That's not something that happens often enough to be that concerned...no matter what you use, if they want your stuff they will get it.
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Just used Apple Pay on my watch
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That's not something that happens often enough to be that concerned...no matter what you use, if they want your stuff they will get it.
He was talking about having your car keys and your house keys tied to your watch in the future. Thats not a smart idea. No one I know of has this tech currently available, you do?
It's not smart to you. I think it's genius and definitely something that I would love to see happen in the near future.
Just like a thief can just as easily steal my physical set of keys and take my car and break into my house. Not worth worrying about.
It *may* change when they probably upgrade the terminals for the switch to EMV cards by 10/1/2015 when you need to take contactless/chip cards or the merchant is liable for any fraud (not the bank).
I expect to see changes then, as the new terminals (including the ones Costco sells to Exec members, BTW) for this change are NFC compatible.
Costco itself might wait to accept NFC/Apple Pay until they do the switch to the new corporate contract next spring with Citi.
Hacking your iCloud or iTunes account is worlds easier than physicalally stelling them. Someone can take control of these things from the other side of the world, again, not smart.
And what would a thief steal from my house or my car from half way across the world. Not like they can drive my car anywhere?
Let someone else into it. You could get hacked and someone could have your car or be in your house and you'd never know because your physical keys aren't missing. Having a credit card number stolen, not a huge deal. Someone being able to remotely control or gain access to your car or home from a computer, huge deal. Don't know how someone could not see the danger here...
Wouldnt it be on more than one battery powered device? I hate carrying around lots of stuff if I can avoid it.
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There is a danger. People beak into houses without being hacked or having any keys. So... Im not sure anything can be done if someone is that determined. You dont need keys to break into someones home or car. I think people are too worried quite frankly and over things they have no control or at best limited control over. The other issue is can your house be broken into if it needs your biometrics and the physical device with the nfc within a few feet of the lock? Yeeeah there are just too many variables involved.
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As someone who has had their car stolen, trust me, having your keys is no indication that you still have your car.
You missed the point what are the chances that someone would be working with a hacker HALF WAY ACROSS THE WORLD just to break in to my house. I don't keep any government secrets or paintings worth millions to go though so much trouble. Think you been watch to many movies. It would be easier to break a window or kick a door in. If someone had the resources to hire a hacker why would you bother with my house to break in (unless your Red from "The Blacklist) I don't see it happening
If you that worried about hackers that much I suggest you unplug your computer and move to Montana and live off the grid in a cabin somewhere.
well if you activate multi factor authentication on your Apple ID it really makes hacking substantially more difficult!!
The first time I used it, I thought "okay wow, this is the future". Definitely one of my favorite features of the Apple Watch.
A little more info, please, as I don't want to subscribe to WSJ. Is it only Citi Visa cards that they will accept?
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ROBIN SIDEL
Updated March 2, 2015 8:42 p.m. ET
88 COMMENTS
Citigroup Inc. and Visa Inc. won the sought-after credit-card contract for Costco Wholesale Corp., in a move that will significantly expand the kind of plastic that is accepted at the warehouse giant.
The pact reflects the financial industry’s hunger for loyal and creditworthy customers, but it isn’t clear whether Citigroup and Visa are getting a bargain worthy of the shopping club.
Customers, however, will get to use their Visa credit cards while shopping for everything from bulk-rate bathroom supplies to big-screen televisions, after 16 years of being restricted to cards issued by American Express Co., which previously had an exclusive relationship with Costco.
Starting April 1, 2016, Visa will be the only brand accepted at Costco. In addition, Costco will partner with Citi to issue a new co-branded card to replace an existing AmEx-Costco card.
The agreement means credit cards branded byMasterCard Inc. or Discover Financial Services still won’t be accepted in Costco stores. Costco stores will continue to accept Visa and MasterCard debit cards.
Financial details weren’t disclosed, but several people involved with the discussion said that Costco was driving a hard bargain with more favorable terms than it had in the AmEx deal. Costco also may have had the upper hand in negotiations because big retail-card portfolios aren’t put up for bid very often, card analysts said.
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The partnership highlights Costco’s increasing clout as the second-largest retailer in the U.S. behind Wal-Mart Stores Inc. The company, which started in 1983 in Seattle, now has 671 locations around the world and a customer base that is loyal and affluent: Costco customer households in the U.S. had an average income of $91,862 in January, compared with an average U.S. household income of $68,664, the firm said. More than 90% of its customers renewed last year.
Costco customers will get to use their Visa credit cards while shopping for everything from bulk-rate bathroom supplies to big-screen TVs. PHOTO: BLOOMBERG NEWS
As a result, the Costco business was subject to fierce competition, including months of negotiations that pitted Visa against MasterCard and Citi against the card unit of J.P. Morgan Chase & Co., people familiar with the discussions said.
Costco’s tough stance in the talks was highlighted last month when AmEx said it had been unable to reach a new agreement with Costco on terms that “would have made economic sense” for the company.
The deal is fairly unusual for Visa, which rarely gets the chance to be the only card brand a merchant accepts. In part because of Costco’s brand loyalty, the deal “represents a solid win for Visa,” wrote J.P. Morgan payments analyst Tien-tsin Huang in a note to clients. He said his view depended on the terms including “reasonable economics.”
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“We believe that we’re positioned well to partner with Costco and take advantage of their loyal customer base,” said John Gerspach, Citi’s chief financial officer, at a financial-services conference on Monday.
Although AmEx shares were pummeled when the company announced the partnership would end, the latest news had less impact on the new partners because their fortunes will be less tied to Costco. Citi gained 2% to $53.49, while Visa climbed 2.6% to $278.29.
The deal comes as credit-card companies are trying to grow, even as consumers remain skittish about spending. Visa is the largest payments network, ringing up more than $1.2 trillion in credit-card purchases each year. Visa also has 281.4 million credit cards in circulation, compared with 54.9 million cards for AmEx, according to Nilson Report, a card-industry newsletter.
Still, Citi’s challenge will be to persuade Costco customers to use its new co-branded credit card instead of any other Visa card that may be in their wallets, analysts said. To do so, it will need to provide juicy rewards and other perks to persuade Costco customers like Beth Baker to use the new co-branded card.
Ms. Baker, who now uses a debit card because she doesn’t have an AmEx card, said she would likely switch to her current Visa card that is issued by Capital One Financial Corp.so that she can get more rewards points on her existing account.
“I don’t want another credit card,” said the stay-at-home mom, 38 years old, who lives in Raleigh, N.C., and spends $150 to $200 on each Costco shopping trip every couple of weeks.
Costco didn’t provide many details of the new Citi card, saying only that it “would provide generous rewards to Costco members.”
Costco said it would provide more details about the cards in coming months. In a twist, Citi’s card business is run by Jud Linville, a former top AmEx executive. The deal comes less than two weeks after AmEx announced its 16-year relationship with Costco would end next year. In that arrangement, AmEx was the only credit card accepted at Costco stores, and the two companies also issued a co-branded card that could also be used anywhere AmEx is accepted. For AmEx, Costco represented one of every 10 of its cards in circulation and 8% of its spending.
I love Apple Pay, and hope all CCs get on board soon. Discover is coming later this year. Once they are on board, I am all set from the CC-side.
The problem will be getting all stores to be NFC/Apple Pay capable. While it will work for Starbucks, etc., restaurants still aren't, and probably won't be set up for this. So we will likely still have to carry cards for the foreseeable future.
Also, if you go to bars or a lot of smaller restaurants, they look like they will never be set up to take things like Apple pay. It would be great if waitresses would just bring a card reader to the table instead of taking the check to you, coming back for the card, and then bringing back the card and bill, and collecting it all later.
The problem will be getting all stores to be NFC/Apple Pay capable. While it will work for Starbucks, etc., restaurants still aren't, and probably won't be set up for this. So we will likely still have to carry cards for the foreseeable future.
Also, if you go to bars or a lot of smaller restaurants, they look like they will never be set up to take things like Apple pay. It would be great if waitresses would just bring a card reader to the table instead of taking the check to you, coming back for the card, and then bringing back the card and bill, and collecting it all later.
Well with the liability shift coming in October 2015 many Restaurants will be using Server wireless terminals to protect themselves from Fraud liability and many of the new devices will have NFC capabilities!
I remember experiencing this workflow in UK like 5 years ago where they bring a small terminal to you. Somewhat weird but I could see how I would be OK with that here in US. I couldn't leave a tip that way as far as I remember though (but I may be remembering it wrong).
I used my watch to pay for my new band at the Apple Store. The clerk was totally impressed and said it was his first time taking payment from a watch. (Small store in small town). I've been using it at Meijer to pay for groceries for the past few weeks. Very convenient and fun.