chia wrote: »
A subtlety in semantics I believe anantksundaram has astutely picked up on, from what I understand the merchants' terminals aren't checking how much money you've got in your account or available to spend, they're asking approval (or pre-approval) to withdraw a specific amount from the account.
The problem with Europe and the rest of world's PIN system is that the card itself verifies the PIN internally. This can't happen on a contactless transaction since the card is removed before the PIN is entered.
In the US, transactions above $50 are verified by a signature, so it doesn't affect contactless.
Rest of the world isn't very accurate
In Australia the contactless transaction limit is variable based on the vendor's arrangement with their payment processor.
And by limit I mean without any further verification. If the amount is higher further verification is required and then it is via PIN and that does not happen with the card anywhere near the terminal.
Signatures are finished here and on the way out in the USA as well
konqerror wrote: »
Despite what people think, EMV is not way ahead. EMV was first developed in 1995
This is called the floor limit. Below the floor limit, no verification, signature or authorization is necessary. I didn't say anything about that. I said PIN CVM is used in the rest of the world. Europe's cards are set for offline PIN, which is why the card in contact with the PIN pad. You in Australia have one of the few deployments of online PIN.
The US is not switching to PIN on credit. You need to show proof.
Loaded up a Nationwide debit cad and NatWest credit card. Just tried in Costa, terminal shows apple pay but we couldn't get it to work, guess might be OK later in the day.
Up and running yippee!!
Barclays better get a move on or that debit card is for the scissors!!
That's my Amex card set up although it was easier to add the card via the Apple Watch app than do it through Passbook.
Time to go to Pret & see if I can pay by Apple Watch!!
Edit 07:18 - it works although I paid by phone this time. I just need to watch my pronunciation of Apple Pay & apple pie.
Passbook has also updated with details on how to add a card
Sorry if this is a stupid user question but how did Apple activate my iP 6 to allow card loading. I thought I'd have to wait for iOS 9.
What on earth? HSBC backed out last minute. I can't register my card now. Not happy about that
No. It was included in iOS 8 with the iPhone 6 and 6 plus.
anantksundaram wrote: »
In the U.S., it's generally lower credit quality consumers who use debit cards.
Who Owes the Most?
With increased credit card usage comes increased credit card debt (with as we have mentioned the apparent exception of China!) As of 2009 according to US News and World Report the following countries were carrying the biggest credit card debt burdens (figures are in billions of dollars!)
US – $775.0
UK – $87.5
Canada – $73.9
Australia – $40.4