211–220 of 736 posts
This is the outcome of Apple's 2020 acquisition of Mobeewave. https://www.pymnts.com/apple/2020/apple-buys-mobeewave-for-1... It essentially turns an iOS device into a POS system. Apple already gets 15 bps for all Apple Pay transactions. I'm curious to hear the additional monetization Apple plans to get for this.
> Apple already gets 15 bps for all Apple Pay transactions Bits per second? Beets per sale? Blackened pieces-of-eight per scurvy-rat?
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worth mentioning that this seems a problem limited to the US. Even in Canada, the smallest of towns will have contactless payment. Many Canadians don't really use cash because interac/credit cards have all supported tap to pay for over a decade now.
To be clear, the US has contactless payments all over and probably has had them since ~2015, it just took some time for people to "discover" them.
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I love this analogy[0], but to play devil's advocate I do a lot of tipping in cash and it's kind of a pain to break down big bills, so I can see some benefits to normalizing more digital options that actually work. My bank is digital, it doesn't have a local branch, and most ATMs around me dispense cash in $20 bills. So I can make a small purchase near the ATM if it's in a shop and then ask them to give me change in…
I solve for this by stockpiling small bills in a drawer from which to replenish my wallet. I add to the pile by specifically paying with a large bill whenever the pile starts to dwindle, and I use a card whenever possible otherwise. The trick is to not habitually spend them except in situations (like tipping) where there's no reasonable alternative.
If I was a bit more consistent about occasionally just paying for something normal with cash it would possibly be more sustainable, right now I usually try to break apart small bills specifically when I'm completely out of them or when I know I'm going to need to tip someone in like an hour.
Also yeah, having a stockpile would probably be a good idea, since right now I typically only keep enough small bills to get me though my immediate tipping needs and no further, so any surprise situations mean I'm immediately out of small bills and can only pay for things by card.
Regardless, definitely more management than I would like to do, so I get why people might want a system that doesn't force them to think about that stuff at all. It's just that the alternative digital systems come with other downsides.
This is the outcome of Apple's 2020 acquisition of Mobeewave. https://www.pymnts.com/apple/2020/apple-buys-mobeewave-for-1... It essentially turns an iOS device into a POS system. Apple already gets 15 bps for all Apple Pay transactions. I'm curious to hear the additional monetization Apple plans to get for this.
> Apple already gets 15 bps for all Apple Pay transactions Bits per second? Beets per sale? Blackened pieces-of-eight per scurvy-rat?
Quoted post unavailable.
Eh, the apple article explicitly says other platforms soon. With all of apples recent anti trust issues I expect that to be less than a month or two or they could be accused harming smaller companies again by favoring stripe.
The reference to the mob is a play on the fact that the cofounders are Irish.
PayPal allows free C2C transactions that are much higher in any case.
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Quoted post unavailable.
> I read this sort of thing all of the time and it sounds as if you're just going out of your way to not carry cash for the sake of it. The drawer behind me right now has loose change in it, my jeans pocket always has a fiver. What happens when you tip that fiver away? You have to go to the ATM and replace it. It's been years since I've carried a wallet in my pocket. When I go out I have my keys in one pocket and a p…
There have been many instances over the years, even just in the U.K., where small and large stores have been unable to accept digital/network-required payments and ended up with massive queues or customers abandoning shopping carts full of items due to not having cash.
"Spar cyber attack hits more than 300 convenience stores" (2021-12) https://www.bbc.com/news/uk-england-lancashire-59554433
"Manx Telecom broadband outage affects 4,000" (2020-08) https://www.bbc.com/news/world-europe-isle-of-man-53920785
"Wirecard: 'It’s really bad. I’m left with nothing'" (2020-06) https://www.bbc.com/news/business-53222181
"Debit card glitch means thousands charged twice" (2018-09) https://www.bbc.com/news/uk-england-45400234
"Visa (Europe) says service returning to normal" (2018-06) https://www.bbc.com/news/business-44335804
"Asda card machine fault leads to queues at checkouts" (2016-10) https://www.bbc.com/news/uk-37815973
"RBS says it has resolved debit card computer glitch" (2016-10) https://www.bbc.com/news/business-37658559
"Lloyds Banking Group says card problems sorted" (2014-01) https://www.bbc.com/news/business-25907000
"Card payments system crash disrupts shoppers" (2010-10) https://www.bbc.com/news/uk-11458962
Also, interesting and somewhat unexpected contactless from long distance!
"Contactless 'charging errors' at Marks and Spencer" (2013-05) https://www.bbc.com/news/business-22545804
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The long slow road to contactless payments. Almost 2 decades along in the technology adoption curve. I was ready for this in 2005. https://money.howstuffworks.com/personal-finance/debt-manage... If course as the article points out, it wasn’t even new technology back then: “ Not Exactly New Tech Mobile introduced the Speedpass in 1997. Speedpass is a small device on a keychain (called a fob) that users wave in front o…
Something I was thinking about the other day is how some modern credit cards technically have four different ways to pay. Swiping pressure-sensitive paper over the raised numbers (the original method) is still possible, though I haven't seen a merchant actually do this since maybe the mid-2000's. Then you have magstripe, chip, and RFID all in the same card. Pretty impressive backwards compatibility, although I think…
5 payment modalities with a thin piece of plastic.
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EU has contactless paying for a while now, but it uses a chip embedded in the bank card.
I studied abroad in France in 2012--at this time, all European card readers had been chip-based for quite a while and my US credit card didn't have one. I couldn't figure out how to use them and many store clerks had no idea what to do with my magnetic-strip credit card. I went to England in 2019, at which point cards in the US had been updated to use magnetic stripes, and everyone was using tap-to-pay. It turns out…
This is the outcome of Apple's 2020 acquisition of Mobeewave. https://www.pymnts.com/apple/2020/apple-buys-mobeewave-for-1... It essentially turns an iOS device into a POS system. Apple already gets 15 bps for all Apple Pay transactions. I'm curious to hear the additional monetization Apple plans to get for this.
How on earth was what amounted to a userspace app able to talk to the NFC hardware to the extent necessary to process payments?!
Presumably the app received the relevant entitlements to be able to do this...?
How on earth was it done securely, within the Mobeewave app?