That's Apple too. They have 800M credit cards in their "cloud". ApplePay only protects CC transactions at the point of transaction. Only hacking per transaction is protected. ApplePay doesn't do anything to protect against hacking of the cloud databases which hold CC and other information.
ApplePay doesn't store any credit card information in the cloud. Credit card information is only stored in the secure element inside the device itself (which is believed to be part of the NFC chip used, which would explain why the new iPads have the NFC chip but no antenna).
Now someone hacking iTunes accounts and getting credit card information there is different, but I think we may end up seeing Apple letting us delete all of that bank info from our iTunes accounts and rely solely on ApplePay.
Davidson suggested CurrentC and Apple Pay may one day be offered side-by-side.
"In the future, that could be entirely possible...there will need to be two to three strong players in the ecosystem. One won't simply build the market,".
Good bit of backtracking for when they have to offer ?Pay.
Of course "one" will simply build the market.
Your companies will be long gone if you are waiting for 2, let alone 3 strong players in this field.
This guy is the biggest joker I have seen recently. He is saying "we become stronger with every hack" WTx. Doesn't he learn from Target, HomeDepot hacks ?? or he wants to experience personally !!
The payment system he is working on is going to be next year, he will hold back all consumers until then at MCX stores not to use ApplePay ... wow, how forward thinking.
Just got rejected at Home Depot when I tried to use Apple Pay. It connected fine, then the card said rejected. Then I used the same actual card the old fashioned way and it took it. Is Home Depot now a part of this revolt?
This is precisely why MCX should be embracing Apple Pay right now. In what u describe above Home Depot just paid the CC company more money, which is what MCX is trying to prevent with their system. If I remember correctly from all the press, Apple Pay negotiated lower than card present rates. This means that Home Depot, let alone any other MCX vendors (CVS, Rite-Aid) with NFC readers, would have paid less money to the CC companies because of the Apple Pay transaction. So since you used the physical CC maybe the CC company charged Home Depot 5%, versus the same card with Apple Pay at 4.8% (example rate, do not know actual rate).
Basically MCX vendor participants could be saving money while still trying to envision their dream.
"Contrary to a Wednesday New York Times report, %u201Cthere are no fines to MCX merchants%u201D who choose to partner with Apple Pay and leave the merchant group..."
Nice way to sidestep the issue. Yep. there are no fines, but the MCX contract reportedly gives MCX a three year exclusivity window. IOW, if you want to use MCX, your payment terminals can't support any other electronic payment system.
So much for a competitive marketplace.
Also, you may be able to use a prepaid card, but to account setup requires ACH access to a checking account, along with a few other minor details like name, address, DOB and SSN.
This is precisely why MCX should be embracing Apple Pay right now. In what u describe above Home Depot just paid the CC company more money, which is what MCX is trying to prevent with their system. If I remember correctly from all the press, Apple Pay negotiated lower than card present rates. This means that Home Depot, let alone any other MCX vendors (CVS, Rite-Aid) with NFC readers, would have paid less money to the CC companies because of the Apple Pay transaction. So since you used the physical CC maybe the CC company charged Home Depot 5%, versus the same card with Apple Pay at 4.8% (example rate, do not know actual rate).
Basically MCX vendor participants could be saving money while still trying to envision their dream.
Used apple pay twice at home depot today 1 i morning 1 in afternoon. Work fine both times
Comments
That's Apple too. They have 800M credit cards in their "cloud". ApplePay only protects CC transactions at the point of transaction. Only hacking per transaction is protected. ApplePay doesn't do anything to protect against hacking of the cloud databases which hold CC and other information.
ApplePay doesn't store any credit card information in the cloud. Credit card information is only stored in the secure element inside the device itself (which is believed to be part of the NFC chip used, which would explain why the new iPads have the NFC chip but no antenna).
Now someone hacking iTunes accounts and getting credit card information there is different, but I think we may end up seeing Apple letting us delete all of that bank info from our iTunes accounts and rely solely on ApplePay.
Davidson suggested CurrentC and Apple Pay may one day be offered side-by-side.
"In the future, that could be entirely possible...there will need to be two to three strong players in the ecosystem. One won't simply build the market,".
Good bit of backtracking for when they have to offer ?Pay.
Of course "one" will simply build the market.
Your companies will be long gone if you are waiting for 2, let alone 3 strong players in this field.
The payment system he is working on is going to be next year, he will hold back all consumers until then at MCX stores not to use ApplePay ... wow, how forward thinking.
I bet he is resigning in 3 months.
This is precisely why MCX should be embracing Apple Pay right now. In what u describe above Home Depot just paid the CC company more money, which is what MCX is trying to prevent with their system. If I remember correctly from all the press, Apple Pay negotiated lower than card present rates. This means that Home Depot, let alone any other MCX vendors (CVS, Rite-Aid) with NFC readers, would have paid less money to the CC companies because of the Apple Pay transaction. So since you used the physical CC maybe the CC company charged Home Depot 5%, versus the same card with Apple Pay at 4.8% (example rate, do not know actual rate).
Basically MCX vendor participants could be saving money while still trying to envision their dream.
Nice way to sidestep the issue. Yep. there are no fines, but the MCX contract reportedly gives MCX a three year exclusivity window. IOW, if you want to use MCX, your payment terminals can't support any other electronic payment system.
So much for a competitive marketplace.
Also, you may be able to use a prepaid card, but to account setup requires ACH access to a checking account, along with a few other minor details like name, address, DOB and SSN.
Used apple pay twice at home depot today 1 i morning 1 in afternoon. Work fine both times