3 ms·

I'm not sure I understand this law. My Apple Pay already hooks up to my finance company's Mastercard and my bank's Visa. Who is getting access to compete for

I'm not sure I understand this law. My Apple Pay already hooks up to my finance company's Mastercard and my bank's Visa. Who is getting access to compete for service under this law? The banks? Some other payment processors? Would it just be somebody else hooking up my credit card instead of Apple?

krzyk 7y ago
Apple takes quite a huge amount from each payment (~10% I heard) so if you could hook up the same credit card using e.g. Google Pay, the bank would pay only e.g. 5% (I made that number up) per transaction. Consumers don't see it, so this competition on iOS would benefit mostly banks if you think only about costs, but there is another side to this. If my bank doesn't support Apple Pay, but supports Google Pay, then I can't use my iPhone to do payments because Apple prohibits Google Pay to access NFC.
- narrowtux 7y ago
  > 10% per payment that'd be ludicrous. I found a source that says 0.15% which is way more reasonable: https://www.macrumors.com/2014/09/12/more-apple-pay-details/ https://www.macrumors.com/2014/09/12/more-apple-pay-details/
  - Ensorceled 7y ago
    I'm amazed when people assert stuff that is ludicrous on the face of it. Places that have signs that say "no Amex" because it's 1% more fees are also implementing Apple Pay ...
  - systemtest 7y ago
    This is very reasonable, given that the bank only needs to maintain an integration with Apple Pay and that they don't have to support and maintain an app and all kinds of devices. Apple does that for them.
- Ensorceled 7y ago
  That's not true, Apple Pay is competitive with other payment systems. https://support.apple.com/en-ca/HT204274 https://support.apple.com/en-ca/HT204274 Small business would absolutely not be implementing this if the take was 10%
zuzun 7y ago
It forces Apple to provide others with access to the NFC chip, so your bank can provide a mobile payment app that works without Apple Pay.
- Ensorceled 7y ago
  Got it. I firmly agree in principle but I could see technical issues if Apple implemented NFC by tightly binding it to their Secure Enclave and couldn't safely open that up to third parties. We'll just have to see.

krzyk 7y ago

Apple takes quite a huge amount from each payment (~10% I heard) so if you could hook up the same credit card using e.g. Google Pay, the bank would pay only e.g. 5% (I made that number up) per transaction. Consumers don't see it, so this competition on iOS would benefit mostly banks if you think only about costs, but there is another side to this. If my bank doesn't support Apple Pay, but supports Google Pay, then I can't use my iPhone to do payments because Apple prohibits Google Pay to access NFC.

narrowtux 7y ago
> 10% per payment that'd be ludicrous. I found a source that says 0.15% which is way more reasonable: https://www.macrumors.com/2014/09/12/more-apple-pay-details/ https://www.macrumors.com/2014/09/12/more-apple-pay-details/
- Ensorceled 7y ago
  I'm amazed when people assert stuff that is ludicrous on the face of it. Places that have signs that say "no Amex" because it's 1% more fees are also implementing Apple Pay ...
- systemtest 7y ago
  This is very reasonable, given that the bank only needs to maintain an integration with Apple Pay and that they don't have to support and maintain an app and all kinds of devices. Apple does that for them.
Ensorceled 7y ago
That's not true, Apple Pay is competitive with other payment systems. https://support.apple.com/en-ca/HT204274 https://support.apple.com/en-ca/HT204274 Small business would absolutely not be implementing this if the take was 10%

zuzun 7y ago

It forces Apple to provide others with access to the NFC chip, so your bank can provide a mobile payment app that works without Apple Pay.

Ensorceled 7y ago
Got it. I firmly agree in principle but I could see technical issues if Apple implemented NFC by tightly binding it to their Secure Enclave and couldn't safely open that up to third parties. We'll just have to see.