Discover cards coming to Apple Pay this fall
The last of America's four major credit card networks is set to join Apple Pay, as Discover announced Monday that it has struck a deal with Apple to allow its cardmembers access to the iOS-based mobile payments service.
Visa, MasterCard, and American Express were Apple Pay launch partners.
As part of the agreement, consumers that hold either Discover credit or debit cards will be able to add those cards to Apple Pay this fall. Discover was a notable Apple Pay holdout, as the service launched last fall with Visa, MasterCard, and American Express on board.
"As the mobile payments landscape matures, Discover remains committed to giving cardmembers secure options for using their cards and mobile devices," Discover executive Diane Offereins said in a release. "Discover's focus on simplicity and value for our cardmembers aligns well with the way Apple Pay makes purchases easy and convenient."
There is no word on the financial terms, though they are likely to be similar to those reached by other payment networks. Apple is believed to take 15 basis points from the networks' share of each transaction.
News of Discover's addition comes as Apple is reportedly planning to expand Apple Pay internationally for the first time. The company is said to be in talks with Royal Bank of Canada,Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada to bring the service north of the border.
Visa, MasterCard, and American Express were Apple Pay launch partners.
As part of the agreement, consumers that hold either Discover credit or debit cards will be able to add those cards to Apple Pay this fall. Discover was a notable Apple Pay holdout, as the service launched last fall with Visa, MasterCard, and American Express on board.
"As the mobile payments landscape matures, Discover remains committed to giving cardmembers secure options for using their cards and mobile devices," Discover executive Diane Offereins said in a release. "Discover's focus on simplicity and value for our cardmembers aligns well with the way Apple Pay makes purchases easy and convenient."
There is no word on the financial terms, though they are likely to be similar to those reached by other payment networks. Apple is believed to take 15 basis points from the networks' share of each transaction.
News of Discover's addition comes as Apple is reportedly planning to expand Apple Pay internationally for the first time. The company is said to be in talks with Royal Bank of Canada,Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada to bring the service north of the border.
Comments
Is Discover card really a big deal these days?
I would love to use ?Pay more but unfortunately two places I shop at the most (my local grocery store and Target) don't accept it. Also the last two times I've been to Panera the register I ended up at didn't support it. In fact I had to hand my cars to the cashier so they could swipe it. Incredibly frustrating as I would love to use it more.
I'm still a little wary about the stock being up pre market. I have this feeling the stock will be up on the day and then drop after hours as numbers don't beat the expectations that have been slowly creeping upwards. Now apparently anything less than 60M iPhones will be considered a failure. Google can miss on the top and bottom and shoot up 3% the next day. If Apple sells 59.9M iPhones the stock will probably drop after hours. :rolleyes:
And offset by the drop after Apple posts record earnings that still fall short of some "analyst".
seems like you know little about stock investing. Apple is up 57% the last 12 months.
Seems you're a little sensitive to what was obviously a joke.
I'm sorry when it comes to Apple I'm suspicious of everything. They're held to completely different standards than everyone else. The stock might not have the wild swings it used to but I'll bet you any money Apple reports a very good quarter yet the stock movement after hours doesn't come close to what Amazon (15%) or Microsoft (11%) did last week. Heck even Google with a very 'meh' quarter was up 3% the next day.
Is Discover card really a big deal these days?
I would love to use ?Pay more but unfortunately two places I shop at the most (my local grocery store and Target) don't accept it. Also the last two times I've been to Panera the register I ended up at didn't support it. In fact I had to hand my cars to the cashier so they could swipe it. Incredibly frustrating as I would love to use it more.
I think that problem of lack of support will continue to a while yet because of CurrentC. Until that starts up and then FAILS, will businesses that support that change to support NFC and Apple Pay. I think Target is on the CurrentC group, though I believe they support Apple Pay in their App for Online purchases. I don't know for sure, but I believe they do.
There's only a couple places I go to that support Apple Pay and one of them I go to a number of times a week and that's Home Depot. Lowe's is in the CurrentC group. My place I go grocery shopping at just replaced all their terminals with these large ones. I almost thought at first NFC support, but no, my phone doesn't work. I don't see any type of NFC anything. Doesn't mean they don't support it, just may be turned off/disabled. It is the biggest problem with Apple Pay is places to use it at. NFC was dying for many years. Just going no where. Few people were using Google Wallet. To do a 180 on that will take time.
Other country's, like Canada, I hear NFC is in 90% of their businesses. Some with a number of other countries, so Apple really needs to get going on them. They have the terminals and no Apple pay. We have Apple pay and no terminals. It's kind of funny how that's worked out.
No you aren't. You are one of the biggest troll-feeders on this site.
Yes, it is to me and I think I'm pretty important. Haha.
Anyone else wondering why this was announced today, but the implementation is still many months off?
Is Discover card really a big deal these days?
I would love to use ?Pay more but unfortunately two places I shop at the most (my local grocery store and Target) don't accept it. Also the last two times I've been to Panera the register I ended up at didn't support it. In fact I had to hand my cars to the cashier so they could swipe it. Incredibly frustrating as I would love to use it more.
Can we all agree now that ?Pay is an EPIC FAIL? /s
Announced because the agreement was reached. Surely both Apple and Discover also agreed to the date of the announcement. Timing is everything.
Is Discover card really a big deal these days?
Discover is easy and cheap for merchants to accept and they have good rewards. They claim 90% of merchants who accept Visa and Mastercard take Discover.
It also has benefits if you travel in the Asia Pacific region or serve customers from there. Their network is connected with China UnionPay, JCB and Diners Club International. They're also one of the few cards that have no foreign transaction fee while not charging an annual fee.
Discover is easy and cheap for merchants to accept and they have good rewards. They claim 90% of merchants who accept Visa and Mastercard take Discover.
It also has benefits if you travel in the Asia Pacific region or serve customers from there. Their network is connected with China UnionPay, JCB and Diners Club International. They're also one of the few cards that have no foreign transaction fee while not charging an annual fee.
Discover bought Diners Club a few years back, which gave them some reach into Europe, but in my experience traveling in Europe without a Visa or Mastercard is still very dicey.
I know Apple wants everybody to use ?Pay, but they really should have some minimal standards of whom they allow to participate. You can be sure that no customers paid for their Edition ?Watch with a Discover card. ;-)
I bought my Apple Watch on a Discover card. It's the card I use on my Apple Store account and for about 95% of everything else I buy.
Wait 5 months. Come October 1st all retail will have purchased brand new payment terminals that accept EMV chipped cards. The tech has finally made standard in America (my apologies for assuming you live in the States).
Quoted from US EMV Compliance Ordinance:
4.2. Key Potential Benefits from EMV Compliance
Springboard for Growing Mobile Payments
Mobile payments have been gaining rapid acceptance in the U.S. According to estimates, the gross dollar volume of U.S. mobile payments is expected to grow to $214 billion by 2015.
Both EMV and mobile payments require similar back-end infrastructure. For example, the ISO/IEC 14443 communication protocol which is used by EMV is also used for Near Field Communication (NFC)10 payment transactions between a POS device and mobiles. Moreover, an EMV device is typically a dual contact/contactless device, which means that its installation will prepare the merchant for mobile payments too. [End Quote]
Yes, CurrentC will soften Apple Pay massive rollout by Oct. 1st for some shoppers, but with all new terminals accepting EMV and NFC by default Apple Pay will be ubiquitous outside of MCX's little bubble.