The Next Big Competitors For Android Pay And Samsung Pay: Banks

[Megalith]

I’m actually kind of surprised that more banks haven’t made a bigger push into things like tap-to-pay apps yet.

At a high level, the development means that shoppers will have more choices for mobile payments as the idea of paying in stores with phones becomes more popular. It also means that Android Pay and Samsung Pay mobile payment services could lose out on attracting users who aren’t technology early adopters and trust their bank’s app for payments more than one made by a big tech company.

 

[Cyraxx]

This screws with categorization of transactions (IE: Instead of getting a "Grocery Store" transaction on your credit card, you would instead get a categorization for Apple Pay). This is something I will be avoiding like the plague - since my credit card utilization is heavily dependent on which one gives the highest % cash-back. It's not likely that any of these pay services would ever be a part of it.

 

[dandirk]

This screws with categorization of transactions (IE: Instead of getting a "Grocery Store" transaction on your credit card, you would instead get a categorization for Apple Pay). This is something I will be avoiding like the plague - since my credit card utilization is heavily dependent on which one gives the highest % cash-back. It's not likely that any of these pay services would ever be a part of it.

Not really the point of the article.

The point was that Visa and Master card is now allowing the major credit card issuers use the same technology those of apple, google and Samsung use.

Once your credit card issuers start implementing the tap to pay type features, you will most likely retain what-ever categorization you currently have.

I would point out that using a 3rd party app for payments could bring some privacy and useful features... from what I understand one of apple pays benefits is that it sort of acts like cash at the store. The store can't really track you because apple is in the middle and there is less identifying information needed to confirm the payment.

Not to mention if apple/samsung payment services became popular you would find the CC market would adopt their cash back plans anyways.

 

[BloodyIron]

Or we could pay with bitcoin and remove all middlemen

 

[Daeyx]

Canada already has tap to pay on pretty much all Credit cards and debit (interact) cards as well. Super convenient to use, very little point in carrying cash anymore.