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Technology Stocks : Apple 3.0
AAPL 269.73+0.3%3:59 PM EDT
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To: Sr K who wrote (125)2/25/2015 12:18:42 AM
From: spitsong   of 157
 
Sr K re: "Was the standoff between Costco and American Express influenced by Apple Pay?"

Dunno. It's a provocative question. Some clues to the situation may exist in a similar situation that occurred between Costco and AmEx in 2012:

So what's in store for me and the millions of other TrueEarnings card users? When Costco Canada broke up with American Express in 2012, Costco replaced Canadian customers' Amex cards with CapitalOne MasterCard credit cards.

As influential as Apple has gotten, especially lately as it spreads that influence into new markets such as with Apple Pay, I don't think this move is about Apple unless Apple is willing to extend Apple Pay to non-iOS devices, and even then I don't think Costco wants to require its customers to carry a smartphone, or even to make paying at Costco more difficult for its non-smartphone-carrying customers.

That said, I'm pretty sure that Costco will be delighted to support Apple Pay through whatever new arrangement(s) it makes with one or more new credit card providers -- Apple Pay using Near-Field Communication (NFC) has made it very easy for retailers to accept payments that move customers along faster, increase transaction security, and incur reduced fees compared to a magnetic stripe card. Not sure where the new generation of chip cards falls in that fee spectrum.
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