Banks and Credit Unions to Team Up Against Apple Pay Fees

I get why the banks are not happy, but I can tell them that I am not going to use Chase Wallet, Bank of America Wallet, Citi Wallet...just pay the fee and be thankful for the reduced payment friction, which they invariably make money from. PS: Nobody is going to use Paze (yet another half baked wallet), other than to collect the free $10 to sign up for it.

Somewhat related, even Walmart relented and now supports Apple Pay/Contactless. Every big merchant has now relented (Kroger, Home Depot, Walmart).

It is estimated Apple Pay does anywhere between $5T to $10T transaction per year. That is everything from Credit Card to Debit Card. If we average out at 0.1% per transaction over $5T, that is $5B per year.

The transaction itself doesn't touch any Apple severs. In case anyone is wondering if there is an operational cost. There is a set up cost though with the initial verification and sometimes Apple do charge a one time fee per card set up.

There is a privacy angle with using Apple Pay. But I am unsure how much info banks and network is not getting because of it.

Pix and the other variants are the way to go for money transfer, it's just that these monopolies won't be happy to forfeit their easy money, both credit, banks as well as Apple. They are all fighting for monopolies, they must cease to exist for the good of the common folk.

Initially I was casually (didn’t dig into the issue) fine with Apple allowing only a single access to payment via NFC due to the opportunity for fraud, which was Apple’s justification.

But I haven’t heard of it happening with the wild-west Android NFC payments, much less widespread problems with the essentially unconstrained use of QR code payments on SE Asia (e.g. Alipay).

So as an iPhone user I’m happy for Apple’s lockdown going away. I just hope it doesn’t mean that in future I’ll need to install a dozen payment apps and have to figure out which when I buy things.

I hope we get tap to pay on GrapheneOS in the US soon. You can already use it in the EU with Curve and PayPal. It's a blocker for a lot of people.

Hacker News seems generally not interested in private payments or how terrible the banking system is, which is disappointing.

https://eylenburg.github.io/payments.htm

https://whatispix.com/

The only time the People have anything in our sick phony republic protected is when their interests happen to coincidentally align with those of an adversarial oligarch. Not interested in digging through the 15 layers of competing interests, corporate spin, lies, and economics to determine if that’s the case here but it’s sad in any case that stories like this are the only hope we the People have of getting any crumbs out of this system.

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