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presenting more attractive alternatives to industries
5:19 AM | мая. 31, 2017

Ryan McInerney, president of Visa, framed Apple Pay as a win-win for both Apple and credit card companies. "Buying things on your mobile phones is not as easy as it should be," he says. Apple "wants to engage their customers on their devices as much as possible." Card companies think that keeping your beloved, trusted phone in your hand longer, and closer to your heart, means you'll spend more money with it — that's good for Apple and good for Visa, MasterCard and the like. Swipe Fees Apple from the "swipe fees" that card companies charge merchants when you use your card, but Visa's McInerney would not comment on what, if any, agreements were made. It's not likely we will hear an official statement on how much Apple is getting each time a consumer taps a phone on a sensor. Credit card swipe fees are something of a trade secret for companies like Visa and MasterCard — a class-action lawsuit that alleged swipe fee price fixing in 2012. Many retailers say the fees are still too high. after opting out of the settlement. Apple Has Your Credit Card Number Apple already has what analysts believe is the largest cache of consumer credit card numbers in the world. In a conference call with investors this April, Apple CEO Tim Cook said the company had , the majority of which had active credit cards stored on them. (That's up from 575 million in June 2013.) For new users, the default payment will be the card that is already stored in their iTunes account. That's one less hoop for consumers to jump through before they can start tapping and buying. Security In the past, Apple succeeded in making money by presenting more attractive alternatives to industries under attack. In 2001, the music industry was battered by music-sharing services like Napster.

What's Apple Inc. going to get out of Apple Pay? iWant Susan Crawford, an Internet steel coilexpert and visiting professor at Harvard Law School, sees the payment system as a way of locking in increased loyalty for already adoring Apple fans. If Apple can leverage its customers' pre-existing trust to help consumers jump over their privacy concerns associated with e-payments, she says, the company may have made one more reason for users to keep their iPhones clutched tightly in their hand at all times. "Really this is all about affection for these devices, which are literally very close to people's hearts," Crawford says. Indeed, Cook hinted at the company's ambitions with ABC News. When asked whether Apple had killed the credit card, Cook said, "I think that we put a dagger in it." Tim Fitzsimons is a reporter based in Washington, D.C. He writes about technology, business and the Middle East

The iTunes Store's growing clout forced companies to play with Apple and agree to its payment scheme. Today, credit card companies like Visa and MasterCard are scrambling to implement PIN verification systems to respond to . Credit card transaction fees differ based on whether a card is "present" or "not present." This means that buying something online assesses a higher fee as a type of insurance to hedge against the increased risk of fraud in online transactions. In his keynote address Tuesday, Cook made the security argument by saying the magnetic stripe and 16 digits of plastic credit cards are "." Cook also noted the vast sum of money Apple could potentially dip into: $4 trillion per year charged to credit and debit cards in the U.S. alone.

Ed McLaughlin, chief emerging payments officer at MasterCard, also hinted that security was a key appeal. "We see value being generated in many ways," McLaughlin says, including "fraud that can be eliminated." But Crawford, the Internet policy expert, is not so sure the win-win is a permanent win for Visa, MasterCard and the others. "[Credit card companies] are powerful enough that Apple needs them more right now than they need Apple," she says. "But the tables may turn as Apple becomes more like a card processing network."

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