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As I understand it, all the major payment processing companies have their weight behind NFC payments (Visa: paywave, Mastercard: paypass, Amex: expresspay). Wha
by sgentle 12y ago
As I understand it, all the major payment processing companies have their weight behind NFC payments (Visa: paywave, Mastercard: paypass, Amex: expresspay). What's to stop them from all writing into their contracts that if you want to accept payments from our cards you need to accept them via NFC as well? I'm surprised they haven't already.
- malandrew 12y agoEven if that happened, all the retailers have to do is push their alternative along until it gets traction. Their will be a cost of acquiring customers, but its in their long term interest to pay that upfront fee. Then once you have two competing systems, there is nothing preventing the POS system from first prompting for payment with CurrentC and then only falling back to Apple Pay and other CC company backed NFC solutions if that fails.
- michaelt 12y agoPayment processing companies might have got into NFC as a "just in case it takes off" measure. If NFC is going to cut their fees or remove them as intermediaries, they might be happy to see it killed off.
- dwild 12y agoWhy would NFC kill payment processing fees? There still fees involved when you use it with your contactless credit card. Apple doesn't ask fees, sure but they still need to pay credit card fees nonetheless.