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

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Oct 27, 2014.

  1. MacRumors macrumors bot

    MacRumors

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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.

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    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
     
  2. tliede20 macrumors regular

    tliede20

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    #2
    Us bank

    Wish US BANK was already working with :apple: Pay... I'd totally do it!
     
  3. bpeeps macrumors 68030

    bpeeps

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  4. penajmz macrumors 68040

    penajmz

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    Just got the email. Buying a coffee at McDonald's later with their cc. #
     
  5. StyxMaker, Oct 27, 2014
    Last edited: Oct 27, 2014

    StyxMaker macrumors 68000

    StyxMaker

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

    Not my bank, I can't take advantage of it.
     
  6. Glassed Silver macrumors 68020

    Glassed Silver

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    Swoosh, did you hear that?

    That was the sound of CurrentC's significance plummeting long before arrival.

    Glassed Silver:mac
     
  7. ecschwarz macrumors 65816

    ecschwarz

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    #7
    That's a nice little "gift" - I'll be curious to see if any of the others offer this to encourage users!
     
  8. GLS macrumors 6502

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    #8
    Yep. And the CC companies are going to fund it with the transaction fees they charge the MCX businesses.
     
  9. avanpelt macrumors 68030

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  10. Chatter macrumors 6502a

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    #10
    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.)
     
  11. saving107, Oct 27, 2014
    Last edited: Oct 27, 2014

    saving107 macrumors 603

    saving107

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    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.
     
  12. gadgetguy03 macrumors regular

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    I can see within the next few weeks CurrentC being rushed into implementation, even if it isn't ready for primetime yet.
     
  13. pnoyblazed macrumors 6502a

    pnoyblazed

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  14. WolfSnap macrumors 6502a

    WolfSnap

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    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! :)
     
  15. CentralOffice macrumors regular

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    Already used my WF debit several times. I'll be on lookout for $10 credit.
     
  16. Rogifan macrumors Core

    Rogifan

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    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
     
  17. charlituna macrumors G3

    charlituna

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    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.
     
  18. longofest Editor emeritus

    longofest

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    #18
    So, basically Wells Fargo is saying "please use this more secure and convenient method of paying. And by the way, if you do, then:"

    [​IMG]
     
  19. SeattleMoose, Oct 27, 2014
    Last edited: Oct 27, 2014

    SeattleMoose macrumors 68000

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    #19
    "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.
     
  20. Rogifan macrumors Core

    Rogifan

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    Wow Home Depot hasn't shut off NFC yet? Surprised MCX is allowing that...
     
  21. JoseSF, Oct 27, 2014
    Last edited: Oct 27, 2014

    JoseSF macrumors newbie

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    .
     
  22. GLS macrumors 6502

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    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.
     
  23. Rogifan macrumors Core

    Rogifan

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    Except MCX members still accept credit cards, well the plastic versions at least.
     
  24. Peace macrumors Core

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  25. Rogifan macrumors Core

    Rogifan

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    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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