[Tranamal]

I guess not everyone wants Apple Pays. Is it really safe to use Apple Pay?



Nokia to LG to Motorola to Z10, Next up Passport or Z50

[jaydee5799]

Oh no, this is just the start....

[jojo beaconsfield]

these retailers are part of a group that are working on an alternative system,I hope that group is huge and you can bet good money that sooner than later there will be a PAYGATE scandal.lol

[bungaboy]

Oh my! Apple come take my money and run . . .

[THBW]

The basic problem with Apple pay is the way it has been structured. Apple being Apple cozied up to the banks and of course the credit card companies to build a system where everyone gets a fee. Three layers of fees and the costs go directly to the retailer. We are know talking about 3.5-4.0 percent per transaction. This is basically legalized robbery.

The retailers absolutely hate and let me repeat hate this relationship. The fees are utterly inappropriate and are way out of control. Interestingly enough, the rival system will be independent of the credit card companies and the fees banks charge for credit cards use. It will be more like a debit card system directly linked to your bank account. So, it is cheaper for the retailer. In addition, this rival group will provide analytics on consumer habits for free. Apple provides squat (no surprise there).
This is just the first volley in a much bigger and longer battle. Closed systems like Apple have significant cost inefficiencies built into them and are really not very competitive. However, the companies backing it have money and power. It will be interesting to watch. Sort of a David and Gollaith scenario.

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[theRock1975]

Walmart and BestBuy too.

https://www.cryptocoinsnews.com/appl...-and-best-buy/



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[EchoTango]

Nothing surprising here.....

However, I wouldn't be too dismissive of Apple as they are masters of manipulation for thier own gain. I'm sure they have thought this through and have contingencies in place to "force" the retailers to conform. Remember Apple has very deep pockets and they can simply buy them off or even buy a bank to create a monopoly thery're so good at setting up. I'm sure they have a plan to provide financial incentives to retailers to put the market to sleep in the short term and then exploit once all the competitive players are all gone. Classic industrialist tycoon behavor.

I can just see it.....The Apple Bank of America !

[sk8er_tor]

This is great. Apple with their Apple Pay is not good for anyone, including the banks. It's only good for Apple's bottom line.

[early2bed]

Those retailers are planning a system that allows them to directly withdraw funds from my bank account. That's something that I rarely allow. What if they make an error and withdraw too much? Ever try to get a retailer or utility to put money into your bank account? They aren't set up to do that so it's worse than pulling teeth. Are they going to pay for checks that bounce because of their mistake?

I'd much rather deal with banks/credit card companies because you have plenty of recourse when you put a charge in dispute - they automatically credit your account until the issue is resolved.

[THBW]

Nothing surprising here.....

However, I wouldn't be too dismissive of Apple as they are masters of manipulation for thier own gain. I'm sure they have thought this through and have contingencies in place to "force" the retailers to conform. Remember Apple has very deep pockets and they can simply buy them off or even buy a bank to create a monopoly thery're so good at setting up. I'm sure they have a plan to provide financial incentives to retailers to put the market to sleep in the short term and then exploit once all the competitive players are all gone. Classic industrialist tycoon behavor.

I can just see it.....The Apple Bank of America !

Yup, I understand where you are going but a 4% fee is killer. That comes directly out of the pocket of the retailer and it is pretty hard to buy them off. Visa and MasterCard are not going to cut a deal (the primary fee) and the banks are certainly not interested, either. It's all about profit to them. Do I think Apple has contingency plans? Maybe but I doubt it. They will use their size and monetary muscle to force this thing through. They clearly don't care about the retailer as they were left out of the initial equation.

The reason I'm harping on fees centers on the fact that retailing margins are very very thin. A 4% fee is massive and cuts sizably into profit. This sector is not gushing in profits.

[lactose]

Two questions come to mind:
1 Do I really want them to have direct access to my checking ? A while back I was listening to Clark Howard on the radio. A lady was behind on her phone bill, she made arrangement to pay it in full in the next month, and gave the phone company her checking number. The phone company immediately withdrew the full amount. The bank told her there was nothing she could do since she gave the checking account number. It is like a blank check.

2 When there are incidents of fraud, who should be responsible ? My bank has either zero or a small liability on my part, they eat the rest. Check out who eats the loss with CurrentC.

[early2bed]

I'll bet people spend more than 4% more when they use electronic payment systems just as they spend a lot more with credit cards than they do with cash. When consumers pay with cash, they spend less. Credit cards were easier because all you had to do was pull out the card. Now you don't even have to bring out your wallet - just put your thumb on Touch ID. Ever use something like this at Disney World? Your spending goes nuts.

Retailers know that people will spend more with smartphone payments. They just would rather get the funds directly from your bank account and skip the credit card fees. We're doing these smartphone payments no matter what (it's not NFC in the case of CurrentC). Are Blackberry devices going to be on any of them?

[app_Developer]

This is great. Apple with their Apple Pay is not good for anyone, including the banks. It's only good for Apple's bottom line.

Actually the banks are very much on Apple's side on this one. CurrentC, which is what CVS etc are pushing, is terrible for banks.

Also terrible for any customers who wants to use her credit card or anyone who doesn't want to give Best Buy access to his bank account information.


Sent from my iPhone 6 using Tapatalk

[notafanofyou]

Apple pay is terrible for merchants and flop .

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[StephanieMaks]

Once again putting 'apple' in the headline makes for big clicks but what's been overlooked is that they didn't disable 'apple pay', they disabled NFC.

So in addition to iPhone users, this move has also disabled payments for folks with Android, BlackBerry, and even the NFC built right into credit cards (Paywave, Paypass, etc)

From what I've been reading, security is pretty much the big reason for this move. As in, when customers use Apple Pay, the merchant has no access (or very limited) access to the customer's personal data. That means less datamining, less customer data to sell on to marketing.

Their as-yet unreleased alternative system will be a dataminers goldmine, requiring full personal information including SS # and DL #, and grants the merchant direct access to debit your bank account. About the only saving grace there is, it's a good thing no merchant has ever let valuable customer financial data fall into the hands of hackers... Oh wait...

[Dunt Dunt Dunt]

The problem is Apple has the clientele that is most likely to use this type of system, and they do tend to be ones with "disposable income"... Google might have been there before them and had a head start... but right now most anything that Apple wants, they get. CVS might block this, but you can bet that when Walgreen's starts putting up signs and the CVS managers noticed that right across the street that Walgreen is seeing more traffic.... they will give in to Apple and the Banks.


Think that Target was very smart to create their RED CARD - Payment and rewards system... allows them to control the money and give back customers the 2/3% that normal CC already charge plus an incentive to use their App so they can get customers "involved".

[southlander]

What if they make an error and withdraw too much? Ever try to get a retailer or utility to put money into your bank account? They aren't set up to do that so it's worse than pulling teeth. Are they going to pay for checks that bounce because of their mistake?

This is already the case when you use a debit card secured via pin or signature. Timeouts in transaction processing (power going out during a storm is one example of a cause) can lead to double authorizations against your debit card. If the balance is close this can be enough to cause a check to bounce.

So it is already a problem retailers face. Which why you see so many warnings about holds on funds when using debit nowadays.

[Ment]

People who want Apple Pay to fail and by extension NFC payments (Google Wallet is also now blocked by Rite-Aid and CVS) need to read the Techcrunch article and how stupid CurrentC is. CurrentC was developed for the benefit of the merchant not the consumer.

1) your bank acct is directly tied to the CurrentC payment platform
2) there are no fraud protections. If your rent payment goes down the tubes cause someone used your CurrentC acct then they, CurrentC aren't obligated to do anything.
3) The payment process is a clunky multi-step system using QR codes. This is 2014...really?
4) It extracts and holds more user info than needed for a simple financial transactions, including potential health info.


Until they change things drastically why would anyone want to use this.

[fsecure]

Hmmmm.....I can see Apple bully themselves upon the retailers saying no Apple Pay = No selling Apple products in their stores!

(Insert Maniacal Laugh Here!!)



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[howarmat]

Once again putting 'apple' in the headline makes for big clicks but what's been overlooked is that they didn't disable 'apple pay', they disabled NFC.

So in addition to iPhone users, this move has also disabled payments for folks with Android, BlackBerry, and even the NFC built right into credit cards (Paywave, Paypass, etc)

This was what i read too. They have just shut down ALL nfc payments affected all platforms not just apple. But I do agree that story wouldnt get any clicks lol

[DenverRalphy]

People who want Apple Pay to fail and by extension NFC payments (Google Wallet is also now blocked by Rite-Aid and CVS) need to read the Techcrunch article and how stupid CurrentC is. CurrentC was developed for the benefit of the merchant not the consumer.

1) your bank acct is directly tied to the CurrentC payment platform
2) there are no fraud protections. If your rent payment goes down the tubes cause someone used your CurrentC acct then they, CurrentC aren't obligated to do anything.
3) The payment process is a clunky multi-step system using QR codes. This is 2014...really?
4) It extracts and holds more user info than needed for a simple financial transactions, including potential health info.

The bolded, while really bugs me, is also a saving grace. Using QR codes, and thus relying on scannable displays (anybody who's had the displeasure of using rewards apps etc at a checkout stand knows how hit or miss this method can be) will result in it bombing. So eventually the project will be forced to either use NFC, or die altogether. One way or another, NFC payments will win over. This will just delay the inevitable (albeit annoyingly so).

Besides... Walgreens will be laughing at CVS/Rite Aid the whole time. They've embraced NFC payments (even have the Google Wallet/Apple Pay logos at their NFC terminals). With the added bonus I can still buy smokes at Walgreens.

[Ment]

And the dagger, CurrentC requires your SSN and Driver's License to sign up. No I don't think so!!

[early2bed]

This may turn out to be a good thing for Apple Pay. Practically nobody knew anything about CurrentC until now and it's getting some pretty bad press before it's even gets off the ground. Meanwhile, Apple Pay has launched and the only people who seem to not like it are retailers and Crackberrians

So consumers feel like they should look for places to use Apple Pay and stay away from whatever the retailers try to sign you up for that involves your banking info. Nice.

[app_Developer]

And the dagger, CurrentC requires your SSN and Driver's License to sign up. No I don't think so!!

Exactly! No one (least of all BlackBerry users) should be celebrating this move to shut down all NFC payment services.


Sent from my iPhone 6 using Tapatalk

[blueyestm]

Starbucks is accepting this now too. I received an email regarding it.