Apple Pay transactions up 500 percent in Q1, Comcast to support bill payments soon

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Comments

  • Reply 21 of 23
    Rayz2016Rayz2016 Posts: 4,569member
    gatorguy said:
    blastdoor said:
    I love apple pay with my watch.  Anybody know how much of a cut apple keeps from each transaction?
    I agree -- ApplePay plus Watch is a great experience. 

    Allegedly Apple gets 0.15% of the value of a transaction. Note, that's not 15% or 1.5% -- it's 0.15%. 

    Also, the merchant doesn't pay extra for ApplePay. The credit card company shares part of their fee with Apple. 

    Why do they do that? Primarily because the security of ApplePay reduces fraud and therefore saves the credit card companies money. 

    http://www.digitaltransactions.net/news/story/Apple-Pay_-No-Charge-for-Merchants_-But-Transaction-Security-Fees-for-Issuers

    No Apple gets a cut due to excellent timing, influence/reach, and simply because they initially assisted with the secure processing since there was no standard yet agreed on when Apple Pay first rolled out. AFAIK there's nothing peculiar to Apple that is still needed for secure mobile payments. Now online stuff I'm not familiar with so that might be different. 

    Close, but not quite.

    What Apple did was what Apple excels at: they took an existing technology that was just a curiosity amongst the geek crowd and made it accessible to the masses. How? By introducing a touch sensor that worked better than everyone else's and so made payments much smoother. Up until that point, fingerprint recognition was such a hit-and-miss affair that no one really thought about using it for secure payments. This is another case of Apple doing something that points their competitors in the right direction and so everyone benefits as a result. Very much like the first showing of iOS put Google on the correct path for the Android UI (though I understand that Apple wasn't too pleased about that).

  • Reply 22 of 23
    calicali Posts: 3,495member
    slurpy said:
    Fucking love Apple Pay. Yesterday after paying at Dollarama, the cashier wouldn't let me go. He pulled out his phone (some random Samsung model) and kept insisting that I explain how to do it from his phone. (true story)
    You posted this comment in February 2017. I figured by today people would know what Apple Pay is. When it launched I kept face-palming at YouTube demos of it being used at businesses. The cashiers were so confused and slowing down the process. It was nothin like the introduction video Apple showed during the ApplePay reveal. I don't wanna sign a receipt or show an ID when I'm using MY DAMN FINGERPRINT!!
    Also me and my friend were at a popular Pizza chain in Arizona(Peter Piper Pizza) and when my friend pulled out his iPhone 7 to pay the cashier said "it doesn't work". I leaned over and say the NFC logo. I then said "it does work they just didn't turn it on". 

    Considering all this I wish Apple would launch an Apple Pay campaign with commercials, billboard ads etc. showcasing the tech to the common person.

    Tim Cook mentioned acquiring any company, I think Vodaphone(is that their name?) the people who have a commodity on POS terminals would be a nice purchase.
    Slap an Apple Pay logo on every unit, ship the units free if they accept Apple Pay. Possibly send customer service to every store manager to teach them how it works. Done.
  • Reply 23 of 23
    gatorguygatorguy Posts: 20,452member
    Rayz2016 said:
    gatorguy said:
    blastdoor said:
    I love apple pay with my watch.  Anybody know how much of a cut apple keeps from each transaction?
    I agree -- ApplePay plus Watch is a great experience. 

    Allegedly Apple gets 0.15% of the value of a transaction. Note, that's not 15% or 1.5% -- it's 0.15%. 

    Also, the merchant doesn't pay extra for ApplePay. The credit card company shares part of their fee with Apple. 

    Why do they do that? Primarily because the security of ApplePay reduces fraud and therefore saves the credit card companies money. 

    http://www.digitaltransactions.net/news/story/Apple-Pay_-No-Charge-for-Merchants_-But-Transaction-Security-Fees-for-Issuers

    No Apple gets a cut due to excellent timing, influence/reach, and simply because they initially assisted with the secure processing since there was no standard yet agreed on when Apple Pay first rolled out. AFAIK there's nothing peculiar to Apple that is still needed for secure mobile payments. Now online stuff I'm not familiar with so that might be different. 

    Close, but not quite.

    What Apple did was what Apple excels at: they took an existing technology that was just a curiosity amongst the geek crowd and made it accessible to the masses. How? By introducing a touch sensor that worked better than everyone else's and so made payments much smoother. Up until that point, fingerprint recognition was such a hit-and-miss affair that no one really thought about using it for secure payments. This is another case of Apple doing something that points their competitors in the right direction and so everyone benefits as a result. Very much like the first showing of iOS put Google on the correct path for the Android UI (though I understand that Apple wasn't too pleased about that).

    So by extension who gave Apple the idea of using a secure-element, tokens in place of actual credit card numbers, how the system would be integrated with a mobile device, pulling the various pieces and parts into a workable feature, even proving a fingerprint sensors security?

    Answer: It's a mix and match. Some came from a tech "competitor". Some from the PC world. Some from the payment industry. Some from security researchers. Some from old tech. All the pieces were in place when Apple chose to go with it, and even the general way it would work was pretty well settled, but it sure was pushed forward a whole lot faster with a company of Apple's stature and influence at the reins, so you are absolutely correct. It needed Apple. The network operators (ATT, Verizon and others) could not continue to roadblock it any longer once Apple put their foot down.

    Standards are tough to agree on and it requires either a general consensus or one big and powerful influencer who says this is the way we're going to do it. Apple has that power. 
    edited February 2017
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