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Apple Discontinuing Apple Pay Later
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Merchants have to pay a company like Loomis to handle cash transactions going from the safe to the bank. Not to mention the robbery risk. My company also has to pay overtime (1.5x wages/hr) so someone can count the drawer after their shift is supposed to be over, manage any discrepancies, and then fill out the paperwork and put it in a sealed bag, and then into the safe. Cash isn't free either.
We don't even take checks anymore. Just tap your card and be done... Takes 4 seconds.
Last time I went to Walmart...
1) No cashiers. You have to self-scan yourself out.
2) No bags.
3) Someone checks your receipt on the way out.
4) No contactless card support.
Decided to start going to Target across the street from now on.
The big holdout is Amazon, not Walmart. Amazon has 1.2 trillion in cap... Walmart doesn't even have half of that.
As credit card payment increasingly incurs additional fees over cash, cash back just make up for some of the difference.
Well I stand corrected. Of course none of that ever made its way to Europe/RoW, hence my ignorance of the sketchy credit US deals done by Apple back in the day. Here, it seems a recent thing.I love comments without any sense of history.
Apple has been in the financial services sector for decades. Pre-Apple Card, they were in business with BarClay under Jobs to lease and provide credit lines to purchase their products. They even released an iTunes branded credit card with BarClay with 1% back in iTunes credit.
Pre-Jobs, Apple in partnership with Citibank, offered its own branded credit card. Before that, they worked with Bank of America to provide financing for their customers.
That's how so many college students afforded $5,000+ Macs in the 90s.
Apple Pay Later and Apple Card were long-term ideas.
Here's some of the back story:
"When Apple held discussions with Capital One about creating a joint card in the late 1990s, Apple cofounder Steve Jobs “had an aversion” to rejecting any of his customers for the card, according to a former executive of the bank. They tested a card, but didn’t roll it out broadly, this person said."
Apple Card approvals level high; Steve wanted them to be 100%- 9to5Mac
Apple Card approvals levels are unusually high, according to a new report today, with some sub-prime borrowers having their applications accepted ...9to5mac.com
As for $5k Macs on credit, I don’t go back that far (pre-Jobs, early/mid 90s) but I remember the iMac being 1500 in ‘98 when I graduated, and a couple of years later paying not much more than 2k each for my G4 Cube and TiBook.
Companies that use Affirm are in hot water with teh FTC over the difficulty in canceling their terms when they return an item purchased with Affirm (and similar) buy now, pay later companies. People are buying items, using firms like Affirm, then returning them only to continue to be hassled to make payments.Probably has to do with Apple's new partnership with Affirm they announced last week
- Apple device users will soon be able to tap into buy now, pay later loans from Affirm for purchases, the companies said Tuesday.
- Affirm will surface as an option for Apple Pay users on iPhones and iPads later this year.
- Apple also said that installment loans via credit and debit cards would be available on Apple Pay in the U.S. with Citigroup, Synchrony and Fiserv-related issuers.
New features come to Apple services this fall
With the release of iOS 18, iPadOS 18, macOS Sequoia, watchOS 18, visionOS, and tvOS 18 this fall, Apple is enhancing the services users love with all-new features.www.apple.com
The ability to redeem rewards for a purchase with Apple Pay will be available beginning in the U.S. with Discover and Synchrony, and across Apple Pay issuers with Fiserv. The ability to access installments from credit and debit cards with Apple Pay will roll out starting in Australia with ANZ; in Spain with CaixaBank; in the U.K. with HSBC and Monzo; and in the U.S. with Citi, Synchrony, and issuers with Fiserv. Users in the U.S. will also be able to apply for loans directly through Affirm when they check out with Apple Pay.
Article title should be Apple Discontinuing Apple Pay Later, Replacing It With Affirm
Eh, not exactly. There’s always corporate cards, which are often the easiest way to be reimbursed for approved business expenses. Corporate cards are credit cards, not debit cards. And, oftentimes, on road trips, McDonalds is the eatery of last resort (especially where there aren’t Waffle Houses). All that is to say that the idea of using a corporate card at a McDonald’s for a valid business function probably justifies McDonalds taking credit cards.
Apparently some national parks here in the US have ceased to accept cash payments for entrance fees as a money saving measure. The problem seems to be that cash handling was a fixed fee (think paying for Brinx trucks and armed security, that sort of thing), and they were taking in less cash than the fixed fees of cash handling. All that is to say that there could be downside to cash for businesses. There are still plenty of cash-only businesses here in NYC, though, so it really depends on what makes sense for a certain business*.
* Yes, granted, national parks aren’t really “businesses”, but still…
But Amazon’s website is irrelevant when it comes to contactless payments. If Whole Foods and Amazon outlets don’t take contactless payments, that’s one thing, but, even then, you should split out these brick and mortar retail operations from Amazon’s overall capitalization to make this comparison (likewise, split out Walmart’s website). I suspect that Walmart’s brick and mortar retail operations are larger than Amazon’s (other than Whole Foods, Amazon’s brick and mortar retail operations are probably basically negligible vs their market cap).
Yea, that's how it works -- I used it for my Apple watch -- because why not? The monthly payment gets added to the Apple card every month, and with no interest there was no reason to pay up front.
That's what I figured. Yea, I used to pay my iPhones using the card. Now unfortunately I would need to get a carrier-specific phone to do this... Not sure if I care to.
What are you talking about? Where ever NFC is accepted in the US, Apple Pay also works. There are many places that now take NFC and Apple Pay including grocery stores, restaurants, gas stations, retail stores, etc.
Your intel is old. While I do agree that the roll out of pay wasn't incredibly fast, you have to take into consideration the different in size. For instance it took a couple of years to get the NYC subway system to fully support pay, but hey, it only has 200 more stations than your tube, who's counting, right? From experience, I don't remember the last time I used my physical card, wait no, I do — it was at Walmart
Many toll roads and bridges no longer take cash. You must have a debit or credit card, or be sent a bill later in the mail (with added fees).
Not only are parks not businesses, but they have a captive audience, don't they? What you gonna do, get in your car and drive to a park 300 miles away because the one where you are won't take your cash? Best case: get old (over 65) like me, and all national parks let you in free for life after a one time $10 payment!
"Apple Pay Later discontinued after officials require more consumer protections."
More consumer protections needed..
"Offering cancelled"
Tells quite a story right there
More consumer protections needed..
"Offering cancelled"
Tells quite a story right there
When I visit USA restaurants that accept Apple Pay and contactless payments, the server takes me to the credit card machine to use Apple Pay to finish the payment. Then, I receive the receipt.