On October 31, with the official launch of Apple's mobile payment service Apple Pay and US retail giant Wal-Mart clearly stated that they will not join Apple Pay, and will continue to develop the mobile payment platform CurrentC. We suddenly found that the current mobile payment market seems to have become a game between the two camps of Wal-Mart and Apple.
At present, mobile payment has begun to enter everyone's daily life, and a large number of chain retailers headed by Wal-Mart seem to want to seize this opportunity to completely subvert the credit card market of 4.5 trillion US dollars and control consumption by themselves. Valuable trading information.
On Monday, local large-scale chain pharmacies CVS and Rite Aid announced the closure of the NFC payment system, thus stopping the support of Apple's mobile payment service Apple Pay. After that, many consumers believe that these businesses have unilaterally deprived them of the opportunity to complete payments in a simpler and more convenient way.
In this regard, Apple CEO Tim Cook said that this is a maritime dispute similar to the Byzantine era, while banks and credit card issuers have been the dominant players in this field. For now, many payment industry experts believe that the US retail industry alliance's mobile payment tool CurrentC may be difficult to attract enough attention among consumers, let alone hinder Apple Pay's progress.
But another more credible argument is that the US retailer's approach is not intended to block Apple Pay, but more than just want to crack down on the arrogance of credit card agencies, or force them to lower their transaction fees.
“CurrentC is tailor-made for retailers, and its purpose is to help them reduce the fees charged by banks. But this is not a very attractive solution for consumers because it does not make them everyday. Life is easier,†said Nick Aceto, senior director of payment technology company CardConnect.
Subverting tradition
Despite this, the Merchant Customer Exchange (MCX), including Wal-Mart, Best Buy and Target, still hopes to continue to try in this area, and the total annual sales of all these MCX member businesses have been More than 1 trillion US dollars.
MCX officials said that CurrentC will be compatible with all mobile phones, and will integrate membership plans and payments into the transaction process. The main purpose of MCX's launch is to help consumers further subvert the existing mobile payment market.
"MCX and its affiliates are currently challenging a mobile payment ecosystem worth more than $500 billion," said MCX CEO Dekkers Davidson.
Davidson revealed that MCX has already established a partnership with two credit card companies, but declined to say whether MCX has reached a cooperation agreement with Visa and MasterCard. It only said that "I hope that all credit card companies in the future can support CurrentC."
It should be pointed out that Wal-Mart has always scoffed at the practice of credit card issuers in extracting fees from consumers entering the store. Earlier this year, Wal-Mart officially sued credit card giant Visa, claiming that it had colluded with the bank to require merchants to accept a fixed fee for Visa credit card transactions and claimed $5 billion.
Wal-Mart said that Visa, along with the largest banks in the United States, charged illegal fixed transaction fees and raised the network fees paid by Wal-Mart and other merchants for customers using Visa card exchanges. Wal-Mart believes that the bank and Visa have agreed to establish a fixed transaction fee ratio rule, which makes retailers unable to obtain a market-based fee ratio through consultation, and ultimately hurt their sales performance, and Visa’s behavior Illegal anti-monopoly regulations.
According to data released by market research firm Nielsen, credit card companies typically charge a 2-3% fee for each transaction, and in 2013, national retailers have paid more than $66 billion in fees for this purpose.
On the other hand, although Wal-Mart said it did not plan to use Apple Pay, its rival Taggit has adopted a more compromise strategy. The company said it plans to use CurrentC's payment method in physical stores, while online stores allow consumers to use Apple Pay to checkout.
According to people familiar with the situation, all MCX members are required to pay a membership fee of $200,000 to $500,000 at the time of membership and sign a multi-year agreement with MCX. MCX's contract clearly states that all member merchants are not allowed to use competitors' mobile payment services, and member merchants that undermine this agreement will likely be removed from the alliance, but will not face any fines.
“Ultimately this is still a question of providing consumers with one more choice, because no one knows how this mobile payment market will develop in the future,†said Deepika Padukone, director of digital marketing at the US pharmacy. .
Household Paper,Household Paper Towel,Household Tissue,Household Paper Napkin
BODA ENTERPRISE LIMITED , https://www.bodapaper.com