MCX dead on arrival. Their only interest is saving the credit card fees associated with customers purchases Using an analogy of an IPhone rollout to an exclusive carrier stinks just like CurrentC!!!!
In my country retailers are able to add the credit card fee to a transaction, and for those that do, it is usually 1.5-2%. iIf amex is 7% then that would explain why it is close to invisible in this country compared with visa and mastercard.
Anyway, in the case of CurrentC vendors, the retail price of the product will be the same, there may or may not be discounts at the cashier, but COUPONS!!+!.
Coupons you would probably also get online.
MCX better work out how CurrentC can play nicely with apple pay and google wallet (recognise NFC,have a separate loyalty system) or it is DOA. They can give discounts to those that use their bank debit card rather than a credit card via Apple Pay.
Personally, i would not have anything to do with such an obvious data mining project. And this dude reminds me of Comical Ali.
The issue with MCX decision is it's illogic. Using ApplePay changes nothing. Each of these companies must continue to take credit cards, whether that credit card transaction is through NFC ApplePay or Google Wallet or by swiping the card is irrelevant. The irrationality of the MCX decision and its exclusivity is transparent.
Then, the story makes statements involving the CurrentC merchants working together! "Working together" is wholly unnecessary from a technical perspective. I'm wondering whether there will be a lot more working together to share customer information among the vendors who accept CurrentC?
Makes sense that once you establish a CurrentC account, other companies will be given that same information to avoid the customer from having to establish separate accounts at every different company. I would suggest this sharing of customer information is the minimum information that will be shared. The other information that I bet on that will be shared among these companies is transaction information.
I think the biggest issue with his analogy is that the reports were that apple went to all the other carriers first and were told to F%$K off. AT&T had little to loose at the time by making a deal and it (as we all know) paid off BIG TIME.
The exclusivity agreement by MCX is the companies only hope for fast wide spread adoption. It forces more users over the "oh i have to use this" barrier. All in all will have to wait and see how things go. My gut reaction is that CurrentC will have a base of users but I don't think it will be the "steel the ball, dodge the defender, slam dunk and smash the back board" they dream about every night.
I don't know anything about the retail space so feel free to dump this in the trash but, are in store loyalty programs really successful? I mean signing up for coupons is one thing. Remembering to use them is another. Signing up for an (insert retailer) credit card here is easy but deciding to use it over your AMEX or Chase Sapphire card is another.
Anyone know the whole story or know of anyplace where that data is investigated?
That's pretty much exactly what's happened. MCX was formed (I'm assuming mostly by Walmart) way back when. Then they went around selling this dream of mobile payments and how amazing it was going to be and how much money your going to save. Ok sign here! By the way we'll need half a million dollars from you to get the system and if you sign our exclusivity deal for X months will drop that fee to a quarter of a million (or what ever).
Now MCX has spent the last few years messing around creating this new tool with no real pressure from things like Google wallet. Development slips, the exclusivity contracts kick in before the product is released and whamo! Apple Pay is announced... "oh S%#T it launches in October! We've got to get ahead of this!" They say.
So now they are calling on their partners to enforce those contracts wile they kick development QA into high gear. They are in for a real fight but remember all this coverage and attention we are giving them... Didn't someone say that "There's no such thing as bad publicity?" So aside from the fact that they are idiots and don't seem to know anything about customers or history for that matter we still keep talking about them witch in the eyes of the media makes them look more like a threat then they really are.
Lets leave CurrentC to the crazy coupon, hoarders and people who want it. As for me i'll be sticking to my CC loyalty programs so I can take my next vacation for free
On the virtues of CurrentC, the executive pointed out merchants can offer price cuts on certain products because the system is not linked up with credit card networks, meaning there are no swipe fees attached to purchases. An example is a gas station that can automatically knock 10 to 20 cents off the per gallon price by employing CurrentC at the pump.
Quote:
Originally Posted by sflagel
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
Do you really believe merchant will give any discount on using CurrentC? If that so, why they don't already give it when we pay cash? Beside contracts with credit card giant prevent merchant from penalizing the consumer who choose to pay with credits.
Do you really believe merchant will give any discount on using CurrentC? If that so, why they don't already give it when we pay cash? Beside contracts with credit card giant prevent merchant from penalizing the consumer who choose to pay with credits.
You can actually ask at small independent shops for a discount if you pay cash and they often give it. Large chains do not because handling cash for them is very expensive also. So MCX could be a good solution: it is electronic (so not cash handling costs) and does not charge the Credit Card/Amex exorbitant fees.
Secondly, even if merchants cannot give discounts on individual purchases (although apparently, that is their plan); they will still save money as more and more people use MCX.
Now, whether those cost savings get passed on to clients is a matter of faith: if you believe that the free market works then you need to believe that competition means that the savings will be passed on.
I am not carrying a torch for MCX, I am surprised how so many people seem to be AGAINST MCX when after all, their objective is a good one. Whether they succeed or not, let's see.
In my country retailers are able to add the credit card fee to a transaction, and for those that do, it is usually 1.5-2%.
iIf amex is 7% then that would explain why it is close to invisible in this country compared with visa and mastercard.
Anyway, in the case of CurrentC vendors, the retail price of the product will be the same, there may or may not be discounts at the cashier, but COUPONS!!+!.
Coupons you would probably also get online.
MCX better work out how CurrentC can play nicely with apple pay and google wallet (recognise NFC,have a separate loyalty system) or it is DOA. They can give discounts to those that use their bank debit card rather than a credit card via Apple Pay.
Personally, i would not have anything to do with such an obvious data mining project. And this dude reminds me of Comical Ali.
"Nothing to do with such a data mining project"? Do you use Amazon, Facebook, Google Search, Gmail (explicitly started to read and analyse your personal emails!)? Do you use credit cards? Use Starbucks App to pay for coffee? All data mining projects.
You can actually ask at small independent shops for a discount if you pay cash and they often give it. Large chains do not because handling cash for them is very expensive also. So MCX could be a good solution: it is electronic (so not cash handling costs) and does not charge the Credit Card/Amex exorbitant fees.
Secondly, even if merchants cannot give discounts on individual purchases (although apparently, that is their plan); they will still save money as more and more people use MCX.
Now, whether those cost savings get passed on to clients is a matter of faith: if you believe that the free market works then you need to believe that competition means that the savings will be passed on.
I am not carrying a torch for MCX, I am surprised how so many people seem to be AGAINST MCX when after all, their objective is a good one. Whether they succeed or not, let's see.
Living in Canada and working for a shop who accept credit card paiement, I do see what MCX want to achieve. We have back in Canada a none profit equivalent for more than 30 years named Interac of which every Canadian bank participate and adopted by almost every merchant. My issue is not with MCX itself, Its the exclusiveness war around it who's hurt the consumer at the end.
You can actually ask at small independent shops for a discount if you pay cash and they often give it. Large chains do not because handling cash for them is very expensive also. So MCX could be a good solution: it is electronic (so not cash handling costs) and does not charge the Credit Card/Amex exorbitant fees.
Secondly, even if merchants cannot give discounts on individual purchases (although apparently, that is their plan); they will still save money as more and more people use MCX.
Now, whether those cost savings get passed on to clients is a matter of faith: if you believe that the free market works then you need to believe that competition means that the savings will be passed on.
I am not carrying a torch for MCX, I am surprised how so many people seem to be AGAINST MCX when after all, their objective is a good one. Whether they succeed or not, let's see.
Actually, no, their objective is NOT a good one. They couldn't care less about the actual consumer, and are all about collecting even more data on what you buy and where, along with saving the CC fees. If you honestly believe that WalMart, BestBuy, or any other retailers are going to pass ANY savings on to you, then we all need what you are smoking. They are in it to make money, NOT help you out. There is NO way that I would ever give this service access to my bank account.
I had an issue with PayPal a few years ago with fraudulent charges directly on my bank account. It took SIX months and many letters to finally clear everything up and get all of my money returned to me. The only thing the bank did immediately was to place a stop on any future transactions from PayPal. Nothing else was quick or easy. I also have worked in the banking industry for several years, and you have NO idea what you are talking about.
Living in Canada and working for a shop who accept credit card paiement, I do see what MCX want to achieve. We have back in Canada a none profit equivalent for more than 30 years named Interac of which every Canadian bank participate and adopted by almost every merchant. My issue is not with MCX itself, Its the exclusiveness war around it who's hurt the consumer at the end.
The exclusivity is an issue, but quite normal business behaviour when starting a new initiative to increase likelihood of success and protect the investment. I am sure it is very short-lived. Monopolies of non-essential goods can be very efficient. Look at it this way: if a politician were to promise a 2% reduction in sales tax, everyone would love him. If a consortium of businesses build a system to reduce credit card fees by more that this amount, Apple-icionados howl.
"Nothing to do with such a data mining project"? Do you use Amazon, Facebook, Google Search, Gmail (explicitly started to read and analyse your personal emails!)? Do you use credit cards? Use Starbucks App to pay for coffee? All data mining projects.
Amazon - No, Facebook - No, Google Search - No, Gmail - No, Starbucks - No. My credit card gives me reward points, even if I use Apple Pay, so how am I losing out? In addition, I don't get stupid emails from my CC company offering me anything - just like I prefer it.
If you wish to give up your bank account information to an unproven company (that has already had emails hacked), then you are certainly free to do so. The rest of us do NOT want give our bank or CC information to any retailer if we can avoid it. Apple Pay does that for us, and that is why some retailers do not like it. They cannot data mine us since it is completely anonymous, and they aren't getting my CC information.
Please remember that many retailers systems have been hacked and literally millions of CC numbers with all the information to create fake cards has been stolen. Do you honestly believe that CurrentC and MCX are going to be any more secure with your bank account information kept in the "secure cloud" ( which is one of the DUMBEST things anyone has ever said, as NO system is completely secure!)?
Actually, no, their objective is NOT a good one. They couldn't care less about the actual consumer, and are all about collecting even more data on what you buy and where, along with saving the CC fees. If you honestly believe that WalMart, BestBuy, or any other retailers are going to pass ANY savings on to you, then we all need what you are smoking. They are in it to make money, NOT help you out. There is NO way that I would ever give this service access to my bank account.
I had an issue with PayPal a few years ago with fraudulent charges directly on my bank account. It took SIX months and many letters to finally clear everything up and get all of my money returned to me. The only thing the bank did immediately was to place a stop on any future transactions from PayPal. Nothing else was quick or easy. I also have worked in the banking industry for several years, and you have NO idea what you are talking about.
You are aware that the firms you mentioned are exactly those that have provided massive cost savings to the American consumer, right? If you believe in the free market, then you must believe that competition will erode surplus profits away. Companies save costs not to increase their margins, but to stay alive against their competition. That (and product innovation) is the whole point of capitalism and free markets.
Maybe your bank sucks. I have only once had a undue Direct Debit taken from my account (in 30 years) and it took one phone call and one letter to reverse it. Same as with a credit card (which btw is also not guaranteed, credit cards do not HAVE to reverse fraudulent debits; and in many countries, they don't).
The exclusivity is an issue, but quite normal business behaviour when starting a new initiative to increase likelihood of success and protect the investment. I am sure it is very short-lived. Monopolies of non-essential goods can be very efficient. Look at it this way: if a politician were to promise a 2% reduction in sales tax, everyone would love him. If a consortium of businesses build a system to reduce credit card fees by more that this amount, Apple-icionados howl.
Well 2 points. First, I do not believe that any retailer will pass on any savings to you. Their prices already take CC fees into account, so dream on that they care about you, and that they will lower prices. Second, it isn't just Apple users crying foul. Google Wallet users are complaining just as loudly.
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
3% -7%? What are you smoking!!! Maybe they're that high for a Drug Dealer, but most businesses the fee is at MAX 3%, and generally lower then that. 7% is just silly, is this you MCX?
You are aware that the firms you mentioned are exactly those that have provided massive cost savings to the American consumer, right? If you believe in the free market, then you must believe that competition will erode surplus profits away. Companies save costs not to increase their margins, but to stay alive against their competition. That (and product innovation) is the whole point of capitalism and free markets.
Are you serious??? "Companies save costs not to increase their margins"??? That's ALL they do. Why do you think companies lay off workers, or switch to more part-time works to save on health care and other costs? Do you think those are passed on to the consumer?
I actually found better prices at Circuit City when they were alive, but Best Buy cut their prices to below cost to drive them out of business, but I still shopped at Circuit City. I have also found better prices at different on-line retailers, so haven't had to shop there in years.
Amazon - No, Facebook - No, Google Search - No, Gmail - No, Starbucks - No. My credit card gives me reward points, even if I use Apple Pay, so how am I losing out? In addition, I don't get stupid emails from my CC company offering me anything - just like I prefer it.
If you wish to give up your bank account information to an unproven company (that has already had emails hacked), then you are certainly free to do so. The rest of us do NOT want give our bank or CC information to any retailer if we can avoid it. Apple Pay does that for us, and that is why some retailers do not like it. They cannot data mine us since it is completely anonymous, and they aren't getting my CC information.
Please remember that many retailers systems have been hacked and literally millions of CC numbers with all the information to create fake cards has been stolen. Do you honestly believe that CurrentC and MCX are going to be any more secure with your bank account information kept in the "secure cloud" ( which is one of the DUMBEST things anyone has ever said, as NO system is completely secure!)?
Well, good points in your first paragraph. MCX is then definitely not for you and I salute you. I wish I was so diligent with my data.
But your bank info is not actually that dangerous to give away. With credit card numbers, you can purchase products and debit the credit card account. But if you have someone's bank account and routing number, you can't do anything with it, other than deposit money INTO it. You probably have tens of bank details from friends, family and companies, but you can't withdraw money from the accounts or purchase anything with that information. You need to know and forge a signature to withdraw money. Instead, I am sure no one has ever given you their credit card details (for historic idiotic reasons, credit cards have all the confidential information printed on to them, including the signature!).
The only ones that can use your bank account details to DEBIT your account are registered merchants. In order to DEBIT a bank account, you need to be registered as a serious merchant, OR have a signed authorisation from the account holder for that single transaction (which is just like a cheque by another name).
Are you serious??? "Companies save costs not to increase their margins"??? That's ALL they do. Why do you think companies lay off workers, or switch to more part-time works to save on health care and other costs? Do you think those are passed on to the consumer?
I actually found better prices at Circuit City when they were alive, but Best Buy cut their prices to below cost to drive them out of business, but I still shopped at Circuit City. I have also found better prices at different on-line retailers, so haven't had to shop there in years.
Yes, if savings were not passed on to consumers through the forces of free market competition, then companies would be earning 90% profit margins by now, after all, they have been cost cutting for decades. Instead, retail profit margins are about 6-12%, as always. so they must be passing the savings on.
Dream on. I recently was in Baltimore shopping at whole foods and someone took my debit card and put my account $100 under the balance. My debit card was from KeyBank and by the time I got home to Michigan I had several messages on my phone claiming they were charging me a $25 day penalty for my overdrawn account. When I found out about the unauthorized transactions and let KeyBank no they didn't care at all and he spent a lot of time cussing at me on the phone.I had to make several phone conversations, get a police report, and actually go to a local branch to straighten the issue out.
Quote:
Originally Posted by sflagel
Yes, that is their objective: cost savings. And why is that bad for consumers?
That's a Minor one. Their main objective is to SPY ON YOU!!! They do this now with Credit Cards. This is why when they get hacked, the hackers get a huge list of credit card info. Because these large chain stores save this info to track you. CurrentC expands on this. I hear the App even tries grabbing your health into on your phone!!! They don't like Apple Pay because there's nothing to track. You're 100% Anonymous.
Comments
Using an analogy of an IPhone rollout to an exclusive carrier stinks just like CurrentC!!!!
In my country retailers are able to add the credit card fee to a transaction, and for those that do, it is usually 1.5-2%.
iIf amex is 7% then that would explain why it is close to invisible in this country compared with visa and mastercard.
Anyway, in the case of CurrentC vendors, the retail price of the product will be the same, there may or may not be discounts at the cashier, but COUPONS!!+!.
Coupons you would probably also get online.
MCX better work out how CurrentC can play nicely with apple pay and google wallet (recognise NFC,have a separate loyalty system) or it is DOA. They can give discounts to those that use their bank debit card rather than a credit card via Apple Pay.
Personally, i would not have anything to do with such an obvious data mining project. And this dude reminds me of Comical Ali.
The issue with MCX decision is it's illogic. Using ApplePay changes nothing. Each of these companies must continue to take credit cards, whether that credit card transaction is through NFC ApplePay or Google Wallet or by swiping the card is irrelevant. The irrationality of the MCX decision and its exclusivity is transparent.
Then, the story makes statements involving the CurrentC merchants working together! "Working together" is wholly unnecessary from a technical perspective. I'm wondering whether there will be a lot more working together to share customer information among the vendors who accept CurrentC?
Makes sense that once you establish a CurrentC account, other companies will be given that same information to avoid the customer from having to establish separate accounts at every different company. I would suggest this sharing of customer information is the minimum information that will be shared. The other information that I bet on that will be shared among these companies is transaction information.
I think the biggest issue with his analogy is that the reports were that apple went to all the other carriers first and were told to F%$K off. AT&T had little to loose at the time by making a deal and it (as we all know) paid off BIG TIME.
The exclusivity agreement by MCX is the companies only hope for fast wide spread adoption. It forces more users over the "oh i have to use this" barrier. All in all will have to wait and see how things go. My gut reaction is that CurrentC will have a base of users but I don't think it will be the "steel the ball, dodge the defender, slam dunk and smash the back board" they dream about every night.
I don't know anything about the retail space so feel free to dump this in the trash but, are in store loyalty programs really successful? I mean signing up for coupons is one thing. Remembering to use them is another. Signing up for an (insert retailer) credit card here is easy but deciding to use it over your AMEX or Chase Sapphire card is another.
Anyone know the whole story or know of anyplace where that data is investigated?
That's pretty much exactly what's happened. MCX was formed (I'm assuming mostly by Walmart) way back when. Then they went around selling this dream of mobile payments and how amazing it was going to be and how much money your going to save. Ok sign here! By the way we'll need half a million dollars from you to get the system and if you sign our exclusivity deal for X months will drop that fee to a quarter of a million (or what ever).
Now MCX has spent the last few years messing around creating this new tool with no real pressure from things like Google wallet. Development slips, the exclusivity contracts kick in before the product is released and whamo! Apple Pay is announced... "oh S%#T it launches in October! We've got to get ahead of this!" They say.
So now they are calling on their partners to enforce those contracts wile they kick development QA into high gear. They are in for a real fight but remember all this coverage and attention we are giving them... Didn't someone say that "There's no such thing as bad publicity?" So aside from the fact that they are idiots and don't seem to know anything about customers or history for that matter we still keep talking about them witch in the eyes of the media makes them look more like a threat then they really are.
Lets leave CurrentC to the crazy coupon, hoarders and people who want it. As for me i'll be sticking to my CC loyalty programs so I can take my next vacation for free
On the virtues of CurrentC, the executive pointed out merchants can offer price cuts on certain products because the system is not linked up with credit card networks, meaning there are no swipe fees attached to purchases. An example is a gas station that can automatically knock 10 to 20 cents off the per gallon price by employing CurrentC at the pump.
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
Do you really believe merchant will give any discount on using CurrentC? If that so, why they don't already give it when we pay cash? Beside contracts with credit card giant prevent merchant from penalizing the consumer who choose to pay with credits.
Do you really believe merchant will give any discount on using CurrentC? If that so, why they don't already give it when we pay cash? Beside contracts with credit card giant prevent merchant from penalizing the consumer who choose to pay with credits.
You can actually ask at small independent shops for a discount if you pay cash and they often give it. Large chains do not because handling cash for them is very expensive also. So MCX could be a good solution: it is electronic (so not cash handling costs) and does not charge the Credit Card/Amex exorbitant fees.
Secondly, even if merchants cannot give discounts on individual purchases (although apparently, that is their plan); they will still save money as more and more people use MCX.
Now, whether those cost savings get passed on to clients is a matter of faith: if you believe that the free market works then you need to believe that competition means that the savings will be passed on.
I am not carrying a torch for MCX, I am surprised how so many people seem to be AGAINST MCX when after all, their objective is a good one. Whether they succeed or not, let's see.
MCX dead on arrival. Their only interest is saving the credit card fees associated with customers purchases
Using an analogy of an IPhone rollout to an exclusive carrier stinks just like CurrentC!!!!
Yes, that is their objective: cost savings. And why is that bad for consumers?
sflagel must be an astroturfer. Seriously.
In my country retailers are able to add the credit card fee to a transaction, and for those that do, it is usually 1.5-2%.
iIf amex is 7% then that would explain why it is close to invisible in this country compared with visa and mastercard.
Anyway, in the case of CurrentC vendors, the retail price of the product will be the same, there may or may not be discounts at the cashier, but COUPONS!!+!.
Coupons you would probably also get online.
MCX better work out how CurrentC can play nicely with apple pay and google wallet (recognise NFC,have a separate loyalty system) or it is DOA. They can give discounts to those that use their bank debit card rather than a credit card via Apple Pay.
Personally, i would not have anything to do with such an obvious data mining project. And this dude reminds me of Comical Ali.
"Nothing to do with such a data mining project"? Do you use Amazon, Facebook, Google Search, Gmail (explicitly started to read and analyse your personal emails!)? Do you use credit cards? Use Starbucks App to pay for coffee? All data mining projects.
Whats an astroturfer, and why am I one?
You can actually ask at small independent shops for a discount if you pay cash and they often give it. Large chains do not because handling cash for them is very expensive also. So MCX could be a good solution: it is electronic (so not cash handling costs) and does not charge the Credit Card/Amex exorbitant fees.
Secondly, even if merchants cannot give discounts on individual purchases (although apparently, that is their plan); they will still save money as more and more people use MCX.
Now, whether those cost savings get passed on to clients is a matter of faith: if you believe that the free market works then you need to believe that competition means that the savings will be passed on.
I am not carrying a torch for MCX, I am surprised how so many people seem to be AGAINST MCX when after all, their objective is a good one. Whether they succeed or not, let's see.
Living in Canada and working for a shop who accept credit card paiement, I do see what MCX want to achieve. We have back in Canada a none profit equivalent for more than 30 years named Interac of which every Canadian bank participate and adopted by almost every merchant. My issue is not with MCX itself, Its the exclusiveness war around it who's hurt the consumer at the end.
You can actually ask at small independent shops for a discount if you pay cash and they often give it. Large chains do not because handling cash for them is very expensive also. So MCX could be a good solution: it is electronic (so not cash handling costs) and does not charge the Credit Card/Amex exorbitant fees.
Secondly, even if merchants cannot give discounts on individual purchases (although apparently, that is their plan); they will still save money as more and more people use MCX.
Now, whether those cost savings get passed on to clients is a matter of faith: if you believe that the free market works then you need to believe that competition means that the savings will be passed on.
I am not carrying a torch for MCX, I am surprised how so many people seem to be AGAINST MCX when after all, their objective is a good one. Whether they succeed or not, let's see.
Actually, no, their objective is NOT a good one. They couldn't care less about the actual consumer, and are all about collecting even more data on what you buy and where, along with saving the CC fees. If you honestly believe that WalMart, BestBuy, or any other retailers are going to pass ANY savings on to you, then we all need what you are smoking. They are in it to make money, NOT help you out. There is NO way that I would ever give this service access to my bank account.
I had an issue with PayPal a few years ago with fraudulent charges directly on my bank account. It took SIX months and many letters to finally clear everything up and get all of my money returned to me. The only thing the bank did immediately was to place a stop on any future transactions from PayPal. Nothing else was quick or easy. I also have worked in the banking industry for several years, and you have NO idea what you are talking about.
Living in Canada and working for a shop who accept credit card paiement, I do see what MCX want to achieve. We have back in Canada a none profit equivalent for more than 30 years named Interac of which every Canadian bank participate and adopted by almost every merchant. My issue is not with MCX itself, Its the exclusiveness war around it who's hurt the consumer at the end.
The exclusivity is an issue, but quite normal business behaviour when starting a new initiative to increase likelihood of success and protect the investment. I am sure it is very short-lived. Monopolies of non-essential goods can be very efficient. Look at it this way: if a politician were to promise a 2% reduction in sales tax, everyone would love him. If a consortium of businesses build a system to reduce credit card fees by more that this amount, Apple-icionados howl.
"Nothing to do with such a data mining project"? Do you use Amazon, Facebook, Google Search, Gmail (explicitly started to read and analyse your personal emails!)? Do you use credit cards? Use Starbucks App to pay for coffee? All data mining projects.
Amazon - No, Facebook - No, Google Search - No, Gmail - No, Starbucks - No. My credit card gives me reward points, even if I use Apple Pay, so how am I losing out? In addition, I don't get stupid emails from my CC company offering me anything - just like I prefer it.
If you wish to give up your bank account information to an unproven company (that has already had emails hacked), then you are certainly free to do so. The rest of us do NOT want give our bank or CC information to any retailer if we can avoid it. Apple Pay does that for us, and that is why some retailers do not like it. They cannot data mine us since it is completely anonymous, and they aren't getting my CC information.
Please remember that many retailers systems have been hacked and literally millions of CC numbers with all the information to create fake cards has been stolen. Do you honestly believe that CurrentC and MCX are going to be any more secure with your bank account information kept in the "secure cloud" ( which is one of the DUMBEST things anyone has ever said, as NO system is completely secure!)?
Actually, no, their objective is NOT a good one. They couldn't care less about the actual consumer, and are all about collecting even more data on what you buy and where, along with saving the CC fees. If you honestly believe that WalMart, BestBuy, or any other retailers are going to pass ANY savings on to you, then we all need what you are smoking. They are in it to make money, NOT help you out. There is NO way that I would ever give this service access to my bank account.
I had an issue with PayPal a few years ago with fraudulent charges directly on my bank account. It took SIX months and many letters to finally clear everything up and get all of my money returned to me. The only thing the bank did immediately was to place a stop on any future transactions from PayPal. Nothing else was quick or easy. I also have worked in the banking industry for several years, and you have NO idea what you are talking about.
You are aware that the firms you mentioned are exactly those that have provided massive cost savings to the American consumer, right? If you believe in the free market, then you must believe that competition will erode surplus profits away. Companies save costs not to increase their margins, but to stay alive against their competition. That (and product innovation) is the whole point of capitalism and free markets.
Maybe your bank sucks. I have only once had a undue Direct Debit taken from my account (in 30 years) and it took one phone call and one letter to reverse it. Same as with a credit card (which btw is also not guaranteed, credit cards do not HAVE to reverse fraudulent debits; and in many countries, they don't).
The exclusivity is an issue, but quite normal business behaviour when starting a new initiative to increase likelihood of success and protect the investment. I am sure it is very short-lived. Monopolies of non-essential goods can be very efficient. Look at it this way: if a politician were to promise a 2% reduction in sales tax, everyone would love him. If a consortium of businesses build a system to reduce credit card fees by more that this amount, Apple-icionados howl.
Well 2 points. First, I do not believe that any retailer will pass on any savings to you. Their prices already take CC fees into account, so dream on that they care about you, and that they will lower prices. Second, it isn't just Apple users crying foul. Google Wallet users are complaining just as loudly.
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
3% -7%? What are you smoking!!! Maybe they're that high for a Drug Dealer, but most businesses the fee is at MAX 3%, and generally lower then that. 7% is just silly, is this you MCX?
You are aware that the firms you mentioned are exactly those that have provided massive cost savings to the American consumer, right? If you believe in the free market, then you must believe that competition will erode surplus profits away. Companies save costs not to increase their margins, but to stay alive against their competition. That (and product innovation) is the whole point of capitalism and free markets.
Are you serious??? "Companies save costs not to increase their margins"??? That's ALL they do. Why do you think companies lay off workers, or switch to more part-time works to save on health care and other costs? Do you think those are passed on to the consumer?
I actually found better prices at Circuit City when they were alive, but Best Buy cut their prices to below cost to drive them out of business, but I still shopped at Circuit City. I have also found better prices at different on-line retailers, so haven't had to shop there in years.
Amazon - No, Facebook - No, Google Search - No, Gmail - No, Starbucks - No. My credit card gives me reward points, even if I use Apple Pay, so how am I losing out? In addition, I don't get stupid emails from my CC company offering me anything - just like I prefer it.
If you wish to give up your bank account information to an unproven company (that has already had emails hacked), then you are certainly free to do so. The rest of us do NOT want give our bank or CC information to any retailer if we can avoid it. Apple Pay does that for us, and that is why some retailers do not like it. They cannot data mine us since it is completely anonymous, and they aren't getting my CC information.
Please remember that many retailers systems have been hacked and literally millions of CC numbers with all the information to create fake cards has been stolen. Do you honestly believe that CurrentC and MCX are going to be any more secure with your bank account information kept in the "secure cloud" ( which is one of the DUMBEST things anyone has ever said, as NO system is completely secure!)?
Well, good points in your first paragraph. MCX is then definitely not for you and I salute you. I wish I was so diligent with my data.
But your bank info is not actually that dangerous to give away. With credit card numbers, you can purchase products and debit the credit card account. But if you have someone's bank account and routing number, you can't do anything with it, other than deposit money INTO it. You probably have tens of bank details from friends, family and companies, but you can't withdraw money from the accounts or purchase anything with that information. You need to know and forge a signature to withdraw money. Instead, I am sure no one has ever given you their credit card details (for historic idiotic reasons, credit cards have all the confidential information printed on to them, including the signature!).
The only ones that can use your bank account details to DEBIT your account are registered merchants. In order to DEBIT a bank account, you need to be registered as a serious merchant, OR have a signed authorisation from the account holder for that single transaction (which is just like a cheque by another name).
Are you serious??? "Companies save costs not to increase their margins"??? That's ALL they do. Why do you think companies lay off workers, or switch to more part-time works to save on health care and other costs? Do you think those are passed on to the consumer?
I actually found better prices at Circuit City when they were alive, but Best Buy cut their prices to below cost to drive them out of business, but I still shopped at Circuit City. I have also found better prices at different on-line retailers, so haven't had to shop there in years.
Yes, if savings were not passed on to consumers through the forces of free market competition, then companies would be earning 90% profit margins by now, after all, they have been cost cutting for decades. Instead, retail profit margins are about 6-12%, as always. so they must be passing the savings on.
Dream on. I recently was in Baltimore shopping at whole foods and someone took my debit card and put my account $100 under the balance. My debit card was from KeyBank and by the time I got home to Michigan I had several messages on my phone claiming they were charging me a $25 day penalty for my overdrawn account. When I found out about the unauthorized transactions and let KeyBank no they didn't care at all and he spent a lot of time cussing at me on the phone.I had to make several phone conversations, get a police report, and actually go to a local branch to straighten the issue out.
Yes, that is their objective: cost savings. And why is that bad for consumers?
That's a Minor one. Their main objective is to SPY ON YOU!!! They do this now with Credit Cards. This is why when they get hacked, the hackers get a huge list of credit card info. Because these large chain stores save this info to track you. CurrentC expands on this. I hear the App even tries grabbing your health into on your phone!!! They don't like Apple Pay because there's nothing to track. You're 100% Anonymous.