1. Akshay Masand's Avatar


    Apple launched Apple Pay just a few weeks ago, but Whole Foods has already claimed that they had 150,000 Apple Pay transactions in just three weeks of launch. The 150,000 transactions equate to approximately 1% of Whole Foodsí sales. This number is extremely impressive as it has only been a few weeks since the Cupertino-based company released this feature. Previous Google and Paypal mobile commerce lead, Mike Dudas, did the numbers and posted it on Twitter.



    We reported just recently that Walmart has said they would Ďnever accept Apple Pay,' as they are part of Merchant Customer Exchange (MCX). MCX consists of many retail companies that joined forces to develop their own mobile payments system called CurrentC. However, business author Jim Maholic and Hitachi Consulting vice president told CIO Magazine why Apple Pay is to favor over CurrentC.

    Thereís a certain number of affluent customers who use the iPhone 6. If one store offers Apple Pay and the other doesnít, those well-heeled customers are more likely to walk in the Apple Pay door. ďNow that Iíve got that customer, itís harder for somebody to steal that customer.

    The credit card isnít transmitted during the transaction, and the retailer will not have the credit card number in [its] systems. That way, even if the retailer is hacked, the customerís information isnít put at risk. As a CIO, I [would] feel better if I have more customers using Apple Pay, because I havenít exposed their numbers to risk.
    One of the reasons is that the right type of customers want to use Apple Pay, meanwhile the other is due to security reasons. With Apple Pay on the rise and the quick success it has seen in just a few weeks, we are not surprised if the system only gets bigger and better.

    Source: Twitter (via Mike Dudas), CIO Magazine

    Twitter: @AkshayMasand
    2014-11-12 03:05 AM
  2. edwilk55's Avatar
    Used ApplePay at the liquor store last night. Love it! Will def be going out of my way to find a store that takes ApplePay. Doing it with Walgreens now as CVS stopped accepting. CVS is right up the street, but Walgreens much further out is getting my business. WalMart doesn't care as it's targeting the "people of WalMart" crowd who are to stupid to understand the risks associated with using CurrentC when it hits.

    And the fact it's cross platform compatible def works in their favor. But AP will win out in the end!
    2014-11-12 05:24 AM
  3. azafran's Avatar
    Used ApplePay at the liquor store last night. Love it! Will def be going out of my way to find a store that takes ApplePay. Doing it with Walgreens now as CVS stopped accepting. CVS is right up the street, but Walgreens much further out is getting my business. WalMart doesn't care as it's targeting the "people of WalMart" crowd who are to stupid to understand the risks associated with using CurrentC when it hits.

    And the fact it's cross platform compatible def works in their favor. But AP will win out in the end!
    Yeah you're righ I'll see how in two years at least Walmart will be accepting Apple pay. Someone wanna bet.
    2014-11-12 06:51 AM
  4. PCYoda's Avatar
    The credit card companies are going to force the issue anyway. The card companies have already mandated for cards to be updated to chip & pin by the end of 2015. After the transition date, liability for fraud transactions will shift to the retailers when "legacy" magnetic stripe cards are used, whereas it will remain with the banks in the case of chip & pin usage.

    If all of the new terminals are mandated to include wireless chip reading NFC technology, the companies may be forced to accept Apple Pay in this manner unless the retailers either choose to stop accepting Visa, Mastercard, and Amex altogether or they choose to accept the liability for any attempted frauds from keeping their old magstripe readers.

    I'm pretty sure that companies like Walmart et al will get the new readers... how would they be able to justify to their shareholders not only blocking a new up and coming way to pay in Apple Pay and other chip based technologies but also to accept new liability burdens from updated credit industry mandates?
    2014-11-12 08:37 PM
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