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  • Apple States Apple Pay Has Been Largely Successful after MCX's Apple Pay Embargo


    Apple recently issued a statement in response to recent events where Apple Pay was embargoed by MCX members Rite Aid and CVS. Apple’s response stated that the mobile payment rollout has been largely successful and continues to gather steam as additional retailers pledge support. The Cupertino California company told Business Insider that it has received an ‘overwhelmingly positive’ response from both customers and merchants alike. The following was said as part of the statement:

    The feedback we are getting from customers and retailers about Apple Pay is overwhelmingly positive and enthusiastic. We are working to get as many merchants as possible to support this convenient, secure and private payment option for consumers. Many retailers have already seen the benefits and are delighting their customers at over 220,000 locations.

    For those of you who didn’t know, over the weekend Rite Aid and CVS began to block NFC transactions in preparation of its own brand of mobile payments known as CurrentC. The system is being developed for the Merchant Customer Exchange (MCX) which is a consortium of big-name retailers. It is spearheaded by industry giants such as Walmart, 7-11 and Best Buy alongside several others.

    Compared to Apple Pay, CurrentC seems to be less secure and more difficult to use. The system is set to require customers to download a special app, which will generate a QR code cashiers scan on checkout or alternatively scan a code generated on the cashier’s terminal. Furthermore the purchase history can be tracked but in return customers get incentives like support for loyalty rewards programs. What makes the whole thing most troubling is CurrentC’s request to link to users’ bank accounts which can be quite risky. Apple Pay on the other hand features automatic point-of-sale terminal recognition, secure Touch ID fingerprint integration and seamless tokenized payment handling.

    We’ll have to see what ends up happening between Apple and its Apple Pay and the MCX with its own payment system.

    Source: BusinessInsider via AppleInsider
    This article was originally published in forum thread: Apple States Apple Pay Has Been Largely Successful after MCX's Apple Pay Embargo started by Akshay Masand View original post
    Comments 24 Comments
    1. nealh's Avatar
      nealh -
      The problem with MCX solution is it requires access directly to your bank accountnot to mention the fact that it openly wants to use in selling your data.

      As far as I'm concerned I will not use this no matter what I would prefer not topatronize the business if required to use this as a form of paymentover a credit card for example

      My feelings about this alternative payment system have nothing to do with Apple Pay but the ridiculous expectation I'm going to give them access to my bank account
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      I sure as heck won't be doing that...
    1. Carvensno's Avatar
      Carvensno -
      Only companies I have link to my bank info is the few credit cards I have is to make my payments.
    1. bigstudio's Avatar
      bigstudio -
      Also, the MCX system doesn't allow payment with credit cards -- only direct bank transfers and store gift cards. So merchants win since fees and consumer protections are less than when paying with a credit card. One (or is that two?) less reason for the consumer to use MCX.
    1. Carvensno's Avatar
      Carvensno -
      What sucks, is I have Target and Best Buy cards and was hoping to use them with Apple Pay on my iPhone. I know I can use Apple Pay on Target online/App. But still! Be nice to go in and use my cards for those stores using Apple Pay on my phone.
    1. scroogelives's Avatar
      scroogelives -
      Looks like we will see another vhs/betamax scenario!
    1. Carvensno's Avatar
      Carvensno -
      Quote Originally Posted by scroogelives View Post
      Looks like we will see another vhs/betamax scenario!
      Not even. Apple has system that works and doesn't keep any financial info on your phone at all even if stolen. If stolen and they tried to get info off of it? They couldn't because your credit card info is turned into a encrypted hardware ID number for that card and phone. No names, card number, expiration date, or 3 digit security code!

      This new system sounds like a accident waiting to happen. Sounds like these companies got together in a room and said? "Oh look? QR codes ok will use that, uh? what else? Oh we have to make a App also. What else? Have them connect it to their banking accounts Ya Ya that works, uh what else?" It's like they through together a bunch of different ideas to concocted up this idea of a so called payment system.
    1. StaceyMJ86's Avatar
      StaceyMJ86 -
      I for one will not be using MCX. I'll stick with Apple Pay.
    1. jp79194's Avatar
      jp79194 -
      MCX seems way too insecure. Paying with a QR code... Oh please. That is one of the dumbest things I've heard in my life. I doubt that this new method of payment will ever catch on. They should have just allowed apple pay.
    1. kyphur's Avatar
      kyphur -
      I won't use either, MCX for obvious reasons and Apple Pay because it adds yet another fee on top of the 2-3% the retailer already pays for using the Credit Card...
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by kyphur View Post
      I won't use either, MCX for obvious reasons and Apple Pay because it adds yet another fee on top of the 2-3% the retailer already pays for using the Credit Card...
      Apple pay doesn't add a fee.
    1. NSXrebel's Avatar
      NSXrebel -
      Quote Originally Posted by kyphur View Post
      I won't use either, MCX for obvious reasons and Apple Pay because it adds yet another fee on top of the 2-3% the retailer already pays for using the Credit Card...
      FALSE. Apple is getting their cut from the Banks/Credit Cards, not the merchant.

      Also, their cut is 0.15%. A lot of people are confusing that and thinking it's 15%.

      For every $100 transaction, Apple will be getting $0.15 from the banks. Yes, 15 cents. That's nothing in the bigger scheme of things.

      ATM's alone charge $3 or more for using cards from different banks. So if you pull out $20 from an ATM, you're paying a 15% fee or more.

      Apple Pay to generate fees from banks, not merchants -- report - CNET
    1. kyphur's Avatar
      kyphur -
      Bottom line is Apple gets a cut, eventually the consumer will end up paying for that fee in one way or another.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by kyphur View Post
      Bottom line is Apple gets a cut, eventually the consumer will end up paying for that fee in one way or another.
      I'm not sure how. The banks have no say in pricing. Apple pay is accurately great for them too as it cuts down on card thefts and having to refund money from stolen cards. I figure the apple pay arrangement ends up making everyone happy, which was exactly Apple's plan.
    1. kyphur's Avatar
      kyphur -
      Quote Originally Posted by SpidermanAPV View Post
      I'm not sure how. The banks have no say in pricing. Apple pay is accurately great for them too as it cuts down on card thefts and having to refund money from stolen cards. I figure the apple pay arrangement ends up making everyone happy, which was exactly Apple's plan.
      I'll gladly cover the new fees SAID NO BANK EVER...

      Banks and retailers will always find a way to make the consumer pay the costs.
    1. NSXrebel's Avatar
      NSXrebel -
      Quote Originally Posted by kyphur View Post
      I'll gladly cover the new fees SAID NO BANK EVER...

      Banks and retailers will always find a way to make the consumer pay the costs.
      The retailers will pay the same cut to the credit cards companies as they do now, whether it's Apple Pay, Google Play, or credit card purchases, so how would it be any different if they allowed Pay? The CC companies will take care of Apple from their cut, not the retailers.

      Isn't it funny that only now that Apple launched Pay that they decided to turn off NFC? Google Wallet users have been able to use NFC for the past 3 years, and NFC-enabled credit cards even longer.

      All for a system that is not even operational. I guess they really are afraid that NFC payments will really takeoff now that Apple is in the picture.

      EDIT.

      Also, google doesn't take a cut from the CC/Banks because they get their money from ads from data they harvest from your shopping habits.
    1. novadam's Avatar
      novadam -
      you know what? for the added convenience and security provided by Apple Pay (not having to carry a wallet and potentially lose my physical credit cards, or show my CC numbers to employees or carbon copy seeking dumpster divers, etc), I'll gladly pay 15 cents on every 100 dollars.

      then again, I'm a total baller, so I can nonchalantly spend 15 cents whenever I want.
    1. LeslieBee's Avatar
      LeslieBee -
      Want to know how secure MCX transactions are? It uses what's called ACH transfers. ACH was designed long before cell phones and other modern technologies existed. In fact, it wasn't even intended to be used for retail transactions. All someone needs is your bank account number to withdraw your money.

      I called my own bank to find out what recourse I would have if something went wrong. The answer: NONE.
    1. bmwraw8482's Avatar
      bmwraw8482 -
      I can't wait to walk into Walmart (well that's iffy...) and ask if they take mcx or whatever they end up calling it, just to rub it in as I swipe my debit card instead
    1. novadam's Avatar
      novadam -
      Quote Originally Posted by bmwraw8482 View Post
      I can't wait to walk into Walmart (well that's iffy...) and ask if they take mcx or whatever they end up calling it, just to rub it in as I swipe my debit card instead
      I get your point, but I doubt the minimum wage clerk is going to care.