I was just pointing out that at the present rate... it will take a long time to get the 500 banks that Apple mentioned.
50 banks in 3 months... 500 banks in 30 months (?)
I'm sure the process is becoming more streamlined though.
I'm just excited for the day Apple drops the motherload of 100 new banks in a single press release.
Seems like there's back-end infrastructure changes required at the issuing bank to receive the tokenized credit card data that is transmitted in lieu of the real credit card info.
Those processes are fundamental - you test early and often when making a change to the heart of your credit authorization system.
I'm sure Apple, Visa, MC et al have a team ready to provide assistance to member banks, but the banks and Apple will absolutely not rush this.
They also will not spread the ?Pay transition team team too thin, or stress them out, or harangue them ("work faster stupid!")
Haste makes more than waste, it also makes insecure systems. And bad publicity. And liability...
Quote:
Originally Posted by Robin Huber
What difference does it make if 400 banks all take Apple Pay when so few merchants do. I've been using my Bank of America MasterCard at the same two or three merchants since day one. If Apple doesn't get better penetration than this before the hoards of copycats start rolling out, it could be trouble. I'd like to see Apple take some if its hoard of cash and underwrite properly equipped NFC terminals for merchants. Or maybe just give them out for free.
There's also back-end infrastructure changes required at the merchant. I've tried to use my iPhone several times at my favorite grocer (small local chain) - the lights on the POS light up (NFC sensor) but the card always comes back declined. When I swipe the same card manually it goes through just fine.
The Passbook app on the phone tells you when charges are approved or declined at an approved retailer, but if I try to pay with it at a non-participating merchant, I never see any warning at all - it's like an arrow uselessly bouncing off an armored car.
Seems like there's back-end infrastructure changes required at the issuing bank to receive the tokenized credit card data that is transmitted in lieu of the real credit card info.
Those processes are fundamental - you test early and often when making a change to the heart of your credit authorization system.
I'm sure Apple, Visa, MC et al have a team ready to provide assistance to member banks, but the banks and Apple will absolutely not rush this.
They also will not spread the ?Pay transition team team too thin, or stress them out, or harangue them ("work faster stupid!")
Haste makes more than waste, it also makes insecure systems. And bad publicity. And liability...
Yeah... I don't want them to rush.
I was just noting the speed at which they are adding new banks.
According to Forbes, Apple has 7 of the top 10 US Banks already signed up, including the top 4 (Chase, Bank of America, Citi, and Wells Fargo) who's combined assets dwarf the three not yet involved (#5 BNY Mellon, #6 US Bancorp, and #7 HSBC)
Others on the top ten that support Apple Pay are #8 PNC, #9 Capital One, and #10 TD Bank.
BECU hasn't been Boeing Employee Credit Union since it was spun off years ago
It is still Boeing Employees Credit Union. They just opened it up to all Washington State residents and anyone who works directly or indirectly with Boeing.
Certificate Info:
Website: www.becu.org
Owner: Boeing Employees Credit Union
Verified by: Symantec Corporation
SSL Client Certificate
Issued To
Common Name (CN) www.becu.org
Organization (O) Boeing Employees Credit Union
Organizational Unit (OU) IT Network Security
Serial Number 4A:39:79:94:FC:70:BC:0F:00:74:54:F5:05:81:DF:0A
Period of Validity
Begins On 11/24/2014
Expires On 11/25/2016
whois becu.org
Domain Name:BECU.ORG
Domain ID: D10531-LROR
Creation Date: 1995-07-25T04:00:00Z
Updated Date: 2014-02-13T18:53:32Z
Registry Expiry Date: 2019-07-24T04:00:00Z
Sponsoring Registrar:Network Solutions, LLC (R63-LROR)
Sponsoring Registrar IANA ID: 2
WHOIS Server:
Referral URL:
Domain Status: clientDeleteProhibited
Domain Status: clientTransferProhibited
Domain Status: clientUpdateProhibited
Registrant ID:2288306-NSIV
Registrant Name:Perfect Privacy, LLC Registrant Organization:BOEING EMPLOYEES CREDIT UNION
Registrant Street: 12808 Gran Bay Parkway West
Registrant Street: care of Network Solutions
Registrant City:Jacksonville
Registrant State/Province:FL
Registrant Postal Code:32258
Registrant Country:US
Registrant Phone:+1.5707088780
Registrant Phone Ext:
Registrant Fax:
Registrant Fax Ext:
Registrant Email:[email protected]
Admin ID:2288307-NSIV
Admin Name:Perfect Privacy, LLC
Admin Organization:
Admin Street: 12808 Gran Bay Parkway West
Admin Street: care of Network Solutions
Admin City:Jacksonville
Admin State/Province:FL
Admin Postal Code:32258
Admin Country:US
Admin Phone:+1.5707088780
Admin Phone Ext:
Admin Fax:
Admin Fax Ext:
Admin Email:[email protected]
Tech ID:2288307-NSIV
Tech Name:Perfect Privacy, LLC
Tech Organization:
Tech Street: 12808 Gran Bay Parkway West
Tech Street: care of Network Solutions
Tech City:Jacksonville
Tech State/Province:FL
Tech Postal Code:32258
Tech Country:US
Tech Phone:+1.5707088780
Tech Phone Ext:
Tech Fax:
Tech Fax Ext:
Tech Email:[email protected]
Name Server:SDNS53.ULTRADNS.ORG
Name Server:SDNS53.ULTRADNS.COM
Name Server:SDNS53.ULTRADNS.NET
Name Server:SDNS53.ULTRADNS.BIZ
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DNSSEC:Unsigned
FanDroids hate a walled-garden and want an open and free ecosystem - they must hate the idea of ApplePay... lets see how their on with their credit card information
"LoopPay works differently than Apple Pay, and it remains to be seen how useful it will remain as the U.S. switches away from magnetic stripes in the coming years. LoopPay uses what it calls "magnetic secure transmission," which "spoofs" a traditional card swipe with magnetic fields when a user holds their device near a payment terminal. Samsung is likely to have chosen this route in order to get a competing solution out as quickly as possible"
Sounds rock solid. The "getting a solution out as quickly as possible" gives me all the confidence in the world that this will be a success and protect my financial information. Well done Scamsung, well done!
What difference does it make if 400 banks all take Apple Pay when so few merchants do. I've been using my Bank of America MasterCard at the same two or three merchants since day one. If Apple doesn't get better penetration than this before the hoards of copycats start rolling out, it could be trouble. I'd like to see Apple take some if its hoard of cash and underwrite properly equipped NFC terminals for merchants. Or maybe just give them out for free.
I agree, getting banks on board is not the problem. Need more large retailers accepting Apple Pay.
Even if I am a member of the 500th top bank, I also have an Amex card or something so that isn't the issue.
I have asked many retail cashiers if I can use Apple Pay, & the response I get is, "I don't know what it is" or, " I haven't even heard of it." It would be nice to hand them a business card sized info sheet explaining it, or better yet, to the head cashier/store manager. Apple could assist its Apple Pay users to get the word out by having a PDF download for business cards so that users can print out these info sheets/cards to stick in your wallet or purse. It would have a brief summary of what Apple pay is & how it benefits businesses by lowering overhead & preventing fraud. It would contain an Apple website for further detailed information on the benefits, designed specifically for the retailers & their banks. Since not everyone is familiar with printing that format, then perhaps 4-up on a sheet of paper that can be cut. I would be glad to do it, as I already spend the time with an often puzzled cashier who may not retain nor pass on the info because he/she wants to check out the rest of the people in line. Getting the info into a store management person's hand can cause discussion at store staff meetings, emails up & down the chain with inquires & responses. At least the store would have a better answer for their customer inquiries such as, "we're looking into it," "it's not for us at this time or, "we use another system."
I agree, at almost every Subway or McDonald's I go to, they have no idea what Apple Pay is. However, I found that if I say "Can I pay with my phone?" They seem to get the idea and will know what you mean.
Other than that, they need to add the Apple Pay logo to the front of the door, like all other retailers already do with the Visa, MC, Amex logos. That would also help and I've only seen it at a few places.
BECU hasn't been Boeing Employee Credit Union since it was spun off years ago
BECU was never spun off, it has always been an independent financial institution started by a group of Boeing employees in the 1930's. In 2002, their charter was revised to allow any Washington state resident to become a member, but the initials still stand for the original name.
Comments
I was just pointing out that at the present rate... it will take a long time to get the 500 banks that Apple mentioned.
50 banks in 3 months... 500 banks in 30 months (?)
I'm sure the process is becoming more streamlined though.
I'm just excited for the day Apple drops the motherload of 100 new banks in a single press release.
Seems like there's back-end infrastructure changes required at the issuing bank to receive the tokenized credit card data that is transmitted in lieu of the real credit card info.
Those processes are fundamental - you test early and often when making a change to the heart of your credit authorization system.
I'm sure Apple, Visa, MC et al have a team ready to provide assistance to member banks, but the banks and Apple will absolutely not rush this.
They also will not spread the ?Pay transition team team too thin, or stress them out, or harangue them ("work faster stupid!")
Haste makes more than waste, it also makes insecure systems. And bad publicity. And liability...
Quote:
What difference does it make if 400 banks all take Apple Pay when so few merchants do. I've been using my Bank of America MasterCard at the same two or three merchants since day one. If Apple doesn't get better penetration than this before the hoards of copycats start rolling out, it could be trouble. I'd like to see Apple take some if its hoard of cash and underwrite properly equipped NFC terminals for merchants. Or maybe just give them out for free.
There's also back-end infrastructure changes required at the merchant. I've tried to use my iPhone several times at my favorite grocer (small local chain) - the lights on the POS light up (NFC sensor) but the card always comes back declined. When I swipe the same card manually it goes through just fine.
The Passbook app on the phone tells you when charges are approved or declined at an approved retailer, but if I try to pay with it at a non-participating merchant, I never see any warning at all - it's like an arrow uselessly bouncing off an armored car.
Yeah... I don't want them to rush.
I was just noting the speed at which they are adding new banks.
Others on the top ten that support Apple Pay are #8 PNC, #9 Capital One, and #10 TD Bank.
So not bad...
It is still Boeing Employees Credit Union. They just opened it up to all Washington State residents and anyone who works directly or indirectly with Boeing.
Certificate Info:
Website: www.becu.org
Owner: Boeing Employees Credit Union
Verified by: Symantec Corporation
SSL Client Certificate
Issued To
Common Name (CN) www.becu.org
Organization (O) Boeing Employees Credit Union
Organizational Unit (OU) IT Network Security
Serial Number 4A:39:79:94:FC:70:BC:0F:00:74:54:F5:05:81:DF:0A
Period of Validity
Begins On 11/24/2014
Expires On 11/25/2016
]
FanDroids hate a walled-garden and want an open and free ecosystem - they must hate the idea of ApplePay... lets see how their on with their credit card information
Sounds rock solid. The "getting a solution out as quickly as possible" gives me all the confidence in the world that this will be a success and protect my financial information. Well done Scamsung, well done!
What difference does it make if 400 banks all take Apple Pay when so few merchants do. I've been using my Bank of America MasterCard at the same two or three merchants since day one. If Apple doesn't get better penetration than this before the hoards of copycats start rolling out, it could be trouble. I'd like to see Apple take some if its hoard of cash and underwrite properly equipped NFC terminals for merchants. Or maybe just give them out for free.
I agree, getting banks on board is not the problem. Need more large retailers accepting Apple Pay.
Even if I am a member of the 500th top bank, I also have an Amex card or something so that isn't the issue.
I have asked many retail cashiers if I can use Apple Pay, & the response I get is, "I don't know what it is" or, " I haven't even heard of it." It would be nice to hand them a business card sized info sheet explaining it, or better yet, to the head cashier/store manager. Apple could assist its Apple Pay users to get the word out by having a PDF download for business cards so that users can print out these info sheets/cards to stick in your wallet or purse. It would have a brief summary of what Apple pay is & how it benefits businesses by lowering overhead & preventing fraud. It would contain an Apple website for further detailed information on the benefits, designed specifically for the retailers & their banks. Since not everyone is familiar with printing that format, then perhaps 4-up on a sheet of paper that can be cut. I would be glad to do it, as I already spend the time with an often puzzled cashier who may not retain nor pass on the info because he/she wants to check out the rest of the people in line. Getting the info into a store management person's hand can cause discussion at store staff meetings, emails up & down the chain with inquires & responses. At least the store would have a better answer for their customer inquiries such as, "we're looking into it," "it's not for us at this time or, "we use another system."
I agree, at almost every Subway or McDonald's I go to, they have no idea what Apple Pay is. However, I found that if I say "Can I pay with my phone?" They seem to get the idea and will know what you mean.
Other than that, they need to add the Apple Pay logo to the front of the door, like all other retailers already do with the Visa, MC, Amex logos. That would also help and I've only seen it at a few places.
BECU was never spun off, it has always been an independent financial institution started by a group of Boeing employees in the 1930's. In 2002, their charter was revised to allow any Washington state resident to become a member, but the initials still stand for the original name.
Is that neutering an animal? Seems appropriate.