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Wells Fargo Enticing Users to Try Apple Pay With $10-$20 Credits
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For the 1,000th time, the retailer does not pay extra for a Apple Pay tranaction. The banks are the ones paying Apple.
A consumer would be stupid to give any retailer direct access to their checking account when retailers prove every week they can't secure customers personal information if their lives depended on it.
Next thing you know, CurrentC gets hacked like Target, hackers get 40 million checking account numbers and those customers accounts are wiped empty before anyone even knows a breach occurred. Good luck getting that money back, it's not as easy as stopping fraudulent credit card transactions.
I don't think Home Depot is an MCX partner (unless I'm missing something blatantly in my face): http://www.mcx.com/#2
WHAT?
I thought ApplePay was banned at RiteAid?
Or did you mean you tried something else?
Nope. The retailers pay the same fees they are currently under contract for. In fact Apple Pay, because of Apples arrangement with the banks, is considered "card present" which means they pay the lower of the set fees (manually entered cards have a higher risk of error and chargeback this a higher transaction fee)
The banks and credit card processors are paying the cut to Apple because this system should drastically cut down fraud which costs them millions every year.
With ACH you have a much lower, sometimes impossible chance of getting your money back in case of fraud since the funds come directly from your bank account. With credit cards if a fraudulent charge does indeed go through then we can do chargebacks and the stolen money was credit rather than your actual funds.
Accepting CC is not MCX. Cats and dogs. Even Apple Pay businesses still take plastic cards. They haven't suddenly said no cash, checks or non Apple Pay "cards"
You're going to get a ton of replies to your response to my comment, so I won't even bother refuting what you said. You'll hear it.
So anything a bank would support would be bad? We should just do away with banks then, our lives would clearly be much better and simpler then.
With prior "victim" Target on the member list I'm sure as hell not signing up until they prove to me that this system is secure and I have no fraud liability.
As others have said, Apple's "cut" (0.15%) is from the issuing banks, who see the small price as a way to bolster security on the cheap. They don't charge the merchants more, so an Apple Pay transaction costs the merchant the same amount as a normal one.
Not sure on the first one (I know they used to allow it with Safari for Windows, mostly due to the specific QuickTime tools loaded, but it's been ages since I've messed with that), but on the second, I don't see why Apple Stores wouldn't accept Google Wallet or PayPal if they transmit as normal NFC credit card transactions, at least since Apple added NFC readers to allow Apple Pay.
An Apple site discussing an Apple service...who would ever think of such a thing!
It's supposed to be banned at RiteAid, but I guess this location didn't get the memo because their NFC reader was fully functional and I had no problem paying with Apple Pay. The cashier didn't say anything about it either.
Hmm...CNBC said they were.
That is weird - I've used it twice there, but I guess we'll just have to see if they switch them off. Thanks for the info (and here's to hoping CNBC's reporting was wrong)!
Isn't MCX basically a consortium of retailers supporting the CurrentC payment solution? Point is metchants that have signed on to this still take credit cards just not in the form of a mobile phone.