Apple vs. Banks: The Digital-Wallet War, Explained | WSJ
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- เผยแพร่เมื่อ 18 พ.ค. 2024
- Digital wallets like Apple Pay are continuing to grow in popularity. Banks are worried they’re losing ground to tech companies eager to gain market share in consumer payments.
One of traditional finance’s biggest threats is Apple. Here’s how big banks are fighting back.
0:00 How digital wallets like Apple Pay work
0:43 How banks are competing against Apple Pay
3:45 Can banks succeed in creating their own digital wallets?
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Well, banks didn't roll out contactless cards to compete with Apple Pay, in Europe contactless cards and other digital wallets have existed since 2008 way before Apple Pay, starting with Mastercard PayPass and Visa PayWave. Maybe not in the U.S. but contactless technology was designed to be used with physical cards, then banks started launching their own virtual cards using the NFC capabilities of Android Phones, later Apple gatekeeped NFC to be used only with the Wallet app, forcing banks to pay the fee, creating Apple Pay.
There is a lot of behind the scenes stuff that Apple does to integrate the real physical card to their virtual card. That doesn’t come free.
I agree. And WSJ somehow managed to miss this completly.
Use UPI tech used in India ,then. There is no need for NFC scanning. It is based in QR code or can be directed sent to your phone number.
@@petrichor259 QR payment is mainstream all over the world, it still cannot replace card payment completely. Card payment is more convenient , more so if it is credit card.
@@petrichor259 takes longer than contactless.
As consumers, we need to do everything we can to thwart monopolies because neither banks nor tech has our best interests in mind and whomever wins, wins a big chunk of our wallet.
Exactly. Competition is good for the consumer
So right, but then you look at the blind adulation people pour over Apple Pay in the comments here and you have to figure, nope, consumers are doomed by our own myopia, once again.
I speak for everyone when I say no-one will use Paze instead of Apple Pay
As consumers… you have no choice.
Just use cash?
This feels like such a US themed video. In the UK, we don’t have the Apple Card, but we’ve literally got app only banks popping up, that basically rely on Apple/Google Pay (for the most part)
The way she said “they’re introducing contactless cards”, we’ve had these for eons
I wouldn't be surprised if US banks tried to slow down the adoption of contactless payments since Apple Pay and Google Pay only work if the POS accepts contactless payments. They may have tried to persuade merchants to not adopt it or slow down the POS upgrade. It's a different story in my country though, as POS machines that support contactless payments are widely available.
Contactless cards have been around in the USA since 2009. I had one then. They just haven’t taken off in usage as quickly here. Nothing to do with that they are new.
app only banks are a thing in the US but they’re seen as “ghetto” or for low income people.
It *is* a US-themed video. But I personally appreciate the comments from viewers worldwide, including yours.
Because it is 'Wall Street' Journal...?
What banks don’t realise is that it’s not just the convenience of tap to pay, it’s the convenience of having your wallet on the device you carry everywhere. I love Apple Pay because it means I can leave my wallet at home and not have to stress about losing it.
I was living in England for a few years and contactless payment was the norm. At restaurants they even brought card scanners to your table. My card would never leave my sight. After coming back to the US I realized how backwards it is when it comes to this technology. In the US, where the server takes your card to the back to scan your card (and with malicious intent write down your card information). I am so excited contactless payment is finally catching up in the US!!
Contactless payments are not new to the USA. People using them hasn’t taken off as they mentioned in the video. I had a contactless card back in 2009 in the USA.
@miketech79 What's new is servers are now bringing the payment system to you rather than taking taking your physical card to the register in the back
@@miketech79 you’re correct! The technology itself is not new. But the implementation of the technology was incredibly slow in the US. Restaurants still have to take my physical card away from me to pay in fact.
@@ThatOneDreadHead That's a function of chip and pin commonly found elsewhere than the USA for the reason for table service credit card usage outside of the USA. This has nothing to do with the digital payment system. Since the USA does not use chip and pin that means the switch to get table side readers is not required. So the merchants are not going to go out and spend money on multiple readers for each server.
You guys GIVE your cards there in the US.”?? There’s no way you guys actually accept that.
Here every place accepts contactless payments so I never ever need to bring my card with me
I know Apple is the dominant player, but I would've liked to know how much of a cut Samsung Pay and Google Pay also took.
@@DeepakMohantyNeo Was it? My ears completely missed that part. Given Samsung allows you to open an actual bank account via SoFI, I figured they would be taking a cut too.
@@DeepakMohantyNeo "it WAS also the only digital wallet that..." Past tense, meaning it was the first, giving it an advantage out the gate.
Exactly
Because Apple has closed NFC they can afford to charge a fee. Google and Samsung can't, otherwise the banks will just develop their own app.
@@ContactlessConnoisseur if they really want, nothing is stopping them from blocking NFC access to apps that are not system ones.
Very odd story, considering most of Europe has been contactless for longer than we have.
Also, you’re forgetting one important point: Chase quite literally helped develop Apple Pay
I always forget how far behind the states actually are, in the UK (and many other places in the world) tap to pay cards and Apple Pay/Google Pay is something that's accepted everywhere and is weird when somewhere doesn't accept it.
Edit: this has been the norm for almost a decade
It’s been the norm here in the states too. Apple Pay has been around for over a decade, tap to pay cards and Apple Pay I’ve personally used all the time around 7+ years ago (theaters, grocery stores, restaurants, fast food, etc.)
You're missing one big (actually, HUGE) benefit to Apple Pay, your CC number is secure with Apple Pay as it doesn't submit your actual card number! This makes Apple Pay more secure than using your bank/CC institutions card in a transaction. BIG win to Apple for doing this!
That and the payment is authorised. Anybody can take and freely use your contactless card without the need of a pin or signature.
@@oopsalllukeAnyone who is able to unlock the phone.
Imagine finding a debit card and a phone on the street. Which is easier to use for unauthorised payment? The contactless card can be used for payments up to its limit, even for online purchases.
The phone cannot be unlocked - at least, the average person cannot pay with it.
@@SPFboy86true, although it also centralizes that information to your device. While the average phone is getting more secure, by placing all banking info on it, it would become a big target.
One thing you're missing is the fact that banks do not keep the whole interchange fee either. They have to give a portion of it to whichever processing network the transaction was done over. This means that Visa and Mastercard, with their networks, take a fee when it is processed through them. Therefore, they actually only keep ~5-8 cents on a transaction. Then, you add on the fees that Apple and others could take... That is why they're scared.
Amex and Discover keep the whole interchange fee.
@@zionismisterrorism8716 That's because Amex and Discover are the bank in addition to the processor. They fulfill both functions.
@@SkiDaBird you taught me something new today. Thank you stranger ♥️
@@zionismisterrorism8716 They're not banks that use other networks... Which is what I refer to.
@@SkiDaBird Exactly.
0:29
*“absolutely we should be scared shitless about that”*
That's a real man's cry right there 😭
About the current bank situation, I'm really concerned. I am worried about a lot more if a bank the size of SVB may fail. I have a friend who manages a fast-growing startup and was severely impacted by the bank run. I have taken more than $840k out of my bank. Since the FDIC only provides coverage up to $250K, an implosion could have negative consequences. presently want to invest in the stock market. Does anyone have any ideas on how I might proceed?Read more
We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVB's collapse. I've never felt secure keeping a large sum of money in a bank. In other words, I invest through my financial advisor, reap the benefits, and then spend the money.
@@lipglosskitten2610 Impressive can you share more info?
@@hermanramos7092 Christine Jane Mclean, a well-known person in her field, is my advisor. I advise doing more study on her credentials. She is a great resource for anyone looking to understand the financial market because of her extensive experience.
@@lipglosskitten2610 Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
The banks are in good shape, SVB was an outlier
Every bank's want's to be a tech company and every tech companies want's to be a bank.
They should merge
Very smart are u Albert Einstein
That is not remotely how apostrophes work.
@@kelpsie 100%
Every kontol wants to be itil
I want to point out the big difference between, let’s say the USA and a western European country when it comes to card payments. Firstly tap to pay has been an option for over a decade. Virtually every bank terminal has had the option to tap to pay for ages, Apple and Google password just other options when they came.
Also, here in Norway our banks worked together to create a instant payment app where you can pay your friends instantly. But they took this further by giving the option to pay in store with the app and also online.
Never realised the banks in USA are falling behind in technology like this. In India UPI has made digital wallets irrelevant. Most fintech apps have pivoted towards UPI
Before you conclude America is backwards, please note that most of your tech comes from here.
That's also because credit cards aren't as common there due to credit being more tightly regulated, and only samsung pay got RBI approval for tap and pay with cards at terminals. UPI is still awesome though
@@vinayak1998thPhones with NFC already had option almost since the beginning of tap and pay card arrived in India (through Gpay, Paytm and other similar apps) and now UPI lite with tap and pay is another big step.
Back in about 2015 or 2016, I remember being surprised that Apple Pay still didn't takeoff as much as I thought it would. When they announced it at WWDC 2014 I was sure it was going to be a game-changer that was going to succeed specifically since it is built directly into the iPhone. But my goodness, did the pandemic in 2020 really make this thing suddenly take off, with consumers being afraid to increase physical contact by swapping cards between people.
I believe we're now in a era where Apple Pay is too big to fail, since 2020 showed people how quick in effortless it is to just which out your phone and hover it over a display for 2 seconds in comparison to digging into you pocket or purse, finding your card, pulling it out, entering it into the terminal, and doing everything in reverse once completed.
There are contactless cards, which are faster to use than your phone.
@@zionismisterrorism8716 But then I have to carry a card with me. Apple pay achieves everything a card could do and we need our phones with us everyday anyway.
@@zionismisterrorism8716my credit card has a little delay to process the payment. But on my iPhone it’s instant
I went to Sweden for 2 weeks and paid for everything with Apple Pay on my watch, didn’t even have to get my phone or cards out of my pocket. Apple Pay is far superior to tap to pay cards or a physical card in general. I have the Apple Card and chase cards, I use the chase cards for everything Apple Pay because the rewards are better. So until Apple makes a card with awesome travel rewards, the big banks don’t have anything major to worry about.
Great point. the Apple Card is still very underwhelming with the incentives of using their card. No travel rewards, not enough big-name partners. Just, meh.
@@javianjohnson8746 yea I think it’s just really a entry level rewards card, like the Citi double cash. A coworker got it and he has horrible credit. So unless they come out with another that’s a tier up, Chase, Amex, Citi, and Cap1 don’t have much to worry about.
Everything is digital. Funny how one swipe of a switch could mean that you suddenly own nothing. On you to prove that you did have lots of money just moments ago. Now imagine this happening with a government agency wanted payment. Or not happy with how you voted or just what you typed or said. Presto! Instant bankruptcy. I'll stick with cash. In fact, I demand the right to use cash.
@@veganconservative1109 how do you use cash on Netflix?
@@veganconservative1109 good for you
I had to double check the video date! Never realised the banks in USA are falling behind in technology like this. I'm sure they'll catch up eventually. Fortunately for the Americans, tech companies will push development.
I know right. As a Canadian that lives close to the border, I always found it amazing that no one had tap to pay cards in the US. Several years ago I was buying shoes at a Foot Locker. My friend bought shoes before me with his tap to pay card and it blew the employees mind. When it was my turn to pay, I let them tap my card. They literally jumped with joy.
Before you conclude America is backwards, please note that most of your tech comes from here.
@@LenDogg55Bruh in india we can pay with thumb print also 😂 ! Or even a phone miss call 🤙 or even with a email I'd like code we can pay , or even by a phone number of reciver (which linked with bank )
(Everything link with bank thumb, eye retina, phone number,bank account simply, ) or simply a QR CODE which have hidden just UPI payment code ID it's so funny we in india do. Not even need to. Carry cards NFC is like primitive tech for us !
India has UPI system. Which essentially helps to avoid such monopoly to take over and make sure that a healthy system exists but at the same time allowing providers to innovate on top of the network.
I was in europe (The Netherlands and Germany) a few weeks ago and I got blown away by the amount of contactless payment that people used. I live in Brazil and here we have all it takes for this payment to take off, but somewhow people still preffer to use a card instead of a digital wallet. I have never thought to acquire a smartwatch but seeing people paying their bills through a smartwatch is definitely something i dont get to see on daily basis
It’s not just Apple Pay. Google Pay is also convenient. Also the fact that we can pay using our Smart Watches using Apple Pay or Google Pay instead of using a card or my phone makes it so much easier when we are rushing around.
I still find it fascinating that American Banks are still so behind technologically. South African banks are so ahead of the curve
Yeah same in Australia, tap and pay and seeing you transactions live have been common place here for years.
Bruh, we Indians don't even use tap and pay we just scan QR code enter password and payment done in 2 second... I'm not exaggerating
How are the USA banks far behind? I’m curious.
Yeah, even our bank cards can be added to our wallets, so you don’t have to use Apple Pay, just the card as an e-card
@@parvizdeamerbank cards in the U.S. can be added to the Apple Pay wallet actually, same with Samsung and Google Pay
Good luck to the banks. It's about convenience, and implementation. It's about getting out of gym, work etc. not having to carry your wallet, search in your pockets for it. Signing onto an email, or anything requiring more than a tap is going backwards. Furthermore, you also get a slew of information in the wallet app. The enemy of my enemy, if my friend.
LOTS of people get information from YOUR wallet app. . . just sayin'
Digital currency is the holy grail of governments. With it as the only financial dealing recourse they have everyone's head in a noose ready to be tightened if you say or do anything they don't like. Like voting, commenting, meme making, aside thoughts shared. ANYTHING. Immediately fund disappearances at the flick of a 'switch'. Gone. What you going to do? Penniless and with the Feds after you? Bribe someone to get to safety? With what?
"A computer company ain't just going to walk in and take over the cell phone industry". "An iPod company ain't just going to walk in and take over the Swiss watch industry". A cell phone company ain't just going to walk in and take over the banking industry".
And this doesn't scare you? Imagine having so much locked to a single company? That's "the wrath of grapes" company store level of control.
Innovate or die. Feel free to use candles to save the candle industry instead of bulbs.
Apple didn’t do anything to the Swiss (or Japanese) watch industry, as much as Apple and its fanbois would like you to believe.
@@mollari2261 they became the most selling though!
@@shankarmgs4056 The watch as a commodity was already dead when Apple released the iWatch. Anyone using a watch today is doing so as an fashion accessory or to project wealth. They didn't really alter the market as creating a new market.
I have been using Apple Pay since years and I love it a lot. I started using apple credit card yesterday and I absolutely loved it.
Sheep
@@jankay8569 that is insulting dude! Do you kiss your mom with that mouth?!
@Shaquille-Oatmeal baaah
Isn't iphone a smartphone too? Dont tell me that it is an alien tech lol
@@jankay8569 apple sheep and another types of sheeps😂
In India we have UPI system where one can transfer money from you wallet/bank account to the recipient. Without any cost to the consumer. The banks are not having any problem, they have released their own version of the system. Only problem will be caused to the credit card companies. Because the their marketshare have decreased due to the system.
Problem with UPI is that it doesn't make money for anyone, so it won't take off in other countries as the business model is of loss. For how long can Paytm etc survive by making losses is what we all have to see.
@@monarch3724 Paytm is not transparent about their business model but look at PhonePe they are making a lot of profit.
@@monarch3724wtf who said it doesn't take off it's just started to get some attention from different country's now research before saying
I've been waiting for a return for this series for some years.
Wall Street Journal, please slightly raise the volume, i can't hear the audio well with my phone speakers near maximum
Compare this with what India has done with UPI and you will know how far ahead the developing world is moving
Spot on!
Before you conclude America is backwards, please note that most of your tech comes from here.
Yeah, the fewer physical items I have to carry around the better. If I can stop carrying my wallet, I'm ALL FOR IT. I think what traditional banks and credit cards need to do is emphasize you can use their digital cards on your phone too.
First we need merchants to support digital wallet payments. This is lacking in so many places, even in large US cities. Some cite the expense of installing and replacing payment terminals as the obstacle to adoption of digital wallets.
@@mollari2261 That's valid. Many small businesses operate on tight margins, and I'm sure this doesn't feel like a necessary expense since most customers can and will simply use a traditional card if the technology for digital payments is unavailable. Similar to how, nowadays, many/most customers find it unacceptable for a business to take cash only, but 30 years ago, a typical customer who wanted to pay with a credit card would have just shrugged and gone ahead and paid cash instead. Eventually it might become unacceptable not to provide customers the option to pay with digital wallets, but we're still many years off before that happens and before is substantively hurts businesses who don't. In the meantime, I think the best solution is for Apple and/or the bank consortium to pay for and provide the terminals if they want businesses to adopt them.
@mollari2261 A problem only seen in the US tho. Many other places in the world has phased out swipe cards and uses nfc technology
This is good for competition and spurs innovation. If it wasn’t for Apple Pay, tap to pay in the US would have never taken off because banks have no reason to improve the checkout process.
Also people should recognize that Apple has put billions of dollars behind the hardware to make this all possible and to slowly chip away at the dominance the banks had.
if it weren’t for the pandemic lol
I doubt you need billions of dollars to implement such a payment system but ok
and now they are heading for the dominance. That also doesn't sound great. I would rather have multiple banks on the top rather than a tech company.
@@eulehund99 theres many tech companies doing this too such as paypal, google pay (which can be used in both iphones and androids) and samsung pay. History has shown that banks are the worst scum of the earth so hearing that u would rather have banks than tech companies is an insane, deluded and hilarious statement
I think this is also one of the major reasons why Apple is so interested in vehicles and particularly making them self driving. Vehicle financing and potentially uninterrupted screen time.
Smart
Uninterrupted in virtual reality on vision pro.
Jesus they’re taking over the world
The Apple Pay system and its lookalikes only emerged due to the ignorant inefficiencies of banks. They existed to fill a space and now banks are crying foul. It's always a pain to depend on banks to do the right thing, in context, and that's why consumers seek other legitimate and simpler solutions.
The convenience of Apple Pay cannot be understated!
In person: carry all of your cards without any physical bulk of a wallet.
Online: super quick and no need to look back and forth at your card number
My phone is bigger and heavier than my wallet. I literally have ONE credit card, why would you feel the need to have more?
@@Troyisful More credit cards to maximize cashback and travel rewards. Why wouldn't you want to consistently get 3-5% off on all of your gas, groceries, entertainment, etc?
you have to card your drivers liscense around so you are always needing to carry at least one card anyway
@@mrnarason Some states allow drivers license to be stored in your apple wallet
@@Jay_CW only two, so your argument is invalid for 90% of people...
“….Paze will allow customers to access eligible debit and credit cards by entering an EMAIL…”
Email? Really? It’s 2023.
This isn’t going to end well for the banks 😂
Yeah good luck to the banks… look at apple again with the hide my email! 🤣
I believe that it's a good thing to make an experience more customer friendly. & Paypal + ApplePay have improved the system, now banking companies are forced to follow in their footsteps or get left behind. Perhaps they should come up with innovative, client-friendly ways that make them stand out as the better option too
We have had tap (contactless) payments in Canada well before Apple Pay. Basically US banks and consumers were behind the times and Apple saw an opportunity.
Before you conclude America is backwards, please note that most of your tech comes from here.
Apple Pay is also super secure so I rarely use my card/card info now
Normalize audio please
Missed the big point for me: NFC & the one-time authorization & pseudo CC number of tap & pay from ifon or watch.
I work in a tube station in London, and over the past 5 years I have first hand seen the amount of Apple Pay and Google Pay users go through the roof. At first it was quite niche, was your mainly tech enthusiasts/youngsters. Nowadays it is genuinely used by the masses. But among the masses is a significant proportion of brain dead people, who leave all their eggs in one basket. You'll be amazed at the amount of people who leave their house, with all their access to funds purely on their phones. While yes it's convenient, what happens when your battery dies? You stuck. If you lose your phone ? You stuck. If you get pickpocketed ? You stuck.If the payment systems are down ? You stuck. Moral of the story, any wise person will always carry more than one form of payment.
Yes, this is what I also think. I use Google Pay on my smartphone all the time, but I still carry around all the relevant cards in my purse, since they work without having a battery that could be empty in an inconvenient moment, also I always have a bit of cash at hand, so that I am not helpless if I need to pay a smaller amount with cash, since there still seem to be a few places where only cash can be used (here in Germany), even though these places are fewer and fewer over time.
Wallets can be lost or stolen as well, so what’s your point?
@@legacyjeetkunedo492 My point is simply that if you only have your smartphone at hand as a means of payment, it can easily happen that you end up in a situation where you can't pay at all, but if you also have your wallet at hand (as a backup means of payment), it will not happen that you can't pay. And this is obviously quite important, especially if you need to pay somehow to get back to where you live, or if your fridge is already empty and you were buying groceries etc.
These payment apps are really nice to use, and actually show me my money usage. This is very helpful, and something I wish my current bank would do.
I'm just worried how these apps use our transaction data. Yes, they 'say' that don't do that. But I can't shake the feeling that they are using my data for something else.
Banks are basically Blockbuster
Regardless of using an app, Apple Pay or a physical card there is still a trail of data in transactions somewhere all the time.
Easy. They'll track what you most you and from there determine what you'd most likely buy in the future. And mostly partner with some other company to try and sell you additional products.
Remember those yearly privacy updates you receive in the mail? Normally it says they won't share your data with third parties, but can share with their partners. So, that new credit card offer promising huge travel perks from some bank you never heard of. Probably your data being used by the app partners.
It depends on what wallet you use, Apple Pay keeps the transaction data locked in the device AFAIK
Apple Pay generates a new CC number with a one time use authentication token similar to an NFC credit card. Google Wallet which came out before Apple Pay also uses a similar way. That's why many big retailers refuse to accept NFC payments- when you swipe or use a physical card they get way more info on ya.
I hear the arguments made in this video, but my loyalty grew even more when I discovered that my existing bank and favorite stores jumped onboard to enable mobile contactless payments. It makes transactions simpler.
You can do Apple Pay at the contactless checkout and don’t even need to reach for the card.
@@HeyNickJ thanks! I realized my comment wasn’t exactly clear, but I’m with ya. I’d rather reach for my phone to pay than struggle to remember where I left my wallet when I need to get going.
in europe we have had contactless card for maybe over 15 years. And many banks in each countries have their own system so they dont need to pay any fee to mastercard or visa.
The constant improvements in convenience and instances I can use Apple Pay for purchases makes me want to use it. I originally was against it, but having to input my card info all the time got tiring as opposed to scanning my face and paying.
I won't use a credit card that doesn't work in Apple Pay
That felt very incomplete. I thought I missed the end and went back to check, and no, it just ends there. Oh well.
My bank here in Italy the first time I setup Apple Pay send me an email explaining that how secure is Apple Pay and that I should use it
In India we have a unified payment interface or UPI. No need to even have a debit or credit card. No hidden charges. Just directly pay from your bank account to merchant’s bank account.
There are no hidden charges because the govt is paying that money from their side. In future, if govt decided to stop it, we will have to start paying extra money.
Not anymore. Now there is a fee on it
@@HS-yt5bk only on credit card UPI not debit
The use of card is mainly for the rewards. They change 2-3% from merchants and reward some of the amount to customers.
@@hallucination64 if you can see this through, UPI is definitely going to change money for all transactions in future. This recent fee above Rs 2000 is just the starting.
Opening the Apple Card was the best decision I ever made. It reflects your balance timely, which means you can pay it off right away. Cash back shows in a minute after purchasing and be ready to use. My Chase card is just stupid 😂
Edit: My Chase card is for beginners, so I understand it will not give much rewards compared to the Sapphire one. I didn't have a credit score back then. However, within 2 years using both Apple card and Chase, Chase didn't raise my credit balance while Apple (Goldman Sach actually) raised my balance twice, and I have 750+ credit score.
chase card gives more cash back tho
@@good-tn9sr You probably won't convince the Apple fans that there is anything outside of the iOS ecosystem
Oddly enough imo, Apple specifically markets to those who have zero care or time to research the facts of which is better or why. They just love the fact it works and will pay through the nose for it
Just like with the drinks of shakes. There is chocolate and vanilla. So to each his own. If they are convinced that Apple makes it convenient rather than better than let them indulge in their guilty pleasure
As an android user I laughed at this video anyway. It's funny how they just use Google pay as a footnote rather than a real player. Just like Samsung pay, they are used more often in other countries then the US
@@nomore-constipation How exactly is one paying through the nose for Apple Card? There's are no fees. You know how much interest you will pay before making a payment as well. Chase doesn't give 2% cash back on every purchase - the most they offer is 1.5%. Now if you want to break it down into categories of course there are other cards that give more on restaurants, gas, travel, etc. But for a flat rate card it's simple and it works. And yes, I did my research and try to maximize my rewards 🙃
@@nomore-constipation this video is about the US so
@@nomore-constipation the irony is that the anti-apple crowd is more religious, fanatical in their efforts to convince people that apple / apple-thing, is not good.
I HATE that Walmart and Lowe’s do not have Apple Pay.
Lowe's finally accepts NFC payments!!! Home Depot and Walmart are the two holdouts plus some regional grocers. Kroger fell within the last year.
For me I had my wallet stolen a couple years and it was the wake up call. Like why do I have multiple credit cards, debit cards and things I rarely or almost never use in my wallet. Why can't it be biometrically encrypted on phone and I will only carry one card for things like a sit down restaurant or tech problems. Whether its Apple or whoever, the Digital Wallet is awesome. Even a couple years after adopting Apple Pay I still get a little juice like it magic every time I use it at a retailer.
@@brianc9036 yeah! Mine does too now. I’m so happy to use my Apple Pay at Lowe’s now. Luckily I barely go to Walmart so I’m not affected
Ever since I’ve understood how Suica and PASMO work in Japan, I’ve started seeing how Apple Pay can cause major problems down the road.
if the banks want to keep going after customers they already have then the answer is simple, they're going to have to offer more points to payments on their own platform, which apple pay doesn't offer. they'll have to do that (effectively incurring an additional expense) to win back market share. If they want to go after new customers, there are only a LOT of very small ponds they'll have to fish from like what say Bilt is doing.
The Apple experience is so much better
I’m pretty sure stores tried something similar with currentc and that failed. I doubt page will do well
We've had contactless cards in Europe for years. I've never had to swipe my card, and I only use chip and pin for large transactions. Apple wallet basically just feels like a contactless card secured within your phone, with an added layer of security as they mask your details and send over a one use digital card instead
One of the reasons you guys should have mentioned for Apple Pay growing so fast is that Apple does not enable NFC functionality for other applications. I hope that European Union will come up with a plan to enforce Apple to enable their NFC for other payment applications as well, not just Apple Pay. Just like they did with USB-C for the sake of their people.
Govt of India considers this kind of digital infrastructure as national asset and service to nation's growth that's we have UPI which far better than Apple pay
get your audio leveling right! I cant hear some parts
I do not even remember last time I actually used a physical card....
I like how organized Apple Pay is easily use my chime and cash app and I been thinking about the card to honestly sound great
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies i'm looking for ways to invest i have about $250,000 in my bank account can't afford foe it to turn to dust...
Given the choice I only shop places that support Apple Pay, but I still carry my physical cards for the times merchants don’t support tap to pay
Incredible video. Thank you!
I feel so bad for the banks, how will they possibly deal with losing more of their free money 😂
those poor billionaire jews
Those 1-3% is a tax that can be much lower if banks & visa/mastercard were more efficient. They're earning profits and there's no alternative for the customer for online payments other than to pay this additional sales tax.
Alternative is cash
@@kevinfernandez9999 as if the price will lower if you're paying in cash
There is no efficiency problem, just duopoly abuse. In the EU regulation limited the fees to around 0.5% and they are fine with it.
@@BuggiEU are you saying every time I buy something in the EU with my American visa which has 1.5% cash back, Visa is paying me 1% out of pocket?
@@privettoli Yes, their cut is capped at 0.2% for debit and 0.3% for credit card transactions.
I've never been to a store in Europe that accepts card and doesn't accept Apple Pay & Google Pay
0:15 digital wallet: apple pay, google pay, and paypal. mostly paying online.
0:40 encroach on the traditional finances territory.
1:30 interchange fee is earned by the bank. merchant fee.
1:55 the bank would instead keep just over nine cents on one small transaction.
2:25 these only make up of 1% of revenue from services that includes things like the App store.
2:40 it's name recognition.
2:50 it's just a slippery slope from there where eventually ...
3:20 it rolls out its own buy now pay later program.
3:55 it doesn't seems so far-fetched. 遙不可及的
4:45 in part because ...
5:00 gain traction 受歡迎程度增加
5:25 many believe that there will be a super app that controls consumer payments and financial services.
I hope the paze provides more convenience. I don't want a monopoly in this area.
Banks are nearly a monopoly, so I’m rooting for Apple.
Why do they use terms like "fight" instead of "compete"? We've dumbed down these words so that small things are called fights, while war is called humanitarian relief.
he kept it real said yea we should be scared 🤣
if memory serves me right, didn't we have tap pay way before NFC payment options on smart phones?
In Europe its been around a long time. USA has been super slow with adoption.
Last week Elon musk talk on BBC News on the importance of investments and how millions of people made billions investing in Digital assets and real estate and he recommended an expert broker Mrs Olivia Fletcher wondering if viewers here are familiar with the name
banks don't offer good security, none of them offer 2FA with Security Key option, while tech companies have way more robust 2FA security. if you don't know Security Key, just know it is the most secure form of 2FA, almost impossible to hack. while banks still use email or SMS verification codes...aka the least secure form of 2AF ....
I think it is not the banks, but visa and mastercard should worry most about it.
Strange that seems Big Banks hate on digital wallets, but they choose to accept Apple Pay, so if they don't want to support it, they can always drop support for it so there's my 2 cents.
meanwhile India's UPI laughing in the corner 😂
I've used and loved Apple Pay for years. Not sure how anyone could make it easier to check out online than with using Apple Pay. Don't have to input any of my info, like shipping address, card info etc. And I just hit my power button twice. Done.
Is this considered fully for the whole world?
Are those bank fees the reason Samsung quietly removed the Samsung pay feature that let their phones tap on any card reader with a magnetic strip (even terminals without tap to pay)?
I will keep using Pay 🎉 don’t even remember when was the last time I use a physical card 😂
That’s kinda concerning, I still use my physical card for tap to pay. I don’t wanna rely on phone for everything in life.
@@marleychronic8530 and I don’t wanna use my physical card when i can just pay directly from my Watch 🤷🏻♂️
@@marleychronic8530 what r u talkin about u reject convenience??? Seriously??
@@Greenaura101 physical card is convenient asf, I honestly don’t see how Apple Pay is anymore convenient than a physical card. I’ve seen friends use Apple Pay and it actually seems kinda slow
@@TheGreatWasian_ whatttt im using apple watch just need to turn on my watch n select card that i wanna use n then booomm payment accepted ✨ i used to take my wallet out of pocket n then needed to take my card out to pay which is to me hurmmmm
It's funny how US can be soo behind the rest of the world in technology sometimes. Even creators of this video think that tap to pay cards were introduced after apple pay...
Maybe in USA they were but I don't even remember a time when this was not a standard option (just googled it- first contactless cards were issued in 2007 xD)
Contactless payments were introduced long ago due to enhanced security. Nothing to do with apple pay. Video editors just got it wrong.
It's mad how the United States is so far behind technologically that contactless payment is still a new concept.
Contacless card payment never works
In India it's all free!
I don't remember last time I took my wallet for shopping
This technology was fully implemented in Canada 15 years ago on credit cards AND debit cards for tap o.O...The US is really slow compare to Canada o.O...I mean just look how fast we got free Healthcare.
They are behind Europe too. Even this video creators thought that contactless payment was created after introduction of apple pay...
both. But Depends were I go
I have never seen a Paze on any merchant's site. Mostly I have seen Apple Pay and PayPal.
I love Apple! Messing with governments (EU and US FBI), messing with other tech giants, messing with banks. They're that annoying person that you enjoy them being annoying just to have a laugh at other annoyed people lol.
and what do you think will happen when Apple has a monopoly on everything?
@@gabriellamartins3384 Mess with all of humans, and I'll be there to laugh at you! Mwahahahahaha
@@gabriellamartins3384 on what exactly has apple monopoly over? You obviously don't understand the meaning of "monopoly".
@@gabbar51ngh read his comment again. He asked what will happen *when* Apple has a monopoly. And seeing the development, they will forsure have a monopoly in phone market share in the US and the GPS Tracker space.
Competition is good. How is “messing with” banks and other tech giants a bad thing? Apple is one of the only companies capable of keeping Microsoft and Google from taking over everything. Sure they dominate the mobile market (in North America) but that’s only one side of tech. Take a look at who actually dominates pretty much everything else.
if Apple can make a card that conceals the card number, CVV, and have your name, why can't other banks do the same. Apple take security very seriously.
There are other banks that offer virtual card numbers. Not just Apple Card.
But Usa is still backwards on contactless payment. Here Europe and in the UK Apple Pay and Google pay is accepted not just Apple Pay
Hard to trust something like Paze when Zelle, also owned by a conglomerate of banks, is rampant with scams and near zero support from the banks when consumers seek help.
I use Apple Pay as often as I can. 2% cash back on every purchase is amazing. 👌🏼
Got Apple Pay on a Tuesday, had my bank-account hacked on Wednesday.
Correlation is not causation.
I only use Apple Pay nowadays. I even sometimes forget my physical wallet. Haha
Is this the same in the EU?
How much did Apple Pay for this video
The new payment system sound pretty cool now but when you think about it, it’s kind of going to be very scary when eventually they converge into one super app payment system where everything will be centralized and will definitely cause a lot of privacy concerns.
I feel like the story is way different in Europe. Contactless payment is a normal thing and has been around for I'd say at least 15 years. When phones got NFC as a standard feature tech companies like Google and Apple added a wallet feature to your phone so you could digitalize your cards. Now banks have gone so far here that they'd rather let you create purely digital cards that are meant to be kept in Google/Apple wallets. As long as there are at least two competitors on the Wallet apps, I think it's fine. Google and Apple are clearly capitalizing on monopolies, but digital wallets have now become a necessity. I barely know anyone who actually uses physical cards anymore.
Was it Fednow that would have been the new way of digital payments?