Hi All...


What are your thoughts on using Google Pay or Apple Pay with your phones? As a retailer I'm finding an increasing choice by customers to use the NFC (near field communications) feature on their phones and using the google or Apple version to make payments.

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On Thursday April 25 2024, Aug said the following...

What are your thoughts on using Google Pay or Apple Pay with your
phones? As a retailer I'm finding an increasing choice by customers to
use the NFC (near field communications) feature on their phones and
using the google or Apple version to make payments.

I've been using my Apple Watch for NFC payments for a few years. It's already on my wrist and I just need to double tap a button to bring up my debit card. Every now & then I'll encounter a place that doesn't have tap (or interestingly at one restaurant, tap works for credit cards but not debit cards) and need to use my actual card with chip & pin.

I remember one of the first times I used my watch to pay, it was at a grocery store with this little old lady at the cash register. I tapped my watch and she looked so confused, the receipt popped out and she asked "did you just hack my terminal?"

Another time more recently, I was buying cat food & a much younger girl was scanning my purchases. I used my watch to pay again and she was like "Wait! Did you just use your watch to pay!? Can you show me how to do that!?". She had an Apple watch on as well and usually used her phone to pay, not knowing she could also use her watch. There was no one else in line behind me so I showed her how to add her cards to her watch.

What I like about using Apple Pay is when I add my debit card to my phone or my watch a new virtual card number is generated for that card/device combination. The card number on my phone is different than the one on my watch, so I can pay without exposing my physical card number. Apple Pay also uses "transaction-specific dynamic security codes" which can help protect against someone capturing that information to use again (card skimming).


Jay

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Hello Jay!

I've been using my Apple Watch for NFC payments for a few
years. It's already on my wrist and I just need to double
tap a button to bring up my debit card. [...]

What I like about using Apple Pay is when I add my debit
card to my phone or my watch a new virtual card number is
generated for that card/device combination. The card
number on my phone is different than the one on my watch,
so I can pay without exposing my physical card number.
Apple Pay also uses "transaction-specific dynamic security
codes" which can help protect against someone capturing
that information to use again (card skimming).

From what I'm reading about them is that both Gpay and Apay are
completely free. What do they get out of offering the ability
for free?

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../|ug

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On 25 Apr 2024, August Abolins said the following...

From what I'm reading about them is that both Gpay and Apay are completely free. What do they get out of offering the ability
for free?

Apple & Google get a small percentage of the Interchange Fee each time Apple/Google Pay is used.


Jay

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Apple & Google get a small percentage of the Interchange Fee each time Apple/Google Pay is used.

That was my next guess. The retailer takes the hit. I better have a closer look at my POS statements. There are already different rates and charges for each variety of dB and cc cards.

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On Friday April 26 2024, August Abolins said the following...

That was my next guess. The retailer takes the hit. I better have a
closer look at my POS statements. There are already different rates
and charges for each variety of dB and cc cards.

I'd be interested to know if there's any extra cost to the retailer as well.

The amount that Google or Apple receives is paid out of the bank's portion of the interchange fee, at least from the articles I've read. Whether the banks pass this fee on would be interesting to know.


Jay

... What do you call a hacker with eight arms? An unlocktopus
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Hello Jay Harris!

I'd be interested to know if there's any extra cost to the
retailer as well.

The amount that Google or Apple receives is paid out of
the bank's portion of the interchange fee, at least from
the articles I've read. Whether the banks pass this fee on
would be interesting to know.

My POS statement describes a plethora of different types of
credit and debit cards within Visa and Mastercard. Each type
has its own %-age fee for use. And, there are additional
charges depending on whether someone dips, swipes, or taps with
a card, and recenty whether someone uses non-card device like a
smartphone or watch.

So.. I guess the latter answers your question. The retailer
ends up paying for everything.

--
../|ug

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