It wouldn't have anything to do with millennials being so broke (from things like massive student loan debt) that they aren't being issued credit cards.
I know this is anecdotal, but I've found even when stores have new NFC/chip and pin terminals, they aren't used to people using them. I can't count the number of times I've been told "I didn't know you could do that" when I pay with ApplePay, either on my watch or my iPhone. That's been every where from Home Depot to visitor centers in national park areas to soft drinks vending machines.
At my liquor store of choice, I was able to use ApplePay when they first got their new machines. When I asked if they supported ApplePay or any other NFC-based payments, the girl said she that she didn't know. I tried it anyway, and it worked. However, two subsequent attempts to use ApplePay failed with some kind of "failed to read NFC" error. On a third attempt, I tried to use my new chipped debit card, and the girl quickly informed me that the chip reader doesn't work yet.
So, it seem painfully obvious to me, that if these retailers would just get their act together, I believe ApplePay would work in just about any location with the newer machines. Actually, almost none of the places I use ApplePay even officially support it.
The most significant obstacle in my neck of the woods (midwest) is training at the retailers that already have it. In most cases I have to walk the clerk through the process after they tell me "we don't take ApplePay". I simply point them to the sticker that says they do, walk them through the transaction and move on my way. It is a sad fact but I have not run into a place where they knew what the hell I was talking about. That was with the phone. Then the same places thought it was a totally different function once I stated to use my watch...It is crazy that large national chains have not figured out a simple training process like this.
Doesn't Apple offer some guidance to the retailers who officially support ApplePay?
It wouldn't have anything to do with millennials being so broke (from things like massive student loan debt) that they aren't being issued credit cards.
No offense to an entire group of people only loosely connected by their age range, but "Millennials" certainly seem to be poor decision makers if a majority has managed to rack up a crushing amount of debt. I cannot believe a majority of individuals could be so stupid as to make the same error in judgment.
No offense to an entire group of people only loosely connected by their age range, but "Millennials" certainly seem to be poor decision makers if a majority has managed to rack up a crushing amount of debt. I cannot believe a majority of individuals could be so stupid as to make the same error in judgment.
No offense, but a college tuitions have grown at 2x the rate of inflation year over year. How can you blame them for that?
Get those NFC-ready registers everywhere (thought it would have happened by now!) and THEN we can talk about whether there's a meaningful "plateau."
No need for retailers to "support" Apple Pay... they just need modern payment terminals period, and NFC will work.
It takes a lot of money to switch over to new POS systems. Plus you have places like restaurants that would have to replace each computer system as most of the time the credit card reader is built into the computer as well. This transition will take years.
"Weed says credit cards dominate Apple Pay and account for 86 percent of all cards linked to the service. Debit cards come in second with a 49 percent share, while prepaid cards account for another 22 percent."
Something wrong with the maths here!!
You can have both, so the numbers don't need to add up to 100%.
"Weed says credit cards dominate Apple Pay and account for 86 percent of all cards linked to the service. Debit cards come in second with a 49 percent share, while prepaid cards account for another 22 percent."
Doesn't that simply mean 86 out of 100% of the credit cards, 49 out of 100% of the debit cards, and 22 out of 100% of the prepaid cards are linked to Apple Pay?
You can have multiple cards registered with Apple Pay, so the total can be > 100%.
Actually, no. You yourself could have all the cards registered with Apple Pay and the percentages of credit, debit, and prepaid cards would still add up to 100%.
Quote:
Weed says credit cards dominate Apple Pay and account for 86 percent of all cards linked to the service. Debit cards come in second with a 49 percent share, while prepaid cards account for another 22 percent.
It doesn't make any sense to "account for" 157% of all cards. Unless a single card can be more than one type of card: credit, debit, or prepaid. I don't think that's the case.
Doesn't that simply mean 86 out of 100% of the credit cards, 49 out of 100% of the debit cards, and 22 out of 100% of the prepaid cards are linked to Apple Pay?
I don't think that's what the author meant, and not what they wrote. In any case, those percentages would be unrealistic, wouldn't they?
I think what is more relevant is that only 600 + banks and credit unions support it. Mine does not. I have two credit cards connected but cannot do my checking account. I have only used it once and it was an unlikely place at that. If there are ~15K banks and credit unions then that is only a 4% adoption rate. Not sure how to figure out what percentage of people using a bank or credit union that 600 makes possible.
Actually, no. You yourself could have all the cards registered with Apple Pay and the percentages of credit, debit, and prepaid cards would still add up to 100%.
It doesn't make any sense to "account for" 157% of all cards. Unless a single card can be more than one type of card: credit, debit, or prepaid. I don't think that's the case.
Sorry – I read the numbers from a different article and didn't realize AppleInsider was misquoting.
"Among Apple Pay users, 86 percent have linked their credit cards to make a purchase, 49 percent consumers use their debit cards and 22 percent use different types of prepaid cards, the report showed."
I don't think that's what the author meant, and not what they wrote<span style="line-height:1.4em;">. In any case, those percentages would be unrealistic, wouldn't they?</span>
Considering they stated three different types of cards when they listed each percentage I don't know what else they could mean.
PS: I'm guessing you don't understand [@]kent909[/@]'s comment, so here's additional clarification. You wrote "86% + 49% + 22% > 100%" To make it easier assume these were spellings tests you took. Your percentage for those three tests would be 52.33%, because you the the total of your grades, which is 157 and then divide by the maximum possible, with is 300, which is lower than the 100% possible for those 3 separate items.
edit: Or the way [@]afrodri[/@] states it, using the Apple Pay user as the subject, it also makes sense.
Comments
It wouldn't have anything to do with millennials being so broke (from things like massive student loan debt) that they aren't being issued credit cards.
I know this is anecdotal, but I've found even when stores have new NFC/chip and pin terminals, they aren't used to people using them. I can't count the number of times I've been told "I didn't know you could do that" when I pay with ApplePay, either on my watch or my iPhone. That's been every where from Home Depot to visitor centers in national park areas to soft drinks vending machines.
At my liquor store of choice, I was able to use ApplePay when they first got their new machines. When I asked if they supported ApplePay or any other NFC-based payments, the girl said she that she didn't know. I tried it anyway, and it worked. However, two subsequent attempts to use ApplePay failed with some kind of "failed to read NFC" error. On a third attempt, I tried to use my new chipped debit card, and the girl quickly informed me that the chip reader doesn't work yet.
So, it seem painfully obvious to me, that if these retailers would just get their act together, I believe ApplePay would work in just about any location with the newer machines. Actually, almost none of the places I use ApplePay even officially support it.
The most significant obstacle in my neck of the woods (midwest) is training at the retailers that already have it. In most cases I have to walk the clerk through the process after they tell me "we don't take ApplePay". I simply point them to the sticker that says they do, walk them through the transaction and move on my way. It is a sad fact but I have not run into a place where they knew what the hell I was talking about. That was with the phone. Then the same places thought it was a totally different function once I stated to use my watch...It is crazy that large national chains have not figured out a simple training process like this.
Doesn't Apple offer some guidance to the retailers who officially support ApplePay?
No offense to an entire group of people only loosely connected by their age range, but "Millennials" certainly seem to be poor decision makers if a majority has managed to rack up a crushing amount of debt. I cannot believe a majority of individuals could be so stupid as to make the same error in judgment.
No offense to an entire group of people only loosely connected by their age range, but "Millennials" certainly seem to be poor decision makers if a majority has managed to rack up a crushing amount of debt. I cannot believe a majority of individuals could be so stupid as to make the same error in judgment.
No offense, but a college tuitions have grown at 2x the rate of inflation year over year. How can you blame them for that?
No one is forced to go to college. I DO blame someone for their inability to manage their own money, especially when all of the costs are known.
It takes a lot of money to switch over to new POS systems. Plus you have places like restaurants that would have to replace each computer system as most of the time the credit card reader is built into the computer as well. This transition will take years.
86% + 49% + 22% > 100%
You can have multiple cards registered with Apple Pay, so the total can be > 100%.
"Weed says credit cards dominate Apple Pay and account for 86 percent of all cards linked to the service. Debit cards come in second with a 49 percent share, while prepaid cards account for another 22 percent."
Something wrong with the maths here!!
You can have both, so the numbers don't need to add up to 100%.
Doesn't that simply mean 86 out of 100% of the credit cards, 49 out of 100% of the debit cards, and 22 out of 100% of the prepaid cards are linked to Apple Pay?
Actually used it in the parts department of my local car dealer yesterday. Pleasantly surprised.
You can have multiple cards registered with Apple Pay, so the total can be > 100%.
Actually, no. You yourself could have all the cards registered with Apple Pay and the percentages of credit, debit, and prepaid cards would still add up to 100%.
It doesn't make any sense to "account for" 157% of all cards. Unless a single card can be more than one type of card: credit, debit, or prepaid. I don't think that's the case.
Doesn't that simply mean 86 out of 100% of the credit cards, 49 out of 100% of the debit cards, and 22 out of 100% of the prepaid cards are linked to Apple Pay?
I don't think that's what the author meant, and not what they wrote. In any case, those percentages would be unrealistic, wouldn't they?
86% + 49% + 22% > 100%
Now we know why they had us all do story problems in school. Guess you missed that lesson.
I think what is more relevant is that only 600 + banks and credit unions support it. Mine does not. I have two credit cards connected but cannot do my checking account. I have only used it once and it was an unlikely place at that. If there are ~15K banks and credit unions then that is only a 4% adoption rate. Not sure how to figure out what percentage of people using a bank or credit union that 600 makes possible.
Actually, no. You yourself could have all the cards registered with Apple Pay and the percentages of credit, debit, and prepaid cards would still add up to 100%.
It doesn't make any sense to "account for" 157% of all cards. Unless a single card can be more than one type of card: credit, debit, or prepaid. I don't think that's the case.
Sorry – I read the numbers from a different article and didn't realize AppleInsider was misquoting.
From http://www.reuters.com/article/2015/10/26/apple-pay-consumers-idUSL1N12Q1NZ20151026 :
"Among Apple Pay users, 86 percent have linked their credit cards to make a purchase, 49 percent consumers use their debit cards and 22 percent use different types of prepaid cards, the report showed."
Which makes more sense.
Considering they stated three different types of cards when they listed each percentage I don't know what else they could mean.
PS: I'm guessing you don't understand [@]kent909[/@]'s comment, so here's additional clarification. You wrote "86% + 49% + 22% > 100%" To make it easier assume these were spellings tests you took. Your percentage for those three tests would be 52.33%, because you the the total of your grades, which is 157 and then divide by the maximum possible, with is 300, which is lower than the 100% possible for those 3 separate items.
edit: Or the way [@]afrodri[/@] states it, using the Apple Pay user as the subject, it also makes sense.
Can we just agree this is a far more complicated situation than you're implying?