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Apple announces Apple Card credit card

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Re: Apple announces Apple Card credit card

#251

Post by zaphirplane »

ajra wrote: post #219
onlyrealcuzzo wrote: post #160

Earlier quoted context omitted.

I know this is a MasterCard, but it'd be more interesting if they were able to take out the $0.35 transaction fee on every transaction. This is the bread and butter of every payment processor, and it's complete rent seeking, AND supposedly all the major processors are going to RAISE it at roughly the same time in the coming months. Eliminating the set transaction fee could open up so many potential businesses. But I'…

Sounds awfully cartel-like. Unfortunately I agree with you regarding the lack of incentives Apple has. IIRC, the money for cash back rewards comes out of the interchange fee. How do you get consumers to adopt a card that's opaquely better for businesses and immediately worse for themselves?

Make the card a novelty, some companies have tried cute colours and shapes. Using your iPhone is also very very novel

Re: Apple announces Apple Card credit card

#252

Post by mikestew »

onlyrealcuzzo wrote: post #222
gervase wrote: post #128

Earlier quoted context omitted.

That is exactly what the parent was saying. They would not consider a financial product that bypasses the major payment processors (Visa/MC) unless it has similar customer protections built in.

I'm confused. The Apple card is a MasterCard.

The original question:

How long until these companies start skipping payment processors like Visa and Mastercard?

Should that come to pass, the Apple card becomes...an Apple card.

Re: Apple announces Apple Card credit card

#253

Post by SonicSoul »

bilbo0s wrote: post #211
SonicSoul wrote: post #192

Earlier quoted context omitted.

the difference is that there re dozens of CC companies which do not share information. Apple already has a lot more info on users then CCs do. edit Apple knows a lot about you IF you use apple products. Didn't think this would be a controversial point :)

??? Wait? What? Apple doesn't know what I buy. At least not currently. How can they know that? Only Mastercard and Visa know that. Maybe Apple could buy that information from Mastercard or Visa? Is that what you're saying?

i never said Apple knows what you buy. They just know a lot about you based on using their devices / services.

Re: Apple announces Apple Card credit card

#254

Post by awad »

ocdtrekkie wrote: post #94
joefife wrote: post #80

Earlier quoted context omitted.

How is that an innovation? You're describing Charge Cards

I've... actually never heard of these. Why isn't this more popular?

American Express offers both credit cards and charge cards. The "black card" might be the most well known of all cards and its only real limit is AMEX's judgement of your ability to repay the charges.

Re: Apple announces Apple Card credit card

#255

Post by illegalsmile »

ryandrake wrote: post #145
runako wrote: post #91

Earlier quoted context omitted.

Here in the Southeast of the US, the adoption of Apple Pay (and I presume Samsung Pay) has definitely been increasing. Square/Clover/all the POS's used by coffeeshops and other small businesses have been taking Apple Pay for a few years now. But recently CVS started taking it, and CVS is everywhere (~6,200 stores in the US). Whole Foods is on Apple Pay. I understand Target will be following soon. It's still not 100%…

You don’t just need technology penetration. You also neeed consistently working devices that inspire confidence to customers that they’ll work. How often have you done this dance: 1. Notice the POS reader has an icon on it that vaguely indicates it supports some kind of NFC payment. 2. Pull out your phone and wave it around the reader. 3. No response from reader. Do I need to press something on my phone? 4. Still no…

My favorite is when the staff doesn't even know if it works.

Re: Apple announces Apple Card credit card

#256

Post by simonbarker87 »

bk_mtn_man wrote: post #63
nabaraz wrote: post #25

With the rise of smartphone payments like Samsung Pay, Android Pay and Apple Pay , is there even a need for credit cards? How long until these companies start skipping payment processors like Visa and Mastercard and take the whole pie?

I don't live in a tech hub city but in all my shopping I have never seen anyone use one of the Apple/Samsung payment methods where I live. Even when I spent months in Silicon Valley I can count the number of times I saw it used on one hand.

We are pretty much at 100% here in the UK. I was in a little village deep in a national park over the weekend (North Wales) and used Apple Pay most of the time.

Re: Apple announces Apple Card credit card

#257

Post by vkou »

throwawaysea wrote: post #172

I don't thing it is healthy to have big entities like this control fundamental services like payment processing. How long before the opaque governance of the App Store is applied to their payments offering? How long before activists start making this a new vector for deplatforming? Apple also announced a news offering ( https://www.techradar.com/news/apple-news-plus ) and I think the same concerns apply there.

Payment platforms, including Visa and Mastercard, have deplatformed merchants, are currently deplatforming merchants, and will continue to deplatform merchants, for all sorts of reasons, since day 1.

This sort of deplatforming happens for moral reasons (adult content), discriminatory reasons (Suppression of gay activist movements in the 90s), political reasons (Suppression of IRA/ISIS symathisers), legal reasons (Enforcing international embargoes - ie, Iran).

For some reason, though, techies get up in arms when tech firms start doing this.

Re: Apple announces Apple Card credit card

#258

Post by ceejayoz »

onlyrealcuzzo wrote: post #160
ajra wrote: post #131

It seems to me that Apple can offer reduced fees due to the fact that they'll have less fraud as a result of requiring touch/face ID for every purchase. While interesting, it doesn't come close to solving what I feel is the largest problem with cards in the US today -- interchange fees.

I know this is a MasterCard, but it'd be more interesting if they were able to take out the $0.35 transaction fee on every transaction. This is the bread and butter of every payment processor, and it's complete rent seeking, AND supposedly all the major processors are going to RAISE it at roughly the same time in the coming months. Eliminating the set transaction fee could open up so many potential businesses. But I'…

Why is the per-transaction fee the rent-seeking part?

I get why MC/Visa have a per-transaction fee. I don't understand why there's a percentage of the transaction on top of that. It's not any more work for a $1 transaction versus a $1,000,000 one on their end.

Re: Apple announces Apple Card credit card

#259

Post by lgleason »

This should be interesting to watch. Most of the big issues are moving online payments over to a 3d secure spec. 3DS is analogous to what the chip and pin did for physical credit cards when upgrading from magnetic strips.

The thing is, it requires the capturing of all of the information Apple claims to not be gathering and then some....in fact, depending on the device you are using it on some of the data capture for 3DS can be downright creepy.

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