Dear Bankers: Quit whining about Apple Pay. Participating in Apple Pay is like advertising. You pay to generate awareness and hopefully influence decision. When you advertise, there’s no guarantee that your efforts will lead to a sale. It’s the same with Apple Pay participation.
You probably think I spend my Saturday nights out at fancy dinner parties, going to the Symphony, or attending high-society social events. I do. It’s good to be me. But this past Saturday night, the two older girls were home for the weekend, which put a crimp in my typical Saturday. So I took the…
What’s happening in banking is that the hierarchy of needs–which to a large extent were satisfied in the old world of retail banking–need to be re-established. With the advent of electronic, mobile, and alternative payments, the security of transactions and the efficient/effective movement of money is being challenged.
The Merchants Payment Coalition claim that debit card reform (i.e., the Durbin Amendment) has helped consumers save almost $18 billion and supported 100,000 new jobs in three years. If you believe that, I have oceanfront property in Kansas you might be interested in buying.
There’s no denying that driving mobile payment volume is important to Apple. But there is another critical success metric for Apple Pay 1.0.
The cost of driving adoption and use of MCX’s mobile wallet–recently named CurrentC–will offset any reduction in interchange fees the merchants realized. My take:MCX’s mobile wallet is doomed to fail.
We’re going to survey like it’s 1999. According to an article published on CBS News‘ website: “In a poll conducted for the ID security firm Intercede, 48% of U.S. consumers surveyed said they would never use bill payment apps, and 44% said they would never use mobile banking services. One in five said they did…