Capital Wired

Keeps You Updated

Saturday, March 6, 2021
Log in
  • Headlines
  • Business
  • Health
  • Tech & Science
  • Sports
  • World
  • US
  • Latest News
    • How To Make Your Own Home-Brewed Morphine
    • Using Mouthwash Too Often Puts You at Risk of Obesity and Diabetes
    • Walmart to Solve its Supply Chain Issues and Further Cut Down on Costs
    • The World’s Most Expensive Christmas Decorations
    • Netflix Hopes to Balance Data Limit With Great Video Quality
    • Joji Morishita says Japan Will Resume Whaling
    • The Most Beloved Plastic Surgeries Among Americans
    • Skype for Web Allows Non-Users to Take Part In Its Online Chats

Pages

  • About Capital Wired
  • Contact Us
  • Privacy Policy GDPR
  • Reprint & Licensing
  • Staff
  • Terms of Use

Recent Posts

  • Here’s Why Your Brain Keeps Worrying about Everything June 29, 2018
  • Don’t Throw That Sunscreen after Summer Is Up June 29, 2018
  • Analysts: Currency War between U.S. and China Might Be Looming June 28, 2018
  • Starbucks Rival The Coffee Bean & Tea Leaf Opening 100 Shops June 27, 2018
  • Study Finds We Are Alone in the Universe June 26, 2018
  • Restaurant Owner Not Sorry for Booting Sarah Sanders June 26, 2018
  • Beware of the Hidden Salt in Your Food! June 25, 2018

Consumers to decide which Mobile Payment scheme is better

November 2, 2014 By Jason Leathers 1 Comment

Email, RSS Follow

mobile-payment-scheme-better

Recently two pharmacy chains decided to stop the facility of Apple Pay at their stores for consumers. This might be the initialization of an upcoming battle in the world of mobile payments. This event has triggered a war between the QR code-based apps and options such as the Google Wallet or Apple Pay.

On one side huge retailers like Walmart and CVS have agreed to implement Merchant Consumer Exchange’s (MCX) QR code-based app whereas on the other side we have the recently popular Near Field Communications (NFC) options like Google Wallet or Apple Pay.

MCX has approximately 50 retail partners including Target and Best Buy, which process roughly one trillion dollars in annual sales. The Apple Pay feature also has a great catch: its system is extremely simple. All you have to do to use it is to place your iPhone 6 near a NFC device. The service saw 1 million credit cards enrolled in the first 72 hours since it was released.

Considering this debate, experts and analysts still believe that consumers are the ones who would decide which technology or feature is here to stay and which becomes obsolete.

This skirmish will go on for a while, but ultimately it seems shortsighted to tell customers that you can’t use their competitor’s alternative. The baseline really is the credit card. The process of using one is still very easy, so everything compares to that.” – Matt Schulz, industry analyst

Other analysts are of the view that though MCX group is strong but all retailers should offer the NFC option to their clients or they would end up losing sales and customers both.

Another point of interest is that retailers would always prefer the MCX payment method because credit card companies cut into the retailer’s profits to add an extra 2%, often the very margin at which most stores operate.

CEO of Thanx, Zach Goldstein also believes that the risk of losing clients over a clunky mobile payment is not an option for companies.

“Friction is a challenge with many loyalty programs, and if a customer forgets about you often there’s little you can do to get them back. The math all retailers will be doing is that is it worth saving money on credit card fees at the risk of losing a customer who thinks your mobile payment is too cumbersome?”

For retailers and most companies, the decision is still quite ambiguous whereas clients can be the ones to drive which payment plan suits them the best and eventually businesses would have to accept and believe in the notion that “The customer is always right”.

Email, RSS Follow

Jason Leathers

Jason is a graduate of Biology and Chemistry, who wishes he had more time to spend travelling, immersing himself in new cultures and enjoying the outdoors. He is keen on digging for the latest news pertaining to pharmacology, medical stories and science related topics. From delving into these sources to creating compelling stories that are attractive for his readers, Jason enjoys every moment of it.

Filed Under: Tech & Science Tagged With: Apple pay, credit cards, CVS, Google Wallet, Mobile Payment Methods, Near Field Communications (NFC), QR code-based apps, Walmart

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Recent Articles

dc logo on black galaxy background

Ava DuVernay to Direct DC’s New Gods Adaptation

March 16, 2018 By Rebecca McGhee Leave a Comment

leonardo davinci's signature in black

Is DaVinci’s Record Breaking Painting Authentic?

November 20, 2017 By Rebecca McGhee Leave a Comment

stephen hawking

Stephen Hawking Makes Gloomy Prediction For Earth In A 100 Years

May 7, 2017 By Deborah Nielsen Leave a Comment

"Dwayne Johnson not dead"

Dwayne Johnson Died this Week or Not

January 19, 2016 By Jason Leathers 3 Comments

There Are At Least Three More Seasons of Game of Thrones To Go

July 31, 2015 By Rebecca McGhee Leave a Comment

Homelessness Soars in L.A., Officials Pledge to House Everybody by 2016

May 12, 2015 By Brian Galloway Leave a Comment

FBI Releases National Report on Slain Police Officers, Figures are Alarming

May 12, 2015 By Rebecca McGhee Leave a Comment

New York Nuclear Plant Partially Shut Down due to Hudson Oil Slick

May 11, 2015 By Jason Leathers 2 Comments

Obama Draws Heat from Democrats over Asia Trade Deal

May 9, 2015 By Rebecca McGhee Leave a Comment

Florida Governor Changes Stance on Obamacare Once More, Budget on Hold

May 9, 2015 By Brian Galloway Leave a Comment

Secret Service to add an Extra Layer of Spikes to White House Fence

May 8, 2015 By Chen Lai Leave a Comment

Police Arrested Suspect in death of Student who tried to Sell Car on Craigslist

May 8, 2015 By Deborah Nielsen 1 Comment

AccuWeather.com: 2015 Atlantic Tropical Storm Season is Officially Open

May 7, 2015 By Deborah Nielsen Leave a Comment

Illinois Student Found Dead after Trying to Sell his Car on Craigslist

May 7, 2015 By Deborah Nielsen 2 Comments

Related Articles

  • ET movie

    Study Finds We Are Alone in the Universe

    Jun 26, 2018
  • Sarah Huckabee Sanders

    Restaurant Owner Not Sorry for Booting Sarah Sanders

    Jun 26, 2018
  • New Type of Photosynthesis Spotted in Blue-Green Algae

    Jun 20, 2018
  • Tropical fish and coral reef

    Coral Reefs Save Us from Flooding (Study)

    Jun 14, 2018
  • NASA astronaut on the moon

    NASA Astronauts Warmed Up the Moon in the 1970s

    Jun 12, 2018
  • Antarctic landscape

    Antarctica Experiencing Routine Earthquakes Like Any Other Continent

    Jun 5, 2018
  • SpaceX Falcon 9 rocket launch

    SpaceX Launches Powerful Communications Satellite into Orbit

    Jun 5, 2018
  • Planet Pluto

    Scientists Have New Theory About Pluto’s Formation

    May 30, 2018
  • The Milky Way

    NASA Uses Lasers to Re-Create Coldest Spot in the Universe

    May 22, 2018
  • Plastic bottle on a sand beach

    Earth Has Had 33 Years of Above-than-Average Temperatures

    May 21, 2018

Categories

  • Business
  • Headlines
  • Health
  • Sports
  • Tech & Science
  • US
  • World

Copyright © 2021 capitalwired.com

About · Privacy Policy · Terms of Use · Contact

This website uses cookies to ensure you get the best experience on our website. Learn more.