents from round-off errors in every transaction.
Also, I wrote "over the life of the phone". My iPhone's have lived on in someone else's hands, after I sold them to Gazelle.
Over time, this will become a significant revenue stream to Apple. Will it match the revenue from iPhones alone? Probably not. But, it will exceed their revenue from several other product lines.
WalMart is the largest retailer in the world. Their support is important to Apple.
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So does Apple.
Wow. How is it these "tech" stores don't even bother?
They treat my father-in-law like crap even though he is one of the oldest and best employees. He has missed out on a lot of family/holiday functions because they say they will schedule him off when he requests and then make an excuse as to why it didn't happen. He requested a transfer to another store that was closer to his house and it was denied because they didn't want to lose one of their best employees. A friend of mine left a store management position due to the fact the company was a nightmare to work for. YMMV
I don't think its any different than a credit card swipe machine accepting Amex, Visa and MasterCard (3 different products).
All a retailer has to do is install an NFC capable reader (which they should be doing anyway in conjunction with EMV). So then they can accept Apple Pay; Google Wallet or any other NFC payment. It does NOT require proprietary apple equipment.
These retailers are just being short-sighted. They should stay out of the payment business and just do retail.
If Walmart, Best Buy, and the rest of these clowns have not reversed course by the next big product launch, Apple should simply allocate no stock for them and say, "When you have implementedPay, we'll stock your warehouses/stores." That conversation would be over fairly quickly.
That wouldn't hurt Walmart at all.
Here's my .02:
MCX, their partners, and other "industry insiders" are predicting a fail for
Apparently, their studies have shown that people are more likely to use a mobile payment system if the customer receives some sort of points or rewards from the merchant.
I don't care. Seriously. I don't care about loyalty points or rewards for things that I'm already going to buy anyway. I care about convenience. And MCX and their currentC app are NOT convenient.
Get out phone, unlock phone, go to app, select whatever needs selecting, generate qr code, use pin to authenticate, scan code (maybe more than once, because we all know how well that can work) pay. Done.
With
I can't speak for everyone about rewards and loyalty and points, but for me, I'd be a more loyal customer the faster and easier I can get in, get what I need, and get out.
I agree with you on everything except one point. It's not going to be as seamless as Apple is touting it to be. It won't be as easy as tap and pay and go. You'll need to do a few other things on the POS like, do you want to donate, is this amount correct, do you have a phone number and all that jazz.
I'm not really that surprised, they have always been pretty Apple-hostile. Multiple times in there (back when I still went in) I witnessed their employees actively steering customers away from Apple products, even literally lying to them about the products.
Best Buy has a huge partnership with Samsung, I wouldn't even be surprised if Sammy put pressure on BB to reject Apple Pay.
WalMart is not looking for status symbol or being a member of the Apple cult. It does business.. in large volumes and will do so without Apple even being part of their business. Its Apple's loss more than its for Wal Mart.
Not everyone dances to Apple's tunes and that's life.
I'll try to answer them:
- Apple's cut will come from the bank's portion of the merchant fee. According to an article posted a few days ago, it's about 15-25 cents per $100.
- Apple doesn't get any data: they aren't processing these transactions. All they have done is implement a way to encrypt and authorize a transaction, end-to-end, using existing NFC payment processing systems. The bank then maps the Device Account Number to your credit card account.
- US already has NFC payment, too.
pay overlays that. What would have to happen: Canadian banks (who issue the cards) would have to come to a similar agreement with Apple.- It's not an
pay station. It's a standard point of sale terminal, that supports NFC: the same one you are already using.
Really???
You think people will walk out of a store if they don't support Apple Pay?
If they don't have their wallet/purse, then may be yes but I suspect the majority, if not all people with a wallet will just pay using the standard swipe method.
