Problem is Walmart Pay will likely bypass the credit card companies and dip right into your checking account. Who will pay for your fraudulent charges then?
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'Walmart Pay' Mobile Wallet Rolls Out to Nearly 600 Stores in Texas and Arkansas
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Problem is Walmart Pay will likely bypass the credit card companies and dip right into your checking account. Who will pay for your fraudulent charges then?
The difference is Starbuck provides (though much diminished with the recent overhaul) a reward incentive to use their gift cards/app. Walmart's app incentive is storing receipts. Big whoop.
- some folks don't mind using dedicated apps for payment
- you are greatly exaggerating the time for payments. 10 seconds versus 5 seconds? Hardly any difference in reality.
As mentioned previously, Walmart links to your credit card. Secondly, my bank and many others do offer fraud protection like Credit Card companies.
And you are in a state with unemployment so high no one can afford a phone. Yes it is stupid using stereotypes and even moreso with false ones.
Thankfully I don't have to ask that. My phone works everywhere except for gas pumps and ATM machines.
You're thinking of Mint (by Intuit). They are an amazing budgeting+monitoring service that track your spending pattern, report approaching budget limits and report spending outliers.
That stuff is the bomb. Luckily, a local store has it around here so I never have to go to Walmart
Card issuers have to protect against by law. The difference is who pays for it, the store or the bank. With the old swipe cards the bank paid 100%. Now the store is liable unless they use chip. This has nothing to do with the kind of card you have or what bank issued it.
I'm addressing the issue of banks offering no fraud protection on bank accounts which is false.
While reading your post, a question popped up in my head. Since these technically aren't chipped transactions, just a 2D bar-code on a phone, who will cover the fraud in this case? I understand the phone isn't a swipe transaction, but it's not a chipped transaction, or a transaction made over the internet either.
Just use Mint or something separately...Apple Pay is setup to make it easy to pay, not budget.
Honestly, this probably will be the future of mobile payment in the US. NFC's only real selling point* right now is that it's currently significantly faster than chip card transactions. Once retailers all have chip transaction times as fast as Walgreens does (literally ~1 second from insert to remove last time I paid attention to the person in front of me), Apple Pay isn't going to save enough time to be worthwhile to most people**.
Meanwhile, stores are working on the ability to have self-checkout without the machine. That is, you scan your items with your phone while you're shopping and then pay for the items from within the app. This will save customers a whole bunch more time by virtue of not having to wait in lines at all, and retailers a whole bunch of money they'd otherwise spend in employee salaries. Apple already does that with their Apple Store app if you just need accessories, not to mention the various mobile ordering features from the likes of Panera and others.
Unfortunately a lot of retailers have Not Invented Here syndrome, so it's very likely they're not going to integrate AP functionality into their apps and will just store CC numbers on their servers instead. Much like what Walmart's doing with their app.
* Yes, Apple Pay is also more secure. But people don't really seem to care that much about this aspect, mainly because banks don't give people a hard time when reporting fraud.
** Fun fact: Cochaella this year had 100% Apple Pay acceptance but only 10% of transactions there used it.
Yes, protection is offered by law on electronic withdrawal, but depends on when the fraud is reported. The longer a consumer waits to report the more the consumer is subject to lose. Waiting more than 2 days can mean a $500 loss, unlike credit or debit cards which have a $50 max liability for the consumer. Its always safer to use CC or DC over an electronic check.
Have you checked out mint? Sure, its not from a mobile payment providor but it certainly does what you're asking for. And quite well I might add.
You can do that with your monthly CC statement can't you? Oh, I guess your not doing that now...
From what I've heard (from KDarling), is one of the main reasons chipped cards take longer to authenticate in the U.S is because our transactions are "online" where as they're "offline" in other parts of the world, like the U.K for instance. I know Visa & MasterCard have come up with newer technology to make chip transactions take two seconds or less in duration, but the companies have also said "not all merchants will qualify for this software upgrade."
Only two of the places I regularly visit offers Apple Pay. One is a vending machine at work, and the other is a Chinese takeout place. Every time I present my iPhone, the cashier has to find a manager to explain how to take the payment. I have the distinct impression that I'm the only customer that ever uses it.
Say what you want about shopping at Walmart, but I can almost guarantee that they will train their employees how to use their payment system.
Say what you want about shopping at Walmart, but I can almost guarantee that they will train their employees how to use their payment system.
That new chip security thing is sooooo slooooow.
My bank doesn't let me use Apple pay yet, but I can not imagine ever using Walmart Pay
or a store related card (Despite percentage off offers etc,)
I was hoping in general to eliminate my card filled wallet. (Currently about a cigarette pack thick)
Some of the cards I rarely use, but have to carry.
Wish somebody will come out with a capture all cards app, so all I have to carry is my phone.
That includes drivers license or any card one has to show at the door to shop (Sam's club)
Probably all could be scanned, but I guess the police would still want to see an original drivers license.
Retailers already have your credit card information the first time you swipe at a local store. Furthermore, credit card companies reimburse you for fraudulent use. Signing into apps is a non-issue after logging in the first time since there is touchID. Most have adopted the technology so it is no different than using touchID to authenticate for apple pay. Using a numeric passcode isn't an issue either. There is not battery life penalty since they aren't open all the time tracking my location. In settings, there is an option to disable location services on an individual app basis. If you double press the home button, one can also close apps running in the background. Great features; you should try them
The point is I believe you are reaching with your examples. I like using Apple Pay, but they aren't the only game or even the best game in town IMO. I can see why some folks would adopt your view. In that instance, Walmart pay isn't targeted for them. Having receipts available in the app for all my purchases is a huge benefit.
That right there is a huge benefit for me as well.
Very similar to best buy. Use their card and they store transaction data for you, no receipt required.
Home Depot - use any credit card and they will look up the receipt for you.
In response to Walmart pay:
I like it. Walmart has a variety of phones in their Straight Talk service, this surely fits all phones they offer.
Ordering prescriptions, shopping lists, payments and so on are incorporated in one app.
looking forward to this app being available at all walmarts
Interesting point. In the case of AP, the banks have signed on and accept it as a secure payment. I don't know the specifics about WM's processing, but it looks like it converts a specified amount from a users CC/DC and stores that value as a WM gift card on the WM app. So WM wouldn't be totally avoiding the CC processing fees just reducing them because it would only happen each time a customer refilled their account rather than every transaction.