A recent Bloomberg news item reports that some major retailers are dropping Apple Pay, not because they don’t like the new technology of smartphone payments, but because they have a plan of their own. Here is an excerpt:
“Objections to Apple Pay aren’t actually about convenience, reliability, or security—they are about a burgeoning war between a consortium of merchants, led by Walmart, and the credit card companies. Rite Aid, CVS, Walmart, Best Buy, and about 50 other retailers have been working on their own mobile payments system, called CurrentC. Unlike Apple Pay, which works in conjunction with Visa, MasterCard, and American Express, CurrentC cuts out the credit card networks altogether. The benefit to the merchants is clear: They would save the swipe fees they now pay to the credit card companies, which average about 2 percent of the cost of transactions.”
Read the full article here,
On Thursday, October 30 I will present, The Evolution of Money and its Potential to Improve Humanity at the Institute of Noetic Sciences (IONS). in Petaluma, California. If you happen to be in the San Francisco Bay area or northern counties you might want to attend. Details can be found here.Please RSVP here.
In my 2001 book, Money: Understanding and Creating Alternatives to Legal Tender, I included a description of a proposed community currency I call Youth Employment Scrip.
This currency design is intended to provide the local community with a supplemental means of payment based on the labor that young people can provide to local businesses, non-profits, and government agencies, that normally could not afford to hire them.
Combined with presently available employment agency services, such a plan could help reduce youth unemployment while providing the entire community with additional liquidity that will help local businesses to sell some of their unused capacity.
For a complete description, you can view or download the entire chapter here: Money Chapter 22 YES
M-Pesa, is a mobile-phone based money transfer service that was started up in Kenya 2007. Since then it’s usage has grown by leaps and bounds. This recent article provides a thorough understanding of how it works and the benefits it provides: 10 Myths About M-PESA: 2014 Update.