What do you guys know about Apple Pay?

[rusnak]

I'm looking into making a significant investment of capital on credit card and debit card readers. Not sure about Apple Pay, and other NFC (Near Field Communication) transactions.

Does Apple Pay cap transactions at a $25 spend? Is it popular? Would you use it more than a chipped credit card?

Or more likely, when all cards go to slower chip transactions, do we expect NFC to take off in the near future, in terms of use?

[Holger]

NFC has been here for a long time ... nothing happens.

[rusnak]

Do you know what EMV is? What happens when those go to 100%? Will customers accept the slower transaction speeds? More transactions will occur without identify verification because minimum wage is going up.

[jyl]

Apple Pay Adoption And Usage Stats | PYMNTS.com

I personally am using Apple Pay more, maybe 2X week, I'd guess that is 10% of the times when I have a choice between Apple Pay and debit card. Reason is speed, convenience, security.

But I seem to be in the minority.

[dennis in se pa]

I have Apple Pay. I see no advantage to it so I never use it. You still have to sign your signature, so what is the purpose?

[masraum]

We use Apple Pay whenever it's available. I've heard that it's expensive for stores which is why adoption is relatively small. Also, not everyone has an iPhone, and I doubt that will ever change.

No, Apple Pay is absolutely not capped at $25/. If there's a cap, it's definitely much more than that. We buy our groceries with it.

[masraum]

Originally Posted by dennis in se pa

I have Apple Pay. I see no advantage to it so I never use it. You still have to sign your signature, so what is the purpose?

Not always. It's much like other credit card transactions, the store can decide on a limit under which you don't have to sign.

The benefit is that you don't have to reach into a pocket, pull out your wallet, get your credit card out of it's spot, swipe (or worse yet, insert it and wait), then go through the reverse process.

With Apple Pay, you grab your phone out of your pocket, give it a half a sec near the box, and then put it back in your pocket. Maybe you sign, maybe you don't. The only way that it's the same is if you're one of those folks that carry your CC loose in your pocket with nothing else.

Also, with Apple Pay, your credit card numbers isn't used. A hash of your number is used. I suspect that makes it much harder to steal your number.

[GH85Carrera]

So far I know of one two places that accept Apple Pay, Whole Foods and Trader Joe's. I am far a regular at either of those places.

I do hate the much slower speed of the chip readers. And signing the pad is a total joke. I I will make a wiggle mark or sign George Clooney since I am nearly his twin brother or sometimes just draw a turtle or a spiral. It always goes through.

I would like the magical very secure un-hackable fast payment system. Maybe someday.

And no cash is the slowest sometimes. Especially is the teller is math impaired.

[jyl]

Originally Posted by GH85Carrera

I would like the magical very secure un-hackable fast payment system. Maybe someday.

That's Apple Pay.

It is secure and fast.

Much faster than the chip card machines.

[Porsche-O-Phile]

Awesome system. I use it regularly. It's flawless, fast and simple. Most readers you just hold your phone near it, use the biometric ID on the home button and bang - you're off and running. Simple, easy, secure, efficient.

[dennis in se pa]

Some comments about speed. We are taught that speed is good. The faster the better. NO! Now that I am retired I look back and I wish I had not let myself be programmed into thinking speed was good in all things at all times. Taking the "time element" out of somethings makes them SO MUCH more enjoyable. Like traveling for example. Heading towards a destination without a time constraint makes the trip so more enjoyable. 3 days? 4 days to get there? Who cares. If I had a "Do Over" I would go through life more slowly.

[masraum]

Originally Posted by Porsche-O-Phile

Awesome system. I use it regularly. It's flawless, fast and simple. Most readers you just hold your phone near it, use the biometric ID on the home button and bang - you're off and running. Simple, easy, secure, efficient.

Yep, the biometric reader under the button is fantastic. Every time I use my iPad which is older and doesn't have the reader, I think "Crap, gotta punch in the code."

[masraum]

Originally Posted by dennis in se pa

Some comments about speed. We are taught that speed is good. The faster the better. NO! Now that I am retired I look back and I wish I had not let myself be programmed into thinking speed was good in all things at all times. Taking the "time element" out of somethings makes them SO MUCH more enjoyable. Like traveling for example. Heading towards a destination without a time constraint makes the trip so more enjoyable. 3 days? 4 days to get there? Who cares. If I had a "Do Over" I would go through life more slowly.

Great point, unless you're talking about standing in line at a store. I wish I was one of those folks that can and does strike up a conversation with anyone anywhere. I know that I miss out on interesting people, but that's not me. And I suspect you've gotta wade through a bunch of chaff before you get to the wheat.

I have times when I'm not in a hurry, but when I'm trying to pay for something, is not one of them.

[RANDY P]

I don't trust that damn thing with hackers and whatnot.

Any reason I'm incorrect about that assumption?

[dennis in se pa]

Originally Posted by masraum

Great point, unless you're talking about standing in line at a store. I wish I was one of those folks that can and does strike up a conversation with anyone anywhere. I know that I miss out on interesting people, but that's not me. And I suspect you've gotta wade through a bunch of chaff before you get to the wheat.

I have times when I'm not in a hurry, but when I'm trying to pay for something, is not one of them.

We are conditioned to have more things to do in a day than we possibly can. So we are always in a rush. This is not necessary. What is the problem with waiting in line if you are not in a hurry? Those old men counting out pennies to pay for stuff at the cash register? They are trying to tell you to slow down.

[masraum]

Originally Posted by RANDY P

I don't trust that damn thing with hackers and whatnot.

Any reason I'm incorrect about that assumption?

I'm certainly not an expert on Cyber Security, but I think you're probably in more danger of having your card compromised than having Apple Pay on your iPhone compromised.

I think the deal is that your phone doesn't store your credit card number to use Apple Pay.

[gprsh924]

Originally Posted by dennis in se pa

We are conditioned to have more things to do in a day than we possibly can. So we are always in a rush. This is not necessary. What is the problem with waiting in line if you are not in a hurry? Those old men counting out pennies to pay for stuff at the cash register? They are trying to tell you to slow down.

Disagree...I could have zero to do on a given day, but don't want to waste time in line, traffic etc. I hate inefficiency, even if all I am trying to do is go home and watch tv.

[dennis in se pa]

Originally Posted by gprsh924

Disagree...I could have zero to do on a given day, but don't want to waste time in line, traffic etc. I hate inefficiency, even if all I am trying to do is go home and watch tv.

Why does it matter? How are you wasting time? It is still there. We are usually under pressure to do more.

I had 6 weeks off after heart surgery 15 years ago. A retired friend asked how it felt to be retired temporarily. I thought about it and said "GOOD". It was nice to be off of the merry go round. The Amish have it all figured out. You never see them rushing around. Off of the merry go round and slowing down. Good times.

Good luck to you. Thanks for your response.

I want a do over.

[Porsche-O-Phile]

AP is more secure than most other methods including the "new" chip cards (same technology that's been used in Europe for quite a few years now)

[KFC911]

Though I appreciate all of you who use Apple products immensely , I'll not be joining you...neither here nor there however. My concern would be this....if for whatever reason, bogus charges are made, will Apple "eat the loss" like the CC companies do instead of the consumer?