“Apple Pay is giving more power to credit card companies. Some big retailers hate this,” Jose Pagliery reports for CNNMoney. “When you swipe your card at stores, retailers have to pay credit card companies between 1.5% and 3% of every transaction. With CurrentC, retailers might get away with paying a tenth as much.”
“These retailers are also rejecting Apple Pay out of fear that Apple’s newer, safer payment system will let banks charge stores even more money for every swipe, according to Cherian Abraham, a mobile payment expert with Experian,” Pagliery reports. “Then there’s customer data. Shops want it. Apple Pay doesn’t give it to them.”
“With Apple Pay, store registers never get your credit card number — only an anonymous payment token. This chokes off the number one way retailers get customer data for tracking purchases and directly marketing to you afterward,” Pagliery reports. “Meanwhile, CurrentC is at its core a coupon-and-rewards app. That gives companies lots of detailed information about what you buy and who you are.”
Read more in the full article here.
MacDailyNews Take: As we’ve already written multiple times:
Unlike CurrentC, Apple doesn’t save your transaction information. With Apple Pay, your payments are private. Apple Pay doesn’t store the details of your transactions so they can’t be tied back to you. That is what Walmart, CVS, Rite-Aid et al. hate about Apple Pay and why they currently won’t allow their customers to utilize Apple Pay.
Boycott non-cash payment systems from any company that willfully turns off NFC in an effort to block the vastly more secure, much more private, and far easier-to-use Apple Pay service.
Related articles:
Apple Pay support added by US Bank, Barclaycard, PNC, M&T Bank, and more – November 3, 2014
Apple Pay to fuel chatter, new products at Money 20/20 conference – November 3, 2014
Apple Pay vastly superior and much better positioned than MCX’s CurrentC – November 1, 2014
CurrentC, MCX retailers’ answer to Apple Pay, faces doom – October 31, 2014
Meijer first to break MCX ranks, keeps Apple Pay support at its 213 stores – October 30, 2014
Feeling the heat, MCX CurrentC consortium suggests possible future switch to NFC – October 30, 2014
Analyst: CurrentC retailers likely to blink and support Apple Pay – October 29, 2014
Why CurrentC will beat out Apple Pay in the end – October 29, 2014
How to punish Walmart, CVS, Rite Aid, and others who block Apple Pay – October 29, 2014
iPhone users and Android settlers raid reviews of CurrentC payments app – October 29, 2014
Retailer-backed MCX Apple Pay rival has already been hacked; testers’ email addresses stolen – October 29, 2014
Why Walmart, CVS and Rite-Aid really hate Apple Pay: They can’t track your buying habits – October 29, 2014
CurrentC retailers’ conundrum: MCX contract expressly bars Apple Pay acceptance – October 29, 2014
Retailers like CVS and Rite Aid that block Apple Pay are taking a big security risk – October 28, 2014
Apple Pay tussle with CVS, Rite Aid the first shot in mobile payments war – October 28, 2014
In one week, Apple Pay already No. 1; used more than all other mobile payment systems combined – October 28, 2014
Alibaba’s Jack Ma says open to working with Apple on Apple Pay – October 28, 2014
Tim Cook blasts CVS, Rite Aid over Apple Pay blockade: ‘You only are relevant if your customers love you’ – October 28, 2014
Seeking personal data, Walmart, Best Buy, and others won’t let shoppers enjoy Apple Pay privacy – October 27, 2014
Boycott CVS and Rite Aid – October 27, 2014
Bad business: CVS and Rite Aid antagonize their most well-heeled customers by blocking Apple Pay – October 27, 2014
CVS stores reportedly disabling NFC to shut down Apple Pay – October 25, 2014
iPhone users earn significantly more than those who settle for Android phones – October 8, 2014
Yet more proof that Android is for poor people – June 27, 2014
More proof that Android is for poor people – May 13, 2014
Apple’s iOS dominates in richer countries, Android in poorer regions – March 25, 2014
Twitter heat map shows iPhone use by the affluent, Android by the poor – June 20, 2013
iPhone users smarter, richer than Android phone users – August 16, 2011
Yankee Group: Apple iPhone owners shop more, buy more, remain more loyal vs. other device users – July 20, 2010