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Walmart Announces Apple Pay Competitor 'Walmart Pay' for iOS
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Walmart also knows whatever system they use, somewhere around 22 million others will, so by holding back, they are working on getting about that many banked so they can transfer them to the system they want to support.
The answer isn't cash, it's fixing the broken US banking system. Embrace two-factor authentication and get rid of checks like 20 years after it stopped being cool.
They certainly don't treat their suppliers very nicely. Walmart doesn't negotiate. They know exactly how much it costs to produce a given item, they then add the tiniest amount to that figure and tell the supplier what Walmart will pay them for supplying said item. If a manufacturer or supplier as much as wants to 'discuss' the quoted rate, Walmart turns elsewhere and will not buy from that manufacturer again. With their huge purchasing power they can afford to be arrogant and squeeze every last penny of profit out of their suppliers with impunity. Those supplying Walmart are in most cases just 'shoe-stringing' along to keep their factories operating, and their employees employed.
It's thru such policies that Walmart has squeezed out virtually all smaller mom & pop stores, who invariably pay more wholesale to purchase merchandise, than the price Walmart is able to sell for to consumers. Even many larger chains are struggling to stay afloat. Drive thru small-town America and you'll see all the boarded-up former local shops until you reach the one single Walmart in town, with a full parking lot.
Sadly it's us, the consumers who, with our short-sighted shopping habits, have let this happen. Once all the competition is gone, Walmart will have zero incentive to continue to offer us those 'great prices'.
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Some retailers (in this case, Walmart) are just plain stupid. They should be giving customers more choices when it comes to payments instead of gleefully contributing to fragmentation and customer confusion. They already have the NFC-compatible Ingenio POS units. All they need to do is activate NFC, for crying out loud.
Unless I'm mistaken, retailers don't lose more money when someone uses NFC to make a Visa, MasterCard, Amex, or Discover payment as opposed to swiping their card. I thought the transaction fees were the same. Some dopy retailers are just balking at NFC (and Apple Pay, in particular) because they want to be able to track their customers' spending habits. I hope they enjoy sacrificing customer security on the altar of them knowing what kind of shampoo I use. In the end, I'm sure these decisions will come back to bite them in the ass. It's only a matter of time before Walmart is the next Home Depot and Target.
Unless I'm mistaken, retailers don't lose more money when someone uses NFC to make a Visa, MasterCard, Amex, or Discover payment as opposed to swiping their card. I thought the transaction fees were the same. Some dopy retailers are just balking at NFC (and Apple Pay, in particular) because they want to be able to track their customers' spending habits. I hope they enjoy sacrificing customer security on the altar of them knowing what kind of shampoo I use. In the end, I'm sure these decisions will come back to bite them in the ass. It's only a matter of time before Walmart is the next Home Depot and Target.
You must not live in the United States. We just got these great chips in our cards that now you don't just swipe the dang thing, you have to insert it in the reader and leave it there. We haven't had NFC on our cards so having ApplePay certainly provides more benefit for me in the US.
Chips are useful, but in any case they need to be protected by PINs not signatures.
The difference between NFC and Chip is mostly about the fact that the chip cards wear out. They are more reliable than the magnetic strip, but far from a perfect solution. Apple Pay, essentially provides a secure vehicle for the storage of card data in the form of a wallet and can potentially protect you from skimming attacks since you can use Touch ID.
It is a convenience IF you have the app set up and ready before you pay. Otherwise you'd be better off using your chip card and tapping or at least inserting and typing in your PIN.
Why on earth would I trust the security of Walmart's home-brew system vs. a well documented, vetted system like Apple Pay? And Walmart's claim that people will use it as it is baked into their app is only a sign that people are too ignorant to demand something else (or will just avoid it and use cash/card). I was at Walgreens just a couple of days ago and when it was time to pay, I tapped twice on my phone, swiped for by Walgreens' card, swiped again for my credit card, and that was it - I was checked in just a couple of seconds, including using my rewards card. Why would I be interested in a system more cumbersome than that?
Hopefully they have a better solution that Home Depot for chip cards. I tried to swipe my card their a couple of weeks ago and the clerk told me, because it has a cup, I have to use their chip reader, which requires you insert the card and leave it in the terminal while you answer a bunch of questions (cash back? emailed receipt? coupons? discount card?). You can't take it out until the entire process is complete or you have to start over. I almost walked out and forgot by card because I'm used to swiping it and returning it immediately to my wallet. What a dumb, cumbersome system.
Yeah I just went through this at Home Depot. It couldn't have been a more annoying process and I almost walked out without my card, forgetting I had left it stuck in the terminal as required to complete the checkout process.
As much as I get you were trying to really prove your point, there are times when debit and credit cards can be compromised. I have personally had 2 debit cards compromised where multiple purchases of $20-$25 were made over the period of a few hours. Both times added up to about $400. My credit card number was stolen and it was used to purchase $1800 worth the money orders at a postage store. I wasn't even aware of this as I was on vacation and it was done in a separate city. My bank called me and notified me. Granted, I never had to pay for any of it but the inconvenience of it all and the realization that even if you use your credit and debit card responsibly, there's somebody out there that can abuse the system. I use Apple Pay as much as possible as it never has a chance to be compromised at the same level of credit or debit cards. When I do shop I always use my debit card as a credit card as much as possible as debit cards don't have the same safety functions and credit cards now.
If my iPhone is ever lost or stolen, which I haven't lost or had a phone stolen in the past 20 years or so, my information can't be compromised. And I can still make payments with my Apple Watch. When I get a new iPhone, if it was lost or stolen, I just restore from back up in within a couple hours. not only is my iPhone back to normal, but also all of my credit card information is back in the phone and I can make payments again. No 7-10 business day wait for a new card.
If my iPhone is ever lost or stolen, which I haven't lost or had a phone stolen in the past 20 years or so, my information can't be compromised. And I can still make payments with my Apple Watch. When I get a new iPhone, if it was lost or stolen, I just restore from back up in within a couple hours. not only is my iPhone back to normal, but also all of my credit card information is back in the phone and I can make payments again. No 7-10 business day wait for a new card.
Again, without credentials, only small amount can be stolen, so risk is very low... go to phone, open app, sign in, and block it - it will take me like 30-60 seconds, no big deal.
This is what u have to do event with no nfc cards... and still, less hassle/expensive than having an iPhone stolen
PS: getting new card will také like 10 days max... free of charge
I wonder how many people here are complaining about something they would never be using anyway. Meaning - they don't shop at Walmart. This payment method is only for Walmart customers. So how much hot air blowing are people making on this thread over something that really affects them zero percent other than the fact that the move by Walmart infringes on Apple Pay (and Android Pay, Samsung Pay, etc).
Again, without credentials, only small amount can be stolen, so risk is very low... go to phone, open app, sign in, and block it - it will take me like 30-60 seconds, no big deal.
This is what u have to do event with no nfc cards... and still, less hassle/expensive than having an iPhone stolen
PS: getting new card will také like 10 days max... free of charge
"Credentials"? I routinely spend $3-400 on my credit card at Target and other stores. I am almost always asked to sign, but no one has EVER looked at what I put in the signature box. I know people who sign with random doodles and gestures (not advised; the range of legitimate signatures compared to a fraudulent signature could shift the culpability for a stolen card purchase).
If you pick up a credit card (even a chip-and-signature card) on the street there is absolutely nothing stopping you from ringing up at least several hundred dollars' worth of goods and walking away. Likely you'll be caught on camera, etc, but as we know from the credit card in-person fraud rate this doesn't act as a very good deterrent much of the time.
You don't know the different between an EMV chip and an NFC chip do you?
The NFC chip in a card allows you to tap it on the terminal to pay.
The EMV chip must be dipped into the terminal.
Which will work so well on watches, etc. that have NFC but no camera to scan a QR code with.
Idiots. Watch them bundle this on the cell phones they sell, too.
Your signature has nothing to do with the purchase and everything to do with you challenging that purchase. I routinely draw pictures in the signature box. It's still legally mine.
it's amazing. In the scheme of things - paying from your watch has been available for a blink. Not only that - how many people are actually doing that? Regardless - it's more than likely if you have your smart watch on, you have your phone on you too.