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Wells Fargo Enticing Users to Try Apple Pay With $10-$20 Credits

MacRumors

macrumors bot
Original poster
Apr 12, 2001
50,474
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While some merchants are pushing back against Apple's new Apple Pay mobile payment service as they work on their own competing solution, banks are putting their weight behind Apple's solution that seeks to streamline the current experience of using a credit or debit card.

In an effort to encourage users to adopt Apple Pay, Wells Fargo has just launched a program offering credits of up to $20 just for trying out the service. Wells Fargo credit card users can receive one-time $20 credits, while debit and prepaid card users can receive $10 credits simply by using their iPhone 6 or 6 Plus to complete an Apple Pay purchase on their cards through November 30.

Credit card customers will receive $20 credits on their statements within 1-2 billing cycles, while debit and prepaid customers will receive $10 credits on their linked Wells Fargo checking accounts within 45 days.

Banks have been strong supporters of Apple Pay, as the Touch ID authentication offers improved security over traditional credit cards, reducing fraudulent purchases for which banks assume responsibility. Apple does take a small cut of transactions processed using Apple Pay, but that amount appears to be a worthwhile tradeoff for these banks.

(Thanks, Matthew!)

Article Link: Wells Fargo Enticing Users to Try Apple Pay With $10-$20 Credits
 

ecschwarz

macrumors 65816
Jun 28, 2010
1,330
280
That's a nice little "gift" - I'll be curious to see if any of the others offer this to encourage users!
 

GLS

macrumors 6502
Jun 26, 2010
376
138
That's a nice little "gift" - I'll be curious to see if any of the others offer this to encourage users!

Yep. And the CC companies are going to fund it with the transaction fees they charge the MCX businesses.
 

Chatter

macrumors 6502a
Jun 10, 2013
724
478
Uphill from Downtown
Big whoop. Walmart is offering me a premium spot in the Black Friday line to not use :apple:pay. Plus I dont have to push lil kids over to get my $2 socks. Walmart wins!

:p


(I kid, I kid. I would never push kids around.)
 

saving107

macrumors 603
Oct 14, 2007
6,376
14
San Jose, Ca
I tried Apple Pay at a Home Depot a few days ago, it was a quick process and look forward to it becoming more wide spread because I'm tired of getting a new debit card every few weeks after another company gets hacked.
 
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gadgetguy03

macrumors regular
Nov 1, 2012
223
143
I can see within the next few weeks CurrentC being rushed into implementation, even if it isn't ready for primetime yet.
 

WolfSnap

macrumors 6502a
Sep 18, 2012
914
651
SoCal
Credit card customers will receive $20 credits on their statements within 1-2 billing cycles, while debit and prepaid customers will receive $10 credits on their linked Wells Fargo checking accounts within 45 days.
Think I'll be buying a lot with my Wells Fargo cards in the next few days. Two credit cards and two debit cards (biz/personal), = $60 in free money! :)
 

Rogifan

macrumors Core
Nov 14, 2011
22,085
27,665
Hey Walmart, two can play this game. I hope more Pay partners do this. This morning on CNBC Jim Cramer said Walgreens should be taking out full page ads in support of Pay and offering consumers a 10% discount for shopping there. :D
 

charlituna

macrumors G3
Jun 11, 2008
9,632
815
Los Angeles, CA
Yep. And the CC companies are going to fund it with the transaction fees they charge the MCX businesses.

There are no credit card transaction fees cause MCX is requiring direct access to your bank account. There might be a small fee for that but it's like a quarter of the cc fee.
 

SeattleMoose

macrumors 68000
Jul 17, 2009
1,929
1,647
Der Wald
"Banks have been strong supporters of Apple Pay"....

Thank you for this information. That is all I need to know that I will NEVER use this way of paying for anything. The "banks" are the new mafia. And there is an inverse relationship in that what is good for the banks, is NOT good for consumers. Only a matter of time for the "angle" to be exposed.
 
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Rogifan

macrumors Core
Nov 14, 2011
22,085
27,665
I tried Apple Pay at a Home Depot a few days ago, it was a quick process and look forward to it becoming more wide spread because I'm tired of getting a new ATM every few weeks after another company gets hacked.

Wow Home Depot hasn't shut off NFC yet? Surprised MCX is allowing that...
 

GLS

macrumors 6502
Jun 26, 2010
376
138
There are no credit card transaction fees cause MCX is requiring direct access to your bank account. There might be a small fee for that but it's like a quarter of the cc fee.

Yes, I know this.

I was referring to the traditional cc purchases made at MCX businesses. Those aren't going away anytime soon, and meanwhile the MCX businesses are continuing to pay to the CC companies a transaction fee.
 

Rogifan

macrumors Core
Nov 14, 2011
22,085
27,665
There are no credit card transaction fees cause MCX is requiring direct access to your bank account. There might be a small fee for that but it's like a quarter of the cc fee.

Except MCX members still accept credit cards, well the plastic versions at least.
 

Rogifan

macrumors Core
Nov 14, 2011
22,085
27,665
You're kidding right? Credit cards cost 2-3% of a transaction value while CurrentC ACH is close to $0. Plus Apple pay may be even higher with Apple's cut included. A retailer would be stupid not to push CurrentC. Now if Apple and the credit card providers were willing to lower their processing fees down to ACH levels more retailers would probably considered it.

By the way, why can't windows users watch Apple events live on their PCs? Do Apple stores accept Google Wallet or Paypal?

No the fees aren't going to be higher. Banks and CC companies are willing to give Apple a cut because of the increased security which in theory will result in less fraud. What fraud protection do you get with ACH? Is it anything similar to credit cards?
 
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