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clash of the titans: wal-mart rejects apple pay to pursue a competing mobile payment system

by:KJTDQ     2020-04-29
Wal-Mart said it will not join Apple\'s new mobile payment system and will continue to develop a separate system to build a high
A contest that defines how Americans will pay for their products in the future.
Competition between the world\'s most valuable companies and the world\'s largest retailers has the potential to create competitive systems that confuse shoppers who already suspect using smartphones and other gadgets to pay for their goods.
However, with two such powerful advocates behind this technology, consumers may end up finding it difficult to stick to their old technology
Credit card and wallet.
The two ants have great influence on the market.
Apple has delivered smartphones to tens of millions of people in the United States, and has partnered with overseas alliances of the largest U. S. banks, credit card companies and well-known retailers, including Disney, mcDonald\'s and Macy\'s have launched Apple Pay, the new mobile payment system. Wal-
Wal-Mart has a much larger customer base.
Hundreds of millions of people shop in stores every week.
The retail giant is one of dozens of wells.
Well-known brands gathered behind another mobile payment method called current c.
Others include Target, 7-
Southwest Airlines, Canada and Shell gas station.
\"The current c will have a dominant player compared to Apple.
Michael Archer said: \"I don\'t want to get in the way of any of these . . . . . . You have a major participant in current c and you have eight top bank and credit card issuer salmon partner retail advisory library support in Apple payments.
\"If there are competitors, the level of interest in the space will always be challenged.
The opportunity to merge, perhaps, is needed, right there.
Apple Pay will be launched next month.
The pilot of current c started earlier this month;
National roll
It is expected to be out next year.
Wal-Mart officials
In addition to their plans to not join Apple Pay, Mart declined to comment.
Apple did not respond to multiple requests for comment about Wal-MartMatt\'s decision
Retailers may have greater financial incentives than Apple Pay.
If widely adopted, current c may make a radical change to the credit and debit card system.
Customers can load cash onto the app or allow the app to take funds out of the check or savings account directly --
It can\'t be linked to a credit card yet. That means Wal-
Wal-Mart and other retailers will avoid paying for \"swipe cards\"
Every time a shopper swipes a credit or debit card, the merchant pays the bank.
The store plans to use Thomson savings to offer discounts to consumers adopting the system.
The retailer network is also expected to pay for fraudulent purchases, which are usually paid by banks.
It may not be surprising that Apple announced this week that major banks and three major credit card companies have joined Apple Pay.
Both Current c and Apple Pay require shoppers to Pay for goods and services using their smartphones.
These systems are touted as more secure than regular credit cards, as account numbers, expiration dates, and security codes are easily stolen and used for fraudulent purchases and are therefore particularly vulnerable to attack.
Last year, hackers hacked the internal systems of Target and other stores to get credit card information from millions of shoppers.
Home Depot has suffered similar attacks recently.
But there is a key difference between the two systems.
First, the current c can work on any smartphone, not just the iPhone, so it has a bigger potential market.
The current c app creates a barcode when a shopper is ready to buy a product-
Called aQR code-
Can be recognized by most scanners when checkingout line today.
Apple Pay uses a chip that uses technology called NFC to send signals over short distances in the air.
However, only 10% of merchants have active sensors that can read these signals, and the cost of installing these devices is about $500.
However, credit card companies have ordered retailers to upgrade their registrants to models that may include NFC technology.
Apple\'s system allows users to load credit or debit cards onto the iPhone.
Consumers only need to get their smartphone close to the NFC sensor and confirm the purchase via a fingerprint scan.
The merchant will get two codes: one to identify the credit card;
The other one will be one.
Time authorization code.
Even if hackers steal both in some way, they cannot be used for any other transaction.
Apple says it has no interest in tracking items shoppers buy through Apple Pay.
Company executives said this week that details of any transaction can only be known to shoppers and their financial companies.
The organizers of CurrentC haven\'t said yet whether retailers will track purchases made by their systems, but many analysts expect them to do so.
Many chain stores have tracked their shopping behavior through loyalty cards and even by monitoring how customers move in the store aisle.
James Wester, director of global payment research at IDC Financial Insights, said Apple\'s entry into the mobile payment market will expand the market and benefit all relevant personnel.
So far, the iphone is not equipped with NFC chips, which makes the upgrade valuable for a wider industry.
But he added that the current c has an advantage because the money they save by removing the bank and credit card from the equation will give them room for discounts, rewards or loyalty programs, he said.
\"Just because Apple is now responsible for reaching this tipping point does not mean that Apple will win,\" Wester said . \".
\"They have a really cool solution that is very similar to what others have introduced, but Apple is very good at user experience and has loyal customers.
This is something you can\'t discount.
\"On the other hand, whether consumers will trust the two systems with their most personal financial information is an open question.
Either way may not attract enough consumers to choose a digital payment method that already has a lot to start.
Google and other companies\' mobile wallet systems are simply not attractive, and it is unclear whether Apple Pay and current c will encounter the same fate.
\"Although these two platforms are important factors that cannot automatically guarantee success.
\"We still need to see if consumers will find value propositions enough to start using the system,\" said Rajesh Kandaswamy, research director at Gartner . \".
\"It makes powerful players fight against each other, but they are not the only ones.
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