BitCoin vs other Contactless payment options

[Kakmakr]

I see the banking sector and other payment processors are innovating the payment scene with lots of contact less payment options. Examples of this would be things like Apple Pay or bPay from Barclays. The NFC <Near Field Communication> technology are making payment easier.

I want us to compare Bitcoin with these payment methods, based on easy of use | Configuration | Fees | advantages and disadvantages.

Has anyone used these payment methods and could you share your experience with us.

I know most of them have limits linked to the payment option, for example ApplePay has a 30 pound limit in the UK. The fees associated with bPay is just as confusing, as seen with this article, http://thenewdaily.com.au/money/2015/03/24/busting-myth-bpay-free/

Billers generally set upper and lower limits for BPAY payments. They may also limit the size of payments they accept from particular sources, such as credit card accounts. Financial institutions may also limit the amount you can pay from a particular account, to a particular biller, or on a single day.

Let's see what we can compile based on our users background with Bitcoin payments and their experience with other contact less payment methods.

[ShetKid]

I see the banking sector and other payment processors are innovating the payment scene with lots of contact less payment options. Examples of this would be things like Apple Pay or bPay from Barclays. The NFC <Near Field Communication> technology are making payment easier.

I want us to compare Bitcoin with these payment methods, based on easy of use | Configuration | Fees | advantages and disadvantages.

Has anyone used these payment methods and could you share your experience with us.

If it was for contact less payment I would anyday prefer uing bank apps and not payments, mainly due to speed(including confirmation), and added security for fund which probably will include insurance. The fees might be one issue but not a lot of banks are charging much fees for such transfers.

[batesresearch]

A national shop near me has stop accepting contactless payments due to high amount of fraud in its stores, this 'fraud' has supposedly happened quite a lot with over £2000 from one store in 2 weeks

[anthonycamp]

well the fact banks are tring to keep up the fast pace its natural but btc has several advantagas still the only disadvantage its de uncommon way to turn into real $€

[dothebeats]

The edge of bitcoins against these payment processors is its limitless fund transfers with small amount of fees. I can transfer a million USD without anyone questioning or stopping me and by just paying 2-10 cents, I can get a transfer done within an hour or so. Though banks are trying to keep pace, still bitcoin has some advantages over their service.

[unamis76]

Ease of use is pretty much the same, I think... You either touch your device in the NFC machine or you point it at a QR code. Configuration is probably more difficult on Bitcoin (although there are already mobile clients that are pretty simple to use); on your bank's card you just have an account, request a card and off you go, basically (but there's the fund limit problem present). Fees end up being higher on traditional banking systems.

As for specific advantages, traditional cards with NFC are something people are more used to, but Bitcoin is definitely more secure andyou can use it for any amount out of the box

[Amph]

check epayment, it seems that they want to go against applepay and paypal

http://www.forbes.com/sites/samanthasharf/2015/10/26/apple-pay-faces-new-competitor-as-jpmorgan-chase-enters-crowded-mobile-wallet-race/

http://www.marketwatch.com/story/jp-morgan-retooling-chase-pay-product-to-better-compete-with-apple-pay-2015-10-27

[neurotypical]

All those "ApplePay" type of stuff is just the same old shit. All of the innovative and nnever seen before stuf you can do it Bitcoin gets lost as long as you still keep under the banking infraestructure. Only in a decentralized and open source scenario you can ever see stuff like side-chains flourishing and delivering new possibilities.

As for the actual experience, it's similar, you are paying with a phone. But it's what happens behind the curtains that makes it 1000000000 times more interesting and promising for the next decades.

[Kakmakr]

All those "ApplePay" type of stuff is just the same old shit. All of the innovative and nnever seen before stuf you can do it Bitcoin gets lost as long as you still keep under the banking infraestructure. Only in a decentralized and open source scenario you can ever see stuff like side-chains flourishing and delivering new possibilities.

As for the actual experience, it's similar, you are paying with a phone. But it's what happens behind the curtains that makes it 1000000000 times more interesting and promising for the next decades.

People are not interested in what happens behind the curtains. The service must be fast and effective and safe. We live in a fast paced world, where things have to change constantly to keep up with the pace. Fiat did not keep up with the pace and are now being disrupted by digital currencies.

Bitcoin has to change with the environment and the need. If these technologies are faster and more efficient, it will be left behind. This is why this whole block size debate is so stupid. Keep up with the changing demand ffs!

[addy boy]

Bitcoins is better than other wireless payment options because of the following reasons:
(1) Just wallet address is sufficient for payments-- Wallet address is what you will always have in your wallet, so no risk of forgetting it, but you May forget your credit card password, and if you write it somewhere for rememberance, and someone gets it, then your money can get stolen. .But, no such thing in btc.
(2) Many Apps and websites offer wallet-- For other currencies, there's one and only ugly wallet app or site, which offers very less features and you don't have any option for change, but with btc, you have many websites and apps which provide you wallet and you are free to choose whichever you want. ..
(3) No hassle of banks-- BTC has no official or unofficial banks , so no problem in this section
(4) No Fees problem -- With BTC we have to pay extremly low fees

[Blue_Tiger73]

Things like google wallet and visa pay wave, are definitely quite interesting and are also big contenders against Bitcoin. Most of the contactless wallets or credit cards are convenient as there are no transaction times. Bitcoin does have a transaction fee but I don't really use Bitcoin as my daily pay method for most things. I mostly use bitcoin for online things as I can wait for the transaction to go through. 1 major floor with contactless credit card readers, is that they tend themselves to fraud. I know of a couple of stores that have stopped allowing this because of fraud. Also, Bitcoin is also like an investment for me, now that it is slowly rising, my Bitcoin wallet is like a bank paying me interest. So it is a win win situation for me. I don't use my credit card online because of fears I may be robbed of my money. Bitcoin helps here but when it comes to day to day use, I use google wallet as it is simple and secure. I wish there was something, for your credit card, so you could disable it from using contactless readers.

[bri912678]

A national shop near me has stop accepting contactless payments due to high amount of fraud in its stores, this 'fraud' has supposedly happened quite a lot with over £2000 from one store in 2 weeks

My new debit card can be used for small contactless payment purchases, but there are ways to hack it by someone with the right equipment standing very close to me. I had to buy a custom metal box off ebay just to store the card in to protect it from hackers. It's more trouble to get it out of its metal box and wave it at a terminal than to use my smart phone to make a Bitcoin payment.

[Q7]

Well although bitcoin is not completely anonymous at least it doesn't give away some of those basic information associated with other payment options. I imagine one of the major advantages it holds is when it comes to international money transfer where you can actually save a lot on the fees that the others charge. 

[Realpra]

I have designed my own NFC Bitcoin card.

The NFC implementation is much better than that of the banks I believe:
What the card does is to store the addresses you pay to. Once you have paid someone twice before you can pay them by just swiping.

Because I use addresses in this way users won't have to worry about wireless pick-pockets! (because the thieves addresses wont be trusted)

My website:
http://blochstech.com/

[gentlemand]

What's the point of comparing something that virtually no one accepts? Come back in a decade and see what's what.

[zimmah]

well the fact banks are tring to keep up the fast pace its natural but btc has several advantagas still the only disadvantage its de uncommon way to turn into real $€

bitcoin is more real money than $€

the banks are just very good at convincing that worthless paper is worth anything.

[zencomp]

i dont think that at present you cannot compare bitcoin with bank . their is a lot of way to go for bitcoin to compare with bank because it is still very big problem untill all countrys accept it. and what bank is offering is just to coop with the latest technology of online payment system.

[christycalhoun]

Whenever I use western union and other payment options they always ask for my passport, phone number, address, etc. I wouldnt call western union anonymous anymore.