Mobile Payments
-
@zachary715 said in Mobile Payments:
They "nationalized" them by pouring money into them, even the ones who weren't in trouble like Wells Fargo at the time because the gov't didn't want it to be discriminatory. Then they forced other banks to merge to resolve their financial issues. So now we have even bigger banks and fewer.
"Pouring money in" that was forced, and pay backs of those reckless loans that were also forced. There was no innocent saving of the system here.
-
@scottalanmiller said in Mobile Payments:
Oddly, I've had homeless people mock me for being so foolish as to go to work.
My brother mocks you - thinks his free time to play disc golf everyday and garden is more valuable than all your money stock pile, etc.
I just laugh at him.
-
@scottalanmiller said in Mobile Payments:
@zachary715 said in Mobile Payments:
They "nationalized" them by pouring money into them, even the ones who weren't in trouble like Wells Fargo at the time because the gov't didn't want it to be discriminatory. Then they forced other banks to merge to resolve their financial issues. So now we have even bigger banks and fewer.
"Pouring money in" that was forced, and pay backs of those reckless loans that were also forced. There was no innocent saving of the system here.
Well I'll be taking this additional info and adding it to my research. This is all completely against, or at least doesn't align, with everything else I've seen out there in regards to what happened and how everyone responded. Considering you were there when it happened, I will take this into serious consideration (not that my opinion matters much on the issue in the overall scheme of things). But either you have a special inside scoop that almost no one else realizes happened, or this is a conspiracy on Wall Street to make themselves look like the victim in this situation. Either way, interesting info.
Now about those mobile payments.....
-
@zachary715 said in Mobile Payments:
But either you have a special inside scoop that almost no one else realizes happened, or this is a conspiracy on Wall Street to make themselves look like the victim in this situation.
Never jump to conspiracy where "self preservation and gain" makes perfect sense. It was totally logical why letting the government take over got little push back. Because...
- It gave banks literally at record profits the right to blame the government for canceling bonuses (basically the bank was allowed to steal from the workers, thanks to the government intervention.) As banking salaries are roughly 30-50% bonus, this was like cutting staff costs in half, with no culpability.
- It forced the investment banks to lower the pay to their top performers, but required that their competitors do the same. Since everyone was capped, no one suffered in comparison to the others. So the result was higher profit margins to the banks at the expense of the public. Of course the banks didn't complain, it was the public losing money.
- Likely the banks had gag orders put on them. But it was in no one's interest to expose it, this is the nature of the system. Everyone either won (banks, the rich, the government) or lost but felt that they won (the voting public.) Everyone thought that they had made out at the expense of someone else.
-
@zachary715 said in Mobile Payments:
Well I'll be taking this additional info and adding it to my research. This is all completely against, or at least doesn't align, with everything else I've seen out there in regards to what happened and how everyone responded.
Which is what you'd expect given how the change of financial resources was engineered. The whole point of the move was to make it look like one thing to the public and have another result in the end. It's just marketing done well like we see in any field, just on a bigger scale. Convince people of X, let the people decide to fix it by doing Y, no one mention that Y creates Z which was the goal all along.
-
Trying to get back on track, is there a consensus that mobile payments (I'm specifically referring to Android, Apple, and Samsung Pay) are more secure methods of payment than a regular credit card transaction at a retailer? Convenience not as large a concern here as I think the convenience factor won't be that much of a difference. As long as it isn't drastically slower, then I'm just looking at security mostly. What am I missing in this equation?
-
@zachary715 said in Mobile Payments:
Trying to get back on track, is there a consensus that mobile payments (I'm specifically referring to Android, Apple, and Samsung Pay) are more secure methods of payment than a regular credit card transaction at a retailer?
Yes, the consensus is that they are quite a bit more secure.
-
@zachary715 said in Mobile Payments:
d Samsung Pay) are more secure methods of payment than a regular credit card transaction at a retailer? Convenience
I don't agree with Samsung pay, assuming they are using the magnetic field solution, because it's not a unique token approach, it just replaces swiping your card. (at least I don't think it uses a unique card number each time).
-
@dashrender said in Mobile Payments:
@zachary715 said in Mobile Payments:
d Samsung Pay) are more secure methods of payment than a regular credit card transaction at a retailer? Convenience
I don't agree with Samsung pay, assuming they are using the magnetic field solution, because it's not a unique token approach, it just replaces swiping your card. (at least I don't think it uses a unique card number each time).
So either Apple or Android pay then?
-
@jmoore said in Mobile Payments:
@dashrender said in Mobile Payments:
@zachary715 said in Mobile Payments:
d Samsung Pay) are more secure methods of payment than a regular credit card transaction at a retailer? Convenience
I don't agree with Samsung pay, assuming they are using the magnetic field solution, because it's not a unique token approach, it just replaces swiping your card. (at least I don't think it uses a unique card number each time).
So either Apple or Android pay then?
Yes
-
I had a big intention to use Android Pay regularly but have found myself using mostly just to touch in/out for travel lately. It just hasn't progressed much in terms of features other than contactless which every single other card I have has.
I'm now looking more at the cards that banks/sudo-banks are releasing, those that
- Allow me to combine multiple cards into one, giving me a physical card, letting me to change the card used to another after the purchase (Curve)
- Support crypto currencies (Wirex - 25% discount link) (TenX) (Monaco)
- Support for multiple currencies and low xfer rates (Revolut)
- Let me create a business account in minutes (Tide)
- Intelligent banking apps (Tandem)
- Bankless Banks (BABB)
- Banks for Banks (ClearBank)
- Or just new banks in general (Monzo) (Starling) (Atom) (Monese) (Pockit)
