With the rise of smartphone payments like Samsung Pay, Android Pay and Apple Pay , is there even a need for credit cards?
How long until these companies start skipping payment processors like Visa and Mastercard and take the whole pie?
How long until these companies start skipping payment processors like Visa and Mastercard and take the whole pie?
Square/Clover/all the POS's used by coffeeshops and other small businesses have been taking Apple Pay for a few years now. But recently CVS started taking it, and CVS is everywhere (~6,200 stores in the US). Whole Foods is on Apple Pay. I understand Target will be following soon.
It's still not 100% penetration, but it definitely feels like the adoption expands every time a shop upgrades its POS.
Target has already deployed Apple Pay in NC at least.
I only recently bought an iPhone, but I was pleasantly surprised by the number of merchants that accepted Apple Pay.
https://corporate.target.com/article/2019/01/store-payment-o...
How often have you done this dance:
1. Notice the POS reader has an icon on it that vaguely indicates it supports some kind of NFC payment.
2. Pull out your phone and wave it around the reader.
3. No response from reader. Do I need to press something on my phone?
4. Still no response. The cashier and other customers in line are looking at you like you are wasting everyone’s time with your high tech crap.
5. Sheepishly put your phone in your pocket, pull out an actual card, and mutter something about “I guess it’s not working today...” to the cashier.
Have this awkward experience enough times and you’ll just abandon NFC payments entirely. Stores should not be allowed to indicate that their systems support NFC if their reader doesn’t work.
Supposed to have increased privacy, why I try it first.
Isn't this because Apple Pay is essentially built on top of the Visa/Mastercard/Amex contactless solutions?
We have had very good support for contactless payments for a long time, something that Apple/Google Pay will both fall back to if necessary. No one blocks them. Charges are capped in the EU, and low, so retailers are onboard. Add to that the fact that cash usage is declining fast and some places are going card only (London public transport being most notable), it’s everywhere.
[0]: https://en.wikipedia.org/wiki/Contactless_payment#/media/Fil...
What do you mean?
How long until these companies start skipping payment processors like Visa and Mastercard?
Should that come to pass, the Apple card becomes...an Apple card.
The two seem intertwined, even though they aren't. I just assumed Apple -- if they became a payment processor -- would still provide those protections.
If they didn't, which I see is maybe what the OP was alluding to, why would anyone use the card?
Yes, I don't care for running any of these blobs or other DRM garbage on my phone. And what's the selling point ? I don't see the difference between pulling out my card v/s pulling out my phone. Decent security (chip & pin for eg. or other 2nd factor) is perfectly possible with cards. US is just backwards in matters like these. We don't need to beat the security strawman.
There are other direct to bank account systems like Interac that skirt around the traditional “pay later” idea, without fees or benefits to the user.
All in all you could just do a direct to bank account NFC transaction but why would any company do that when they can build up an ecosystem?
If you ever travelled to Asia and don't wanted to install WeChat then yes, cards are good unless you're ok with going cash only.
Fortunately, most retail on the Navajo Nation takes Apple Pay, so I just drove over there every couple of days for supplies and paid with my Apple Watch.
Saved my bacon. But I'd still rather have plastic as a backup considering battery issues in places with extreme weather.
Credit cards give better consumer protection, less hassle if your card gets cloned, and (if used sensibly) help your credit rating.