> get a digital card that they can use anywhere Apple Pay
Apply Pay users: how broad is Apply Pay adoption? Is this a viable replacement for a VISA, Mastercard or AMEX?
I'm intrigued by the privacy angle to this, seeing as VISA and Mastercard apparently share and/or sell a lot of transaction data with/to third parties.
Edit: The article has been updated: As rumored, Apple is partnering with Goldman Sachs for Apple Card, with Mastercard handling payment processing. The mastercard network, plus the benefits Apples is offering (eg 2pct cashback), could make this really attractive.
Re: Privacy: Cash is the most privacy friendly payment method. Followed by virtual credit cards, which aren't really that private but an improvement over the usual.
Here with Apple Card, even if Apple might not choose to centralise your payment data, the underlying network (MasterCard, in this case) most certainly can know where you spent it, and vendors at point of sale can keep track of it too.
AML laws are a thing. Someone in the chain definitely knows who it was. The payment network for sure, as well as any associated banks, and Apple, clearly. The merchant can see whatever their payment processor chooses to share with them.
With the new Apple Card, somewhere in the presentation Apple had "Goldman Sachs will never sell your data to third parties" but what about the MasterCard backend? Surely, they'll see exact transactions and store information?
They explained this in the keynote. They are generating a per-transaction card number, so there is no reasonable way for Mastercard to track what a certain person is buying.
What they described was card tokenization via the existing EMV standard for contactless payments.
* Tokenization is using a unique per-device credit card. These are generated by the payment network, so Mastercard knows who is making the payment.
* EMV includes per-transaction tokens.
At no point did Apple say anything the prevents MasterCard from tracking your purchases. MasterCard shares this data with the credit networks, and the credit networks sell this data to third parties.
yes, goldman sachs and mastercard will most certainly data mine the information to correlate transactions to each other and to certain people. it won't be perfect, but it's not truly anonymous either.
Thanks for the insight. So, now the question is whether GoldmanSachs can be trusted. Honestly, Apple is the only large company in existence that I can fully trust with my privacy. Given that this whole thing has been orchestrated by Apple, it wouldn't be too surprising for Apple to put preventative measures around GoldmanSachs based on their sleezy history.
I agree with this. Maybe it's because I still have trauma from broken power buttons (back in the iPhone 4 era), but I'd like to not have to press buttons as much as possible.
cash is the most convenient secure and private form of payment. applepay if i run out of cash or its a larger transaction. chip (in the US) is hobbled by stupid UX (insert card, tap random buttons, sign, etc.), so swipe is usually quicker and more reliable. i never use debit.
In Canada I pay for pretty much everything with Apple Pay. It is accepted wherever there is tap available. There is only one coffee shop out of 100+ stores in my town that I can think of that doesn't support Apple Pay
Overall I try and use Apple Pay where I can and find about 2/3 of the time I want to use it I can. My biggest struggles have essentially been at smaller stores that still just have basic square swipers and obviously the occasional cash only locations.
> It should work anywhere that touchless mastercard is accepted, though I do think that vendors can turn off apple pay specifically to avoid the fee.
I don't think merchants have to pay anything extra to accept Apple Pay. It's the banks that have to pay a "marketing fee" to Apple to let their cards work with Apple Pay.
NFC payments are virtually on par with chip card payments in Switzerland, and it seems better every day in the US. I wouldn't say it's a replacement, particularly if you travel to one of many other countries, but Samsung Pay is very universal in my daily life.
I don't use it, but I just read (can't remember where) that adoption in America is about 70% of stores and 99% in Australia. This corresponds to another comment's assessment that it was available in about 2/3 of stores.
In Chicago, a lot of chain stores allow for Apple Pay, such as Aldis and Dunkin Donuts. But it’s hit or miss for independent shops. Some nice coffee shops and restaurants have tablets, but these often aren’t equipped to take Apple Pay.
I'm not going to get an Apple credit card heh. But where did you see this info? They said the number & ccv would be available via the apple wallet app for use online (although you only get 1% back).
This is why it's an 80% solution. Most of my online purchases are at specific places (Amazon, other sites using Paypal, directly through airlines, etc).
However, if Apple can isolate most Apple purchases to using their own card, things get interesting. 3% off Apple purchases is pretty decent. Kind of like Amazon wants all it's data for purchases through it's own card.
Apply Pay users: how broad is Apply Pay adoption? Is this a viable replacement for a VISA, Mastercard or AMEX?
I'm intrigued by the privacy angle to this, seeing as VISA and Mastercard apparently share and/or sell a lot of transaction data with/to third parties.
Edit: The article has been updated: As rumored, Apple is partnering with Goldman Sachs for Apple Card, with Mastercard handling payment processing. The mastercard network, plus the benefits Apples is offering (eg 2pct cashback), could make this really attractive.