Your opinion on Rite Aid and CVS removing NFC payments

sanibel

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cap?i?tal?ism
ˈkapədlˌizəm/
noun
1.an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
2. an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.

Capitalism is both very good and very bad depending on what side you are in a situation. And yes: Capitalism could stymie innovation.
(By the way, I've written to both CVS & Rite Aid (per Rene Ritchie's article), pointing out that Apple Pay is simply better technology than CurrentC.)
 
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nj1266

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Way to be literal by pointing out that I did not use the word Corporation. The horror !!! I could have easily added individuals and corporations in my definition, but I thought it was implied since in the US corporations ARE individuals under the law.

Even if we use corporations as you suggest, what I typed still applies. In a free market capitalist economy, corporations should not collude to undermine the free exchange of ideas and tools needed to hasten the exchange of commodity. In capitalism, if a commodity is not exchanged for money quickly, then that will slow the reinvestment of the realized profit back into the capitalist process of production. In that sense, this practice is bad for capitalism.

This is also cartel like behavior. They are colluding to subvert the market and increase their profit margins because they cannot compete in an open market. These are rent seekers and not capitalists. Capitalists compete with each other and whoever is left standing then so be it.
 

The_colombian

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And this is why is wont catch on for who knows how much longer. No carriers wanted Google wallet. ISIS or whatever they called it never worked properly. Now Apple getting denied too. Google wallet should have been a hit.
 

sanibel

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@nj1266: I see it differently but oh hum.
Here's a quote from Caitlin McGarry who writes for Macworld Magazine: "In this great mobile payment experiment, CurrentC should compete on its own merits. It could very well succeed—with the support of some of the biggest retailers in the country, CurrentC is certainly no underdog... the solution is a mobile app that bypasses credit cards—and the associated merchant fees—by linking directly to customers’ checking or savings accounts." In other words, they are looking for ways to cut down on CC and banks fees. I don't see how this is illegal or anti-capitalistic.

Most importantly: Consumers have choices! No one is forcing you to shop @CVS, et al.

Keep in mind that Apple Pay is supported by the banks. The fight for control of the mobile payments market is opening a rift between merchants and banks. Banks and credit card companies have enthusiastically supported Apple Pay, seeing it as a way to increase the number of purchases people make with their credit cards. The banks and credit card companies are one of the biggest crooks in US history ~ cartel you say?!
 
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neurodave

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I have nothing against CurrentC, and I know very little about it to really throw in much of an opinion on that service itself, but to downright cripple your NFC systems because you will be releasing a service "in 2015" seems absurd to me. At the very least, leave the current services alone and when CurrentC is ready for primetime, then you can decide if they can play together or you'd rather stick to the one you're a part of.

Another thing I keep reading is that CurrentC is beneficial for the retailers because it lowers the payments they have to make to the banks. That may be great for them, but what about us? If those savings were to trickle down to us, as the consumer, I'd say I am all in but we all know it won't. It is simply a way to add more nickels and dimes to their bottom end. It's the perfect example of corporate greed at its best.
 

HankAZ

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Obviously, the CurrentC platform is a long way off, at least in technology terms. I am reading that the process, as currently designed, requires you scanning a code with your phone, and the POS terminal scanning a code on your phone. That seems cumbersome, for sure. How many issues will that create?

Other concerns with the CurrentC, as reported, since it’s not yet available in the wild, include the fact that it does not use credit cards, but rather, must be connected to a bank account. That seems a bit frightening to me, and if it turns out to be true, it will be a non-starter for me.

I have also read that one of the biggest issues with the Pay system in the eyes of some retailers is the lack of consumer information - that Pay only gives the retailer the minimum amount of information necessary to complete the transaction. That same article said that most customers would willingly give up more information with the loyalty card programs.

The bottom line is that it just doesn’t make sense to me for these retailers to be so short-sighted. They risk alienating customers in lieu of a future payment system that may not even catch on. I guess time will tell. But I’d much rather have the security of keeping as much of my data private as possible - and will shop at stores that give me that option.
 

phreddyl

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I think its foolish and at some point they will add it back- I personally dont frequent either store- I prefer to give the Mom and Pop drugstores my business
 

natasftw

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I don't tend to choose which store to go into based on whether or not they take NFC payments. It won't prevent me from paying for my items. There's nothing for me to gain by worrying about it. I'd invest more effort into trying to avoid non-NFC accepting establishments than I will by reaching into a different pocket for my wallet instead of my phone.
 

swarlos

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There's a ton of big retailers all joining forces in this ridiculous attempt to screw us out of choice, Best Buy, Wal-Mart, Target, 7-11, Gap and quite a few others.

This is the description from the CurrentC app page
sa4e8emy.jpg

It ties directly to your bank account to "securely" pay for merchandise at the supported merchants.

This is also a receipt from CVS someone posted on Twitter after using CurrentC it looks freaking ridiculous!
y6yta8ez.jpg
 

calebt

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I read that the Chinese banks won't accept CurrentC because it's an insecure technology and had already been hacked.


Sent from my wrapped in leather iPhone 6 using Tapatalk
 

calebt

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There's a ton of big retailers all joining forces in this ridiculous attempt to screw us out of choice, Best Buy, Wal-Mart, Target, 7-11, Gap and quite a few others.

This is the description from the CurrentC app page http://img.tapatalk.com/d/14/10/27/sa4e8emy.jpg
It ties directly to your bank account to "securely" pay for merchandise at the supported merchants.

This is also a receipt from CVS someone posted on Twitter after using CurrentC it looks freaking ridiculous! http://img.tapatalk.com/d/14/10/27/y6yta8ez.jpg

The two three percent they save on paying the credit card company's they'll waste on paper.
 

SmartFah

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There are two ways that CurrentC can be undermined:

1. Apple and Google will remove the app from their respective app stores. That will effectively kill it. Stick a fork in CurrentC it is done.

2. The banks will start charging merchants similar fees to use ACH that they currently charge them for the use of CC. There goes the slim profits that merchants want by side stepping CC use.

Apparently, these stupid merchants have not heard of the concept of reciprocity. In a free market and a free society two actors can equally inflict pain on each other by using similar tactics.

If I am Tim Cook, I will get the CEO of Google on the phone and agree on the removal of CurrentC from both app stores.

Talk about sweet revenge, that would be awesome. If it were removed from both app stores, it would pretty much be dead.
 

robertk328

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Gaining some more traction, here's another article.

My bank doesn't (yet?) support apple pay so no big deal for me yet and this probably means apple won't support CurrentC so it's lose lose all the way around. Merchants who want to block Apple pay will have a bunch of folks who won't use their system and just use the card anyway. I don't see buying a non Apple phone just for this.

But who knows this stuff is all so new nobody knows how it will shake out.

http://www.theverge.com/2014/10/25/7069863/retailers-are-disabling-nfc-readers-to-shut-out-apple-pay
 

BBFunGuy

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Pretty much the same as when Starbucks announced they were accepting NFC payments. Zero *****. If you can start using postage stamps to pay, still zero *****. If they stop accepting cash I may raise an eyebrow.
 

Les74

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There's a ton of big retailers all joining forces in this ridiculous attempt to screw us out of choice, Best Buy, Wal-Mart, Target, 7-11, Gap and quite a few others.

This is the description from the CurrentC app page http://img.tapatalk.com/d/14/10/27/sa4e8emy.jpg
It ties directly to your bank account to "securely" pay for merchandise at the supported merchants.

This is also a receipt from CVS someone posted on Twitter after using CurrentC it looks freaking ridiculous! http://img.tapatalk.com/d/14/10/27/y6yta8ez.jpg

To be fair...and honest...CVS receipts always look like that regardless of what payment system you use.
 

Flapalms239

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There's a ton of big retailers all joining forces in this ridiculous attempt to screw us out of choice, Best Buy, Wal-Mart, Target, 7-11, Gap and quite a few others.

This is the description from the CurrentC app page http://img.tapatalk.com/d/14/10/27/sa4e8emy.jpg
It ties directly to your bank account to "securely" pay for merchandise at the supported merchants.

This is also a receipt from CVS someone posted on Twitter after using CurrentC it looks freaking ridiculous! http://img.tapatalk.com/d/14/10/27/y6yta8ez.jpg
That receipt has nothing to do with the method of payment. Those coupons print out for their Extra Care rewards members. He/she could have paid cash for all we know. Coupons would have still printed regardless.
 

swarlos

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That receipt has nothing to do with the method of payment. Those coupons print out for their Extra Care rewards members. He/she could have paid cash for all we know. Coupons would have still printed regardless.

Ahh I see I haven't really ever bought anything at CVS LOL.
 

HankAZ

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Old news. And both stores can go pound sand, as far as I am concerned. They have hitched their wagons to nags. There are other pharmacy outlets that are supporting Pay, and I have begun voting with my wallet - my mobile wallet (which is Pay).

At any rate, I will never use a payment system that requires direct access to my bank account and places the total responsibility for any fraudulent activity on me. CurrentC will not be installed on any of my devices. Period.
 

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