- Dec 2, 2009
Or - dare I say - ... crypto?
Apple pay just makes you VISA card digital. It still is 100% like a VISA card transaction. I'll assume Samsung and Google are the same as well.Maybe this will spur 3rd party epayment systems like Apple Pay / Samsung Pay and Google Pay?
Unlikely. Payment networks are actually pretty difficult from a financial and technical standpoint. There is a reason that Apple Pay et al are just layers into the standard MC/Visa network.Maybe this will spur 3rd party epayment systems like Apple Pay / Samsung Pay and Google Pay?
Chip tech without a pin requirement or something similar does nothing to drive down fraud.Debit cards are via Visa as well btw...
And why should they cover fraud? tech exists that drives down fraud.
On an aside... all this will do is drive inflation as this will be passed onto the consumers
No pins are required in the US for credit cards. Only a signature.who said anything about without pin?
US banks are trying to go in the same direction with Zelle I believe.Ah too bad. Didn't know that. Well if anyone is big enough to do something - it's going to be one of the big ecommerce / social giants.
China pulls it off with Alipay and I think their social network is a big player in epayments as well. No Visa or Mastercard or Amex at all.
Ask Visa and Mastercard. And by extension, American Express and Discover. No pins are required for any credit card purchase in the US.Chip and pin is called Chip and pin for a reason because it requires a chip and a pin. IF you have a card with a chip but still use signature, how do you expect fraud to change?
Pretty much all the cards we get now have paypass on them activated by default. You do need to use chip and pin for >100$ but under that a simple tap of the card on the reader much like you would do with your phone is sufficient.Chip and pin is called Chip and pin for a reason because it requires a chip and a pin. IF you have a card with a chip but still use signature, how do you expect fraud to change?
Many stores don't take AmEx is because it is the most expensive card to take for the merchant. It's fees are 75% higher than Visa and MC, Discover is almost right up there with AmEx.. so, no, it won't give them any incentive to accept AmEx.. unless Visa/MC plans on almost doubling their fees.More incentive for stores to accept AmEx?
Have not heard of this, and haven't been asked to set pins on any of my credit cards.Pretty much all the cards we get now have paypass on them activated by default. You do need to use chip and pin for >100$ but under that a simple tap of the card on the reader much like you would do with your phone is sufficient.
Reminds me I need to get a RFID shielded wallet lol.
I'm from Quebec province in Canada, maybe I should of made that precision. I like the system we have here but chip and pin doesn't remove all risk. I've had my card cloned 2 times so far and as mentioned paypass is risky but CC company are pushing it onto us.Have not heard of this, and haven't been asked to set pins on any of my credit cards.
So use cash and debit?You missed the point.
When they are so closely tied to the core of the economy and they have a monopoly, their profit should be limited.
And as pointed out this appears to involve collusion.
A lot of merchants give rebates for cash use or just don't accept the credit cards.Because credit card companies use shady tactics and dealings to make it such that merchants cannot charge consumers directly for the processing fee, which hides the fee from consumers. This is one case that this system needs to be regulated.
And if they can charge more for the heir good and service because they know people will pay it.If prices go up they get more money without any % increase.
Their ass is already covered.
Its gotta be businesses not people that decide to do this, most people won't see it directly. The information that gets out there will be the business is raising prices on products, not that because CC transactions cost more they had to raise prices.The whole thing is stupid. We should just go back to a cash society. Cards should make things quicker and easier but now the opposite is true. Swipe/insert here, punch in pin or sign, answer some dumb ass confirm/cash back question, etc. The whole process sucks. Some chip readers take 2 seconds and others take 15, not to mention the chip reader is always at the bottom in the least accessible spot. Increased fees I hope will drive to reduced profits for them as more people will go to cash.
Vote with your wallet? Use cash?This seems fraudulent.
What do they need the extra capital for?
More and more sales use cards, its not like they are losing out in any way, quite the opposite.
Yet they provide no extra benefit and because they are a monopoly we have no choice but to comply.
I suggest their conduct needs further regulation.
You missed the point, this isnt about you or I.Vote with your wallet? Use cash?
People like to bitch and moan about credit cards, but I don't see alot of people using cash nowadays.
I generally use cash for small purchases, because merchants pay a per transaction fee, which makes up a larger percentage of the total cost on smaller purchases.
I end up using CC's for everything else, even though I know I am screwing myself by causing merchants to raise their prices, for two reasons:
1. I get cash back.
2. I'm caught in a prisoner's dilemma where even if I use all cash, it's not going to change everyone else's habits. Might as well get something for it.