Vantiv, Inc., a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, and VeriFone Systems, Inc. announced today the launch of their “Secure Your Future Today” campaign to ensure merchants are ready for current and future payment technologies, including Apple Pay.
“The future is now,” said Donald Boeding, president of merchant services at Vantiv, in a statement. “And that means merchants of all sizes require terminals that support a broad range of current and future payment technologies. Together, with our campaign partner VeriFone, we will be able to help thousands of merchants upgrade their payment hardware so they can quickly support vital technologies like Apple Pay and EMV.”
With consumer demand for Apple Pay set to rise and the EMV liability shift coming in 2015, merchants have only a short period to upgrade their terminals to meet consumer growing expectations and to provide an enhanced and more secure payments experience at the point-of-sale. Together, Vantiv and VeriFone have created a superior value position for merchants of all sizes.
“The inclusion of NFC technology in iPhone 6 and iPhone 6 Plus is a big step forward for the use of smart devices in commerce,” said Shan Ethridge, vice president and general manager, North America Financial Services Group, VeriFone. “Today, every NFC-enabled VeriFone terminal has the capability to support Apple Pay. Together with Vantiv, we can ensure merchants have the platform they need for both EMV card payments and secure, NFC-based commerce. This competitive offering will unlock the potential for exciting new experiences between merchants and consumers.”
For the campaign, VeriFone is providing an unmatched line of NFC-ready and EMV-compliant hardware and software, including the VX 520 – a rugged countertop device with a powerful processor and expandable memory to handle encryption, decryption and fast processing.
For more information on this campaign: http://info.vantiv.com/Apple-Pay#.
Source: Vantiv, Inc.
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It’s possible VeriFone and other processors are hoping Apple Pay will keep them relevant, while the likes of MCX want to do away with processing fees. The more likely scenario is MCX is a bate and switch. They tout low cost/no fees, but will raise them after they theoretically usurp traditional processes.
Apple Pay will make them rue the day they chose to play sneaky tricks and break working systems in order to track customers private information.
Hell no you won’t get my medical data. Tracking needs to stop, now!
It looks like MCX was created primarily to combat VISA, MasterCard, and other cc companies, and their 3-5% transaction fees. They hope to lure customers to their payment system by offering discounts, coupons, and “convenience”, although that last one is kind of laughable if you’ve ever used a Q-code id system. I think the whole MCX raison d’être is moot if the CC companies lower the transaction rates for Apple Pay customers. The reduction in cost for fraudulent charges that the CC companies obtain from the use of Apple Pay should allow them to adjust their fees. I understand the desire of retailers to get out from under these fees, but MCX won’t fly. I don’t care how many discounts are offered, Q-code scanning, financial data sharing, direct account debits, and questions about individual profiling is not going to fly with savvy consumers.
Still, it is a pretty big list of important retailers that seem to be determined to move full speed ahead into this failure. MCX is at war with the credit card companies, and I hope that they respond with something that reduces their fees. This is the only way that consumer benefit.
If retailers started offering 3-5% discounts for not using their credit cards, people would stop using them real quick.
Right now I’m paying that 3-5% whether I use the card or not, so I use the card.
If this was about the transaction fees the retailers would be targeting the cards, not Apple Pay. This is about data mining.
Data mining is actually required for the MCX retailers to offer the kind of auto discounting and promotions it wants to offer to shift customers from credit cards to CurrenC. Hey, I don’t purport to know all the motives of this consortium. But I can relate this quote from former Walmart CEO Lee Scott, and now part of MCX: “I don’t know that MCX will succeed, and I don’t care. As long as Visa suffers.” That says a lot about motivation.
@The Other Steve
It’s about both, but the main driver is the transaction fees. The problem for the merchants is that they can’t target the cards directly, it just doesn’t work. People dislike discounts for paying with cash; they just see them as fees for paying by credit card. They also will shop elsewhere in many cases if stores don’t accept credit cards. They see Apple Pay as a threat because it is a superior alternative to the mobile payment credit card end-around that the merchants have chosen (CurrentC).
Yup. And this CurrenC thing is dead before it even got out of the gate.
It’s time for Apple to elaborate and educate the media on the advantages and differences of Apple Pay. Get their version of reality out there. Stop the madness.
http://wh.gov/icBmj