True. There is still a transaction cost and I'm paying for that now on my checking account.
So, since banks are doing it anyways (electronic payment to credit card or direct to seller) and charge my checking account... say bye bye CC just transfer direct to/from my bank.
Can't Apple pay use a debit card?
Then it will get down to who has the lowest bank fees/ highest incentives... ie the $20 inducement.
I'm using it with my chase debit card. It has a VISA/MC logo on it. They have great fraud protection associated with using DC with the VISA/MC log on it.
And now the banks are competing amongst each other to get people to use their cards.. I can see retailers offering incentives like this to get people to use Apple Pay.. Win-win for everyone involved and consumers..
I doubt you'll see retailers pushing for people to use Apple pay as they would always prefer cash. Banks, card companies, and Apple are the winners. Initially it appears neutral to retailers, because the costs are the same as someone using a card, but the reality is Apple Pay is not just replacing card purchases, people are going to be using their phone for their cash transactions because it is just as easy, if not easier.
With retailers being the 'losers' the costs get eventually passed on to the consumers. For most of us the extra convenience is worth it.
Well that's pretty awesome, good for Wells Fargo in embracing technology. My bank gives me this canned response from on top of mount bullshit "Thanks for sharing your thoughts with us. That is certainly not what we are saying and we're sorry that's what you have understood from our responses. We are working diligently to evaluate Apple Pay and ensure that our standards for customer service can be met and concerns for our customers’ information are addressed."
I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.
Unlikely because some people will spend more than they have.
Using credit cards for convenience is smart. Using credit cards for credit is not. There have been debtors and creditors since the concept of money was invented.
what's wrong with wells fargo? Bank is really good...unless i'm missing something here.
Nothing in particular wrong with WF if you happen to be on the west coast. The local branches are rather sparse in the midwest and east coast. I have a Wells debit card because I have a mortgage there but I only use it to schedule automatic mortgage payments when I am on vacation. My main bank is BoA, but I'm having issues getting ?Pay set up with their card.
I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.
No one can predict what is happening next month, let alone a hundred years form now. A hundred years is like eternity in the tech world, maybe three eternities.
The policeman pointed out that the sign indicated they were driving on Highway 20. Somewhat embarrassed the professor apologized and promised to be more observant.As the policeman turn to walk back to his car, he noticed the other two professors on the floor ...looking scared to death! He asked the driver, "What's wrong with them?"The driver replied, "We just turned off Highway 105."
So what? Wells Fargo's most important U.S. subsidiary resides in South Dakota.
And what about Bank of America which was founded in SF and now is headquartered in Charlotte, North Carolina?
MasterCard is headquartered in Purchase, New York, but Visa is headquartered in Foster City, California. Amusingly, Visa was originally BankAmericard while MasterCard was the competitor created by a bunch of California banks.
It really doesn't makes any difference to the cardholder. There may be some interest as a resident, since often these large corporations have civic involvement, particularly in regard to local charity. While I am not a Wells Fargo customer, I do note that they are involved in SF Bay Area charities and arts organizations.
I can see in time, once ?Pay is proven to be secure and successful (and I believe it will be extremely successful), ?Pay being expanded to allow optional linking directly to our bank accounts.
I was in my US Bank branch last week and asked them when my US Bank Visa would be functional with Apple Pay. She didn't miss a beat and asked me "What's Apple Pay?". My jaw dropped. I said it was the new secure swipeless credit card technology for use with the iPhone. And she said, that it was something she would look into, that the bank was probably waiting to see how well it worked and if any other major banks were using it. I almost laughed and said, yeah, all your competitors, Wells Fargo, Chase, Citibank ... and she looked sort of caught off guard, and said she was just in a meeting last week that said all merchants were going to have to upgrade to wireless transaction POSTs by the end of next year, so she felt sure they would support Apple Pay by then. Yikes!! And she was the teller manager.
Looks like I need to get a new bank. Yowza ... what rock has she been under?
Haha this reminds me of Wednesday the week Apple Pay was launched. I was at Fry's(big chain grocery store) and at checkout I noticed a piece of paper taped by the payment terminal that read "we are not accepting credit cards by phone" written in marker.
I laughed and looked at the cashier and asked what the note was all about. I thought she was gonna mention Apple Pay but instead she dully replied "We're not accepting credit cards on the phone" in a you-wouldn't-understand tone.
I ignored her after that attitude but I imagine several people were trying to pay with their iPhones that week.
Nothing in particular wrong with WF if you happen to be on the west coast. The local branches are rather sparse in the midwest and east coast. I have a Wells debit card because I have a mortgage there but I only use it to schedule automatic mortgage payments when I am on vacation. My main bank is BoA, but I'm having issues getting ?Pay set up with their card.
oh ok. Yes. i'm actually in west coast...but i'm surprise there aren't many wf in midwest and east....
I can see in time, once ?Pay is proven to be secure and successful (and I believe it will be extremely successful), ?Pay being expanded to allow optional linking directly to our bank accounts.
I want to move my money into the Bank of Apple. Tim, please make it so.
Wells Fargo is paying to be "top of wallet" and hoping that once they're there the user will simply be too lazy to add additional cards and kick them out of the top spot.
The default Apple Pay card is the one that's going to get the lion's share of the transactions.
Comments
True. There is still a transaction cost and I'm paying for that now on my checking account.
So, since banks are doing it anyways (electronic payment to credit card or direct to seller) and charge my checking account... say bye bye CC just transfer direct to/from my bank.
Can't Apple pay use a debit card?
Then it will get down to who has the lowest bank fees/ highest incentives... ie the $20 inducement.
I'm using it with my chase debit card. It has a VISA/MC logo on it. They have great fraud protection associated with using DC with the VISA/MC log on it.
A left coast SF bank partnering up with Apple - who would have ever thought?
And now the banks are competing amongst each other to get people to use their cards.. I can see retailers offering incentives like this to get people to use Apple Pay.. Win-win for everyone involved and consumers..
I doubt you'll see retailers pushing for people to use Apple pay as they would always prefer cash. Banks, card companies, and Apple are the winners. Initially it appears neutral to retailers, because the costs are the same as someone using a card, but the reality is Apple Pay is not just replacing card purchases, people are going to be using their phone for their cash transactions because it is just as easy, if not easier.
With retailers being the 'losers' the costs get eventually passed on to the consumers. For most of us the extra convenience is worth it.
Yeah, but then I'd have to sign up for a Wells Fargo credit card. Eww.
Sorry, no deal.
Yeah, but then I'd have to sign up for a Wells Fargo credit card. Eww.
Sorry, no deal.
what's wrong with wells fargo? Bank is really good...unless i'm missing something here.
Well that's pretty awesome, good for Wells Fargo in embracing technology. My bank gives me this canned response from on top of mount bullshit "Thanks for sharing your thoughts with us. That is certainly not what we are saying and we're sorry that's what you have understood from our responses. We are working diligently to evaluate Apple Pay and ensure that our standards for customer service can be met and concerns for our customers’ information are addressed."
God damn technophobes
I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.
Unlikely because some people will spend more than they have.
Using credit cards for convenience is smart. Using credit cards for credit is not. There have been debtors and creditors since the concept of money was invented.
what's wrong with wells fargo? Bank is really good...unless i'm missing something here.
Nothing in particular wrong with WF if you happen to be on the west coast. The local branches are rather sparse in the midwest and east coast. I have a Wells debit card because I have a mortgage there but I only use it to schedule automatic mortgage payments when I am on vacation. My main bank is BoA, but I'm having issues getting ?Pay set up with their card.
A left coast SF bank partnering up with Apple - who would have ever thought?
You do know that the same New Yorker founded Wells Fargo and American Express, right?
Yeah, I thought not.
I suspect a hundred years from now, the major credit card companies will be long cut out of the process. The reason for their existence is growing thin.
No one can predict what is happening next month, let alone a hundred years form now. A hundred years is like eternity in the tech world, maybe three eternities.
You do know that the same New Yorker founded Wells Fargo and American Express, right?
Yeah, I thought not.
They are headquartered in SF now.
The policeman pointed out that the sign indicated they were driving on Highway 20. Somewhat embarrassed the professor apologized and promised to be more observant.As the policeman turn to walk back to his car, he noticed the other two professors on the floor ...looking scared to death! He asked the driver, "What's wrong with them?"The driver replied, "We just turned off Highway 105."
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They are headquartered in SF now.
So what? Wells Fargo's most important U.S. subsidiary resides in South Dakota.
And what about Bank of America which was founded in SF and now is headquartered in Charlotte, North Carolina?
MasterCard is headquartered in Purchase, New York, but Visa is headquartered in Foster City, California. Amusingly, Visa was originally BankAmericard while MasterCard was the competitor created by a bunch of California banks.
It really doesn't makes any difference to the cardholder. There may be some interest as a resident, since often these large corporations have civic involvement, particularly in regard to local charity. While I am not a Wells Fargo customer, I do note that they are involved in SF Bay Area charities and arts organizations.
I can see in time, once ?Pay is proven to be secure and successful (and I believe it will be extremely successful), ?Pay being expanded to allow optional linking directly to our bank accounts.
Haha this reminds me of Wednesday the week Apple Pay was launched. I was at Fry's(big chain grocery store) and at checkout I noticed a piece of paper taped by the payment terminal that read "we are not accepting credit cards by phone" written in marker.
I laughed and looked at the cashier and asked what the note was all about. I thought she was gonna mention Apple Pay but instead she dully replied "We're not accepting credit cards on the phone" in a you-wouldn't-understand tone.
I ignored her after that attitude but I imagine several people were trying to pay with their iPhones that week.
Nothing in particular wrong with WF if you happen to be on the west coast. The local branches are rather sparse in the midwest and east coast. I have a Wells debit card because I have a mortgage there but I only use it to schedule automatic mortgage payments when I am on vacation. My main bank is BoA, but I'm having issues getting ?Pay set up with their card.
oh ok. Yes. i'm actually in west coast...but i'm surprise there aren't many wf in midwest and east....
Do you still see Wachovia Banks? I don't know if they've done all the migration.
I want to move my money into the Bank of Apple. Tim, please make it so.
Wells Fargo is paying to be "top of wallet" and hoping that once they're there the user will simply be too lazy to add additional cards and kick them out of the top spot.
The default Apple Pay card is the one that's going to get the lion's share of the transactions.
So, a question: What would a bank or credit card company need to do to have you use their card on Apple Pay and make it your "default" card?
Seriously.