Plastic finaly going away?

[Earl Weiss]

The new I Phone has near field communication abilities to be used with any credit card.

This has been around for a while but did not catch on (IMO) because other vendors limited cards that could be used.

I would anticipate competing phone companies will follow the model, but the issue is will they all use hardware that is compatible with the same device on the merchant end.

 

[Whale of a Wash]

This is been used everywhere for at least 10 yrs, the credit card and banking industry will feel this in their wallet. With so many cc breaches this year . It was bound to happen. The ATMs will be put next to the phone booths- storage garages. Very cheap to implement for us at the washes compared to card readers.

 

[Earl Weiss]

.............. the credit card and banking industry will feel this in their wallet.

Why / How will this affect them?

 

[mjwalsh]

Why / How will this affect them?

Earl,

I don't have a crystal ball but I think Whale-John is correct on his post partially based what I just read from a Finland laundry facility operator. It appears that the cell phone company will eventually possibly be the recipient of the majority of merchant fees. Note: Nico said that the charges show up on their customers' cell phone bill ... for those customers who choose that method. Some may read Nico's experience share ... differently than others. http://www.planetlaundry.com/forum/showthread.php?p=99011#post99011

Oh wait sleepy me ... both of you are partially correct!

mike walsh from lahwrence welka's heavily accented nota datotah

 

[Earl Weiss]

Just Saw McD's on Board as is Citibank. Seems Apple followed the I Tunes Model. Get big players on board (In that case record Publishers) first in this case Bank Card Companies and Large retailers, and others will follow suit.

 

[mjwalsh]

hmm interesting thread. thanks!

Thanes1 & others,

http://www.theverge.com/2014/9/18/6394391/phony-cell-towers-are-the-next-big-security-risk

The above linked article among some others ... could be a consideration also. Out of all the approaches to our self service payment methods ... higher denomination coins available to many countries could prove to be the least amount of potential overall risk. At least for some of us mom & pop operations ... it most certainly could be the best fit ... especially for keeping higher denomination coins as an option. Not putting all our "eggs in one basket".

mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

 

[Earl Weiss]

Thanes1 & others,

http://www.theverge.com/2014/9/18/6394391/phony-cell-towers-are-the-next-big-security-risk

The above linked article among some others ... could be a consideration also. mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

Kind of confused. Article is about Fake cell toweres in China which use technology (Not 4G) basicly antiquated in the USA and don't understand how that would impact NFC devices.

 

[I.B. Washincars]

Geez Earl, don't you know anything about bunnies with pancakes on their heads?

 

[mjwalsh]

Kind of confused. Article is about Fake cell toweres in China which use technology (Not 4G) basicly antiquated in the USA and don't understand how that would impact NFC devices.

Earl,

http://www.computerworld.com/articl...fake-cell-towers-discovered-in-one-month.html

The above does seem to say something about 4G also being vulnerable & detectable.

As far as specifically how NFC bank transfers could be effected ... it just seems before we get too carried away... we should look for some valid answers along that line.

mike

 

[robert roman]

Slide rule gave way to calculator which gave way to desktop which gave way to laptop which is giving way to tablet, smart phone and now Apple’s Watch.

Once MasterCard, Visa, and American Express are added through iTunes, Watch can make a payment at one of the over 220,000 retailers that are on board with Apple's system.

Like Jodi Arias, this is probably the first of several stab wounds that will marginalize credit cards payment.

The reason is more people are discovering that technology makes their lives easier.

Consequently, merchants who turn their back towards technology will eventually turn their back towards customers.

Evidence of this is the dearth of customers between the ages of 18 and 30 years old who visit self-serve washes.

The reason is the vast majority of the self-serve fleet isn’t digital – many operators do not accept plastic payment and a larger portion of stores do not have a responsive website.

 

[Earl Weiss]

Earl,

http://www.computerworld.com/articl...fake-cell-towers-discovered-in-one-month.html

The above does seem to say something about 4G also being vulnerable & detectable.

As far as specifically how NFC bank transfers could be effected ... it just seems before we get too carried away... we should look for some valid answers along that line.

mike

Except:

NFC does not work with cell towers or 4G. Its an incryped transmission over a short distance (near Field). Currently it is not for a Bank Transfer but I did see a spokesperson for Diebold (On CNBC) that services something like 240,000 ATMs who indicated it could be used instead of an ATM card.

 

[Earl Weiss]

Once MasterCard, Visa, and American Express are added through iTunes, Watch can make a payment at one of the over 220,000 retailers that are on board with Apple's system.

Visa, MC, and Am Ex already on Board. Saw a news report that Discover will follow soon. This system is independant of ITunes.

Apple followed the ITunes model. Steve Jobs got the big record labels on board before rolling out ITunes. (One of Bill gates first comments was "How did he get the record labels on board - according to Jobs Bio.) Ultimately the mass and $$$$$ was too much for holdouts like Sony and Apple records to resist.

Unlike google wallet which only (apparently) worked with Sprint Phones and Citi Mastercard. Apple got Visa MC, and AM ex on Board first.

 

[SSadmiral]

Wonderful I just installed crypto pay on everything.... I wander if they will come out with something that can piggyback the wireless signal?

 

[mjwalsh]

Except:

NFC does not work with cell towers or 4G. Its an incryped transmission over a short distance (near Field). Currently it is not for a Bank Transfer but I did see a spokesperson for Diebold (On CNBC) that services something like 240,000 ATMs who indicated it could be used instead of an ATM card.

Earl & others,

For those interested in some pro & con ... the following does shed some light before everyone gets totally enamored: http://gizmodo.com/how-safe-can-apple-pay-really-be-1633065822 One thing about the article towards the end ... is that higher denomination coins with their distinct magnetic signature should have been included along with $5 & up paper money.

mike walsh http://www.kingkoin.com/USA_Deficit_Reduction.html

 

[rph9168]

My son-in-law works in the computer division at Home Depot. He says that chip cards are the future more than phones.

 

[Kevin James]

Do you guys actually think that credit cards are going to go away anytime soon, I’ll be old and gray by the time credit cards go away. I’ve found that the self-serve car wash industry is very slow to implement any major changes to any of their operating systems or is because it’s such a low profit business.

 

[Earl Weiss]

Do you guys actually think that credit cards are going to go away anytime soon, I’ll be old and gray by the time credit cards go away. I’ve found that the self-serve car wash industry is very slow to implement any major changes to any of their operating systems or is because it’s such a low profit business.

Guess depends whether you will be old and gray sooner or later? Frankly I am surprised it took this long. Was also surprised the SS business CC acceptance equip was so High until recently since it would have seemed that the same stuff they used in taxis could have been retrofitted and they been doing those for about $500 for years.

 

[Earl Weiss]

On CNBC yet another hack proof method being rolled out in conjunction with ATMs.

ATM has a QR Code on screen which you scan with your smart phone and then you take a photo of yourself with the smartphone and it compares the photo biometrics to what is on file. Apparently partnering with Diebold and the hint was that Merchant / Bank does not pay (So consumer pays cost?)

 

[cdreed06]

Just read this on creditcards.com about the new chip cards rolling out by Oct. 2015, I guess it was written in 2013. Sounds like our magnetic stripe readers will still be ok for awhile.

"Industry experts say we can expect a large-scale rollout of chip cards in the U.S. later this year and into 2014. By October 2015, major retailers will likely have terminals in place to read chip cards. Without terminals to support EMV, retailers rely on the mag stripe -- even when the card contains a chip.

Don't expect to use chip cards at the gas pump until at least 2017, however. "Installing that equipment requires specially certified personnel working in a highly combustible environment," Berg says."


Read more: http://www.creditcards.com/credit-c...ut-emv_chip-technology-1276.php#ixzz3GQooJojV
Follow us: @CreditCardsCom on Twitter | CreditCards.com on Facebook
Compare credit cards here - CreditCards.com

 

[Earl Weiss]

Just in case anyone missed the news wioth Visa Stellar earnings growth they also predicted double to Triple digit growth in Mobile payments.