Fighting over who gets to pay for dinner has never been more fun with Apple Pay Cash.
Yesterday, Apple’s official YouTube channel published yet another short advertisement designed to promote the company’s peer-to-peer mobile payment service, Apple Pay Cash.... Read the rest of this post here
Apple quietly announced last night the arrival of Apple Pay in Germany. But will your bank support Apple Pay? Let’s find out below. Apple Pay comes to Germany Yesterday’s announcement of the third-quarter financial results in Apple’s …
Apple quietly announced last night the arrival of Apple Pay in Germany. But will your bank support Apple Pay? Let’s find out below. Apple Pay comes to Germany Yesterday’s announcement of the third-quarter financial results in Apple’s fiscal year 2018 brought a big surprise for German iPhone users. Tim Cook confirmed that Apple Pay will finally arrive in Germany. Though Apple did not provide any information as to when exactly Apple Pay will become functional in Germany, it is touted to be released later this year. If you are a German national, you can expect a launch sometime in December.
Longtime Apple Pay holdout CVS will finally be adding support for Apple’s mobile payments platform this fall, along with 7-Eleven, Apple CEO Tim Cook said this afternoon on the company’s earnings call. The news is particularly notable because CVS was one of the first major retailers to snub Apple Pay, choosing instead to launch its […]
Longtime Apple Pay holdout CVS will finally be adding support for Apple’s mobile payments platform this fall, along with 7-Eleven, Apple CEO Tim Cook said this afternoon on the company’s earnings call. The news is particularly notable because CVS was one of the first major retailers to snub Apple Pay, choosing instead to launch its own barcode-based mobile payments solution “CVS Pay” back in 2016, following the failure of the retailer-backed Apple Pay rival CurrentC.
CVS Pay had become the first mobile payments solution the pharmacy chain adopted, after having purposefully avoided support for Apple Pay or any other rival NFC (tap to pay) technologies at its register. The company believed there was value in offering its own end-to-end solution to customers that combined both payments and loyalty, it had said.
In addition, CVS had earlier backed an Apple Pay alternative called CurrentC, which was developed by the merchant consortium MCX, led by major retailers like Walmart, Best Buy, Rite Aid and others. The QR code-based payments solution was designed to challenge Apple’s potential dominance in mobile payments. Many of the retailers even blocked Apple Pay at their stores in advance of bringing CurrentC to market.
However, CurrentC eventually failed and the technology was sold off to JPMorgan Chase in 2017. Some of its backers — like Best Buy and Rite Aid — had also relented, by allowing Apple Pay into their stores. But CVS did not. It instead moved forward with its own solution.
That it has now decided to also support Apple Pay is a major win for Apple, as is the addition of 7-Eleven to the list of retailers that will soon offer Apple Pay at checkout.
The retail expansions weren’t the only big Apple Pay news announced on the call.
Cook also said that Apple Pay would launch in Germany — but didn’t offer a timeframe for this launch beyond “later this year.” And he noted that Apple Pay saw more than 1 billion transactions in the third quarter of 2018. That’s triple the number from a year ago, and more mobile transactions than Square and PayPal, he noted.
The news follows a new forecast released by Juniper Research which now estimates Apple’s Pay will account for 1 in 2 contactless mobile wallet users (in OEM-provided wallets) by 2020.
With its expansions, Apple Pay’s global traction is growing. The service is now live in 24 markets worldwide, with more than 4,900 bank partners. Apple Pay will also go live on eBay in the U.S., Cook said, as previously announced by eBay last week.
The number of mobile payments users who tap to pay using a contactless payment solution provided by their mobile device’s maker will grow to 450 million people worldwide by 2020, according to a new forecast from Juniper Research. This includes mobile payment solutions like Apple Pay, Samsung Pay, Google Pay, and others. By this time, […]
The number of mobile payments users who tap to pay using a contactless payment solution provided by their mobile device’s maker will grow to 450 million people worldwide by 2020, according to a new forecast from Juniper Research. This includes mobile payment solutions like Apple Pay, Samsung Pay, Google Pay, and others. By this time, Apple Pay will have amassed the largest audience, with Apple accounting for 1 in 2 of these “OEM Pay” users globally – meaning those using wallets provided by the original equipment manufacturer, as opposed to a third-party app.
The forecast includes newcomers to the market, like Fitbit’s odd entry with Fitbit Pay, offered with select editions of its Versa smartwatch, for example. But not surprisingly, the analysts don’t believe these alternatives will amass much market share over the next few years.
“We believe that growth over the next five years will continue to be dominated by offerings from the major OEM players,” said the research’s author Nitin Bhas, referring to companies like Apple, Google, and Samsung. “Additionally, we now have the likes of Huawei Pay and Fitbit Pay launching in several markets; this is now included in Juniper’s contactless forecasts,” he noted.
By 2020, “OEM Pay” wallets will account for over $300 billion in transactions, representing 15 percent of the total number of contactless in-store transactions.
However, the contactless payments market will still be dominated by contactless card payments, not mobile wallets. Contactless card payments are most popular in parts of Asia, including China, where they account for nearly 55 percent of global contactless payments. Combined, all contactless payments in-store will reach $2 trillion by 2029, which is 15 percent of the total point-of-sale transactions.
Notably, contactless payments will exceed $1 trillion for the first time in 2018 – one year earlier than previously estimated.
Meanwhile, by 2022, Juniper forecasts nearly 10 billion mobile contactless ticketing transactions will take place, with North America leading other regions, followed by parts of Asia, including China.
What’s interesting about this new research report is that Apple Pay has such a large following, given how it’s Android-based smartphones, not iPhones, that dominate the worldwide smartphone market. Android’s scale is thanks to Google’s carrier partnerships and the lower cost of some Android phones, which have allowed Android to make inroads in developing regions as well. Android today accounts for around 85-86 percent of the global smartphone market, compared with Apple’s iOS’s 14-15 percent, according to various measurement firms.
Of course, Android has to contend with something Apple does not – OEMs like Samsung running their own mobile wallets to compete with Google Pay (previously called Android Pay.) That fragmentation could account for, in part, why Apple Pay will soon account for 1 out of every 2 contactless mobile wallet user.
Ebay announced this morning it will begin accepting Apple Pay on its marketplace starting this fall, and has also teamed up with Square Capital on seller financing. The changes come following eBay’s further distancing from longtime partner PayPal, which included the company’s switch to Adyen as its primary payments processing partner, announced earlier this year. At […]
Ebay announced this morning it will begin accepting Apple Pay on its marketplace starting this fall, and has also teamed up with Square Capital on seller financing. The changes come following eBay’s further distancing from longtime partner PayPal, which included the company’s switch to Adyen as its primary payments processing partner, announced earlier this year.
At the time, eBay said PayPal would continue to be an option at checkout, by Adyen would become the default over time.
Now eBay is adding one more option to the mix with support for Apple Pay – something the company refers to as “the first step” in offering its tens of millions of buyers more choice in terms of their payment options. eBay’s statements indicate Apple Pay is one of several options still to come, as it’s referred to as being “among the first forms of payment” the marketplace has planned.
The Apple Pay rollout will begin this fall in the U.S. on a limited scale, allowing buyers to purchase using Apple Pay in iOS and Safari in order to check out both on the mobile web and in eBay’s app.
“Apple Pay is one of the most ubiquitous forms of payments and provides users with an easy, fast and secure way to pay,” said Steve Fisher, Senior Vice President of Payments at eBay, in a statement. “Offering Apple Pay as a form of payment on eBay is the first step in providing more choice and flexibility in payment options to our tens of millions of buyers.”
The company’s shift to its new payments experience will continue in 2019, and it expects to have the majority of its marketplace shifted by 2021. Along the way, Apple Pay will become available to more customers across more inventory and in more regions worldwide.
Related to this, eBay also announced today a new partnership with Square Capital to help U.S. sellers with financing to grow their businesses.
Sellers will be able to apply for $500 up to $100,000 of financing for any business need, including things like payroll, inventory, marketing, or equipment, among other things. eBay stresses the importance of offering selling working capital, citing a small business survey that found 70 percent of small businesses didn’t receive the funding they wanted.
Square Capital’s system for offering financing only involves a few steps, instead of filling out longer loan forms. And once approved, the funds can reach sellers in as little as one business day. Meanwhile, the borrowing cost never changes during the life of the loan, so sellers know what they can expect in terms of payments.
Square has been offering loans since 2014, facilitating $2.8 billion to over 180,000 businesses in the process. In 2016, it began offering loans to businesses outside of Square’s own ecosystem, through its partnership program.
“Expanding access to capital, including to those who have been underserved when seeking funding, is core to Square’s purpose of economic empowerment,” said Jacqueline Reses, Head of Square Capital . “Square Capital understands the needs of small businesses and facilitates a simple, seamless funding experience. We’re proud to partner with eBay and enable more sellers across the U.S. to invest in growing their business.”
Ebay says select sellers will begin to receive emailed invitations to apply for Square Capital loans starting in the third quarter of 2018.
PayPal spun out from eBay in 2015, to become its own publicly traded company – a move eBay’s board said would benefit both companies, allowing them to grow in their respective markets.
PayPal, as of late, has been making a huge push for international growth and other expansions, with the acquisitions of iZettle, the “Square of Europe” and Hyperwallet, while also shoring up its product with AI, thanks to the acquisitions of AI-based prediction platform Jetlore and AI-based fraud and risk management firm Simility.
Ebay, meanwhile, has been making changes of its own, with its switch to Adyen. The hope is now that adding a suite of other payment options will give customers more ways to pay, which in turn would increase conversions and therefore eBay’s bottom line.
The marketplace giant recently posted a slight miss on second quarter revenues – $2.64 billion instead of the estimated $2.66 billion, but sales were up 9 percent over the year-ago quarter. In addition, eBay said its user base of active buyers was growing, having reached 175 million up from 171 million in the first quarter, and up from 167 million in the year-ago quarter. That leaves room for the company to capitalize on these payments changes going forward.
Apple Pay will gradually become a payment option on eBay. At least at the beginning, however, it will only be available via the web, not through an app.
With eBay and Paypal no longer part of the same corporate entity, the e-commerce site is looking to offer more payment options to sellers. Chief among them is Apple Pay, which is expected to begin rolling out as a payment option before the end of the year, according to AppleInsider.... Read the rest of this post here