Because it’s not about the customer experience, or customer security, or customer anything. It’s about eliminating credit/debit card fees, period.
It's about trying to pinch pennies that doesn't benefit the consumer, only the business.
And to be honest... there is absolutely no business I'd ever use this payment method. Paying with the physical credit card is faster. If they want to put their money where their mouth is, they would only accept cash or CurrentC.
What Visa/MC/Amex should do is require that all POS systems to support tap-to-pay AND EMV chip+pin , and businesses refusing to enable the tap-to-pay features (determined by seeing "tap to pay" users not using "tap-to-pay" at certain locations for amounts that should be tap-to-pay) to be in violation of their payment agreements and threaten to lose all CC processing access if they don't enable it. See how quickly stores capitulate then.
"... giving MCX direct access to a checking account"
Hell NO !
No security (they were hacked already) and no protection of the kind you get with a credit card.
But the real issue is that they present no value proposition for the customer. There is NO upside for me to use this. There's plenty for Walmart but none for me. I find it hard to believe that they're this far down the path and still have not presented a "why" to encourage a customer to use it. Pathetic, just pathetic.
The worst thing to do in mobile payment is to let merchant access your checking account directly. Fck no. Even if I want to pay from my bank, I use debit card.
They can get your information with your debit card FYI.
It's about trying to pinch pennies that doesn't benefit the consumer, only the business.
And to be honest... there is absolutely no business I'd ever use this payment method. Paying with the physical credit card is faster. If they want to put their money where their mouth is, they would only accept cash or CurrentC.
What Visa/MC/Amex should do is require that all POS systems to support tap-to-pay AND EMV chip+pin , and businesses refusing to enable the tap-to-pay features (determined by seeing "tap to pay" users not using "tap-to-pay" at certain locations for amounts that should be tap-to-pay) to be in violation of their payment agreements and threaten to lose all CC processing access if they don't enable it. See how quickly stores capitulate then.
@PScooter63 ("And that's exactly what the consortium is counting on... consumers with little-to-no analytical skills. Suckers.")
Exactly. This will be used only by the low-information types and those who are bribed to use it by incentives, coupons or giveaways. I could easily see a two-tiered system, an 'upper' tier of knowledgeable customers using Apple Pay or Google Wallet and a 'lower' tier using this nonsense.
It won't last. Too clumsy. Doesn't use customers' rewards cards. Disdainful of customers' privacy and security. Truly nasty.
Comments
Yes it will if they have direct access to your bank account
transparency brosef
It's safer to use a tokenization scheme than to run the stripe of your debit card. So Apple Pay (or the equivalent upcoming Samsung clone) still wins.
I'm talking about CurrentC here. Of course, I prefer Apple over any other type of mobile payment.
So they had a three year exclusivity deal and then screwed it up by not launching until said deal was due to expire?
Poor management right there.
best summary yet......it had piss poor support till the witching hour......no merchant support because if it was there the app would be there
privacy is a non entity with this and yet they can't explain how this improves security over anything.
BestBuy pulling "out" probably motivated many other merchants to count down to the end of exclusivity
poof last minute app with no history of any consumer use or acceptance
just wait till this fall when retail gets geared up for the Christmas buying season......you'll see many more "best buy" offloading
walmart will try to keep it alive.....its really its baby......using other systems will have a built in delay so this "looks" faster
already at walmart using a chip card (american express using a slot rather than swiping) takes 4 times longer than swiping my debit card
coincidence? i don't think so
its the only way i can use my AMEX card, and only walmart uses the slot rather then the swipe.
It's about trying to pinch pennies that doesn't benefit the consumer, only the business.
And to be honest... there is absolutely no business I'd ever use this payment method. Paying with the physical credit card is faster. If they want to put their money where their mouth is, they would only accept cash or CurrentC.
What Visa/MC/Amex should do is require that all POS systems to support tap-to-pay AND EMV chip+pin , and businesses refusing to enable the tap-to-pay features (determined by seeing "tap to pay" users not using "tap-to-pay" at certain locations for amounts that should be tap-to-pay) to be in violation of their payment agreements and threaten to lose all CC processing access if they don't enable it. See how quickly stores capitulate then.
"... giving MCX direct access to a checking account"
Hell NO !
No security (they were hacked already) and no protection of the kind you get with a credit card.
But the real issue is that they present no value proposition for the customer. There is NO upside for me to use this. There's plenty for Walmart but none for me. I find it hard to believe that they're this far down the path and still have not presented a "why" to encourage a customer to use it. Pathetic, just pathetic.
The worst thing to do in mobile payment is to let merchant access your checking account directly. Fck no. Even if I want to pay from my bank, I use debit card.
They can get your information with your debit card FYI.
It's about trying to pinch pennies that doesn't benefit the consumer, only the business.
And to be honest... there is absolutely no business I'd ever use this payment method. Paying with the physical credit card is faster. If they want to put their money where their mouth is, they would only accept cash or CurrentC.
What Visa/MC/Amex should do is require that all POS systems to support tap-to-pay AND EMV chip+pin , and businesses refusing to enable the tap-to-pay features (determined by seeing "tap to pay" users not using "tap-to-pay" at certain locations for amounts that should be tap-to-pay) to be in violation of their payment agreements and threaten to lose all CC processing access if they don't enable it. See how quickly stores capitulate then.
I can do that myself
@PScooter63 ("And that's exactly what the consortium is counting on... consumers with little-to-no analytical skills. Suckers.")
Exactly. This will be used only by the low-information types and those who are bribed to use it by incentives, coupons or giveaways. I could easily see a two-tiered system, an 'upper' tier of knowledgeable customers using Apple Pay or Google Wallet and a 'lower' tier using this nonsense.
It won't last. Too clumsy. Doesn't use customers' rewards cards. Disdainful of customers' privacy and security. Truly nasty.