crowley

danox said:

chadbag said:

danox said:

crowley said:

blastdoor said:

red oak said:

Wrong. This is the wrong way to look at it 

Apple Pay sits on top of Mastercard, Visa and other processing network.   Apple does not do any processing

Yup, totally. The incumbents have nothing to worry about. Definitely a good time to be complacent. Apple has never disrupted anybody. 

What do they have to be worried about?  Use of ApplePay is also a use of VISA or Mastercard.  They make money whether you use a card or your phone.  I haven't seen any rumours that Apple are going to release anything that competes properly with VISA or Mastercard.

The market is fixed by government, so Apple can’t at this time.

Exactly what is fixed by the government? (And what government?)

Read below

Once again a USA government granted monopoly the market isn’t open, however Apple may one day stick a pin in it, but today ain’t that day….

Both Visa and Mastercard go far above and beyond Apple in any market Apple is in they are in fact a monopoly.

https://en.wikipedia.org/wiki/Mastercard#Antitrust_settlement_with_U.S._Justice_Department

Debit card swipe fee price fixing[edit]

Both Mastercard and Visa have paid approximately $3 billion in damages resulting from a class-action lawsuit filed in January 1996.[33] The litigation cites several retail giants as plaintiffs, including Wal-Mart, Sears, Roebuck & Co., and Safeway.[34]

Antitrust settlement with U.S. Justice Department[edit]

In October 2010, Mastercard and Visa reached a settlement with the U.S. Justice Department in another antitrust case. The companies agreed to allow merchants displaying their logos to decline certain types of cards (because interchange feesdiffer), or to offer consumers discounts for using cheaper cards.[35]

Payment card interchange fee and merchant discount antitrust litigation[edit]

Main article: Payment card interchange fee and merchant discount antitrust litigation

On November 27, 2012, a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit[36] filed in 2005 by merchants and trade associations against Mastercard and Visa. The suit was filed due to alleged price-fixing practices employed by Mastercard and Visa. About one-fourth of the named class plaintiffs have decided to opt-out of the settlement. Opponents object to provisions that would bar future lawsuits and prevent merchants from opting out of significant portions of the proposed settlement.[37]

Plaintiffs allege that Visa Inc. and Mastercard fixed interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers to use less expensive forms of payment such as lower-cost cards, cash, and checks.[37]

A settlement of $6.24 billion has been reached and a court is scheduled to approve or deny the agreement on November 7, 2019.[38]

danox said:

crowley said:

blastdoor said:

red oak said:

Wrong. This is the wrong way to look at it 

Apple Pay sits on top of Mastercard, Visa and other processing network.   Apple does not do any processing

Yup, totally. The incumbents have nothing to worry about. Definitely a good time to be complacent. Apple has never disrupted anybody. 

What do they have to be worried about?  Use of ApplePay is also a use of VISA or Mastercard.  They make money whether you use a card or your phone.  I haven't seen any rumours that Apple are going to release anything that competes properly with VISA or Mastercard.

If the government allows it they can….