Shopify Shop Pay to Roll Out on Instagram, Facebook Shops

Social commerce platform Shopify is coming to Instagram and Facebook Shops, enabling users to complete purchases via Shop Pay, which has 60 million global users. Shop Pay stores credit card and shipping information to speed online checkout, Until now, it has only been available on Shopify clients’ e-commerce stores. Shop Pay also lets users track packages or pay in installments. Facebook currently also offers PayPal, which has 377 million active accounts, including 16 million added in the most recent quarter. Continue reading Shopify Shop Pay to Roll Out on Instagram, Facebook Shops

Google Launches New Google Pay, Readies Banking Service

Google is relaunching its Google Pay digital wallet and online payment system for Android and iOS with a raft of new features including the ability to connect to the user’s bank account for a searchable overview of finances. The company also plans to partner with banks in 2021 to offer its Plex, an online checking and savings account within the app. This more fully-featured Google Pay can now serve as a direct competitor to Apple Pay, Samsung Pay, PayPal, Venmo and other apps and services, as well as an online bank such as Ally. Continue reading Google Launches New Google Pay, Readies Banking Service

China Launches Test of DCEP Digital Currency in Four Cities

The People’s Bank of China (PBOC), the country’s central bank, introduced a digital currency known as DCEP (Digital Currency Electronic Payment), which it said will share some features of bitcoin and Facebook’s Libra. It’s being internally tested in four large cities — Shenzhen, Suzhou, Chengdu and Beijing satellite city Xiong’an — aimed at improving its functionality and, in part, to prepare for the 2022 Winter Olympics in Beijing. The PBOC started its digital currency research in 2014. Continue reading China Launches Test of DCEP Digital Currency in Four Cities

Samsung to Intro Blockchain-Enabled Phone in South Korea

Samsung Electronics is prepping to unveil a Galaxy Note 10 that offers support of the Klaytn blockchain platform created by Ground X Corp., the blockchain affiliate of South Korea’s largest messaging app Kakao. The KlaytnPhone, to be sold exclusively in South Korea, is Samsung’s most significant — although not its first — foray into blockchain. In March, it unveiled some models of the Galaxy S10 and already released Galaxy Note 10 that allowed users to store and use cryptocurrencies through a separate security feature. Continue reading Samsung to Intro Blockchain-Enabled Phone in South Korea

PayPal Monetizing Venmo, Which Now Has 40 Million Users

PayPal Holdings’ Q1 earnings report revealed that 40 million people used its digital money transfer service Venmo in the last year, making it one of the most popular financial apps in the United States. Venmo is also growing dramatically in overall volume with the total number of payments made on its platform skyrocketing 73 percent to $21.3 billion in Q1 2019. Most Venmo transactions are between two people, with the company swallowing the processing fee. But PayPal prizes the app since a younger, more active cohort favors it. Continue reading PayPal Monetizing Venmo, Which Now Has 40 Million Users

Cryptocurrencies to Launch Soon From Messaging Services

Facebook, Telegram and Signal plan to utilize their messaging services as platforms to launch new cryptocurrencies over the next year. Their virtual currencies will allow users to send money to contacts around the world via the messaging services. According to inside sources, Facebook has been secretly working on a coin for WhatsApp that users could “instantly” send to friends or family. Facebook’s WhatsApp project is developed to the point that the company is already in discussions with cryptocurrency exchanges. Continue reading Cryptocurrencies to Launch Soon From Messaging Services

Apple and Goldman Sachs to Launch Apple Pay Credit Card

Apple and Goldman Sachs Group are readying the launch early next year of a joint credit card branded with Apple Pay. This will be Goldman Sachs’ first credit card, and it will also replace Apple’s current rewards-card with Barclays. Apple Pay, which generates revenue with every transaction, has been slow to take off, and Goldman’s move into consumer banking is intended to compensate for a significant dip in securities trading. In 2016, Goldman Sachs also debuted Marcus, retail banking for online savings and personal loans. Continue reading Apple and Goldman Sachs to Launch Apple Pay Credit Card

Amazon’s Plan to Lure Retailers to Amazon Pay via Discounts

Sources say Amazon is making a move that threatens PayPal and banks that issue credit cards: passing discounts it gets on credit-card fees to retailers that use its online payment service. In doing so, Amazon is sacrificing short-term profitability to boost the fortunes of its payments system. JPMorgan Chase, Citigroup, Visa, Mastercard and payment processors First Data and Stripe Inc. partake in the $90 billion per year swipe fee industry, about 2 percent of a typical credit card purchase or 24 cents for debit. Continue reading Amazon’s Plan to Lure Retailers to Amazon Pay via Discounts

Bitcoin Market Trending Upwards, But Ethereum On the Rise

The Bitcoin market, almost a decade old, is now skyrocketing in value. Behind Bitcoin’s rising price are investments by Japanese investors and a heightened perception of global perils. Over the weekend, according to the website CoinDesk, the price of Bitcoin reacted to a sudden spell of speculative investment, trading above $2,200 on Monday, which represents more than 15 percent from the closing price of $1,913 on Friday. Bitcoin is up 397 percent from a year ago and 130 percent this year. Continue reading Bitcoin Market Trending Upwards, But Ethereum On the Rise

Apple iPhone Sales Dip While Apple Pay, Apple Watch Soar

In the latest quarter, Apple’s profit and revenue have ticked upward, but the company is experiencing problems with its iPhone, whose sales dropped 1 percent from the previous year to 50.8 million phones. The dip in sales is attributed to customers waiting for the 10-year anniversary phone, due in the fall, and weakness in China. Despite the slump, sales of the iPhone 7 were somewhat strong, pushing total revenue up 4.6 percent to $52.90 billion. In contrast to the iPhone, Apple Pay transactions and Apple Watch sales soared. Continue reading Apple iPhone Sales Dip While Apple Pay, Apple Watch Soar

MasterCard Introduces Digital Wallet to Facebook Messenger

MasterCard just added its digital wallet MasterPass to Facebook Messenger, which will let consumers easily place online orders on the service. MasterPass is already available with FreshDirect and Subway, but is in its early stages of rollout. In related news, PayPal Holdings, which last year said would unveil its payment services on Facebook Messenger, will now unveil it on Alphabet’s Android Pay. Visa and MasterCard are also focused on expanding the consumer and merchant use of their digital wallets. Continue reading MasterCard Introduces Digital Wallet to Facebook Messenger

Amazon Debuts its Digital Wallet App in Time for Fire Release

Amazon’s first smartphone, the Amazon Fire, hit stores on Friday preloaded with a digital wallet app that can store users’ loyalty cards and gift cards. About 70 retailers, including stores such as Whole Foods, GameStop, and AMC Entertainment are participating in the service. Customers can redeem their gift cards and rewards at stores by using the app-generated scanable barcode. The Amazon Wallet app is also available for download through the Google Play app store. Continue reading Amazon Debuts its Digital Wallet App in Time for Fire Release

Starbucks Mobile App to Add Feature: Online Orders for Pickup

Starbucks will soon allow its customers to place orders using the company’s mobile app. The service will have a test run before the end of the year and will roll out nationwide shortly after. The idea is to make the order/purchase process more convenient while reducing wait times at locations. The feature should also make it easier for those who place large orders. The move may be a natural next step for some, since a growing number of customers already use the mobile app at checkout. Continue reading Starbucks Mobile App to Add Feature: Online Orders for Pickup

EBay’s Strategy to Revolutionize Shopping and Beat Amazon

Although eBay is commonly known as an online auction house, CEO John Donahoe has made strides in moving beyond this perception by expanding eBay’s marketplace to include fixed prices with reliable and returnable goods. In the last five years, eBay has made 34 acquisitions which will help provide retail partners with creating interactive storefronts in real locations, help with the back end of websites, monitor inventory in real time, and streamline the electronic payment process.  Continue reading EBay’s Strategy to Revolutionize Shopping and Beat Amazon

Credit Card Companies Target Digital Wallet Applications

Visa and MasterCard launched partnerships and technology systems this week intended to make it easier for consumers to make purchases online, via mobile devices, and in stores without having to directly handle a credit card. MasterCard introduced its new MasterPass program that will allow cardholders to store varied card information in a single software program, while Visa has new deals in place to push mobile payments forward. Continue reading Credit Card Companies Target Digital Wallet Applications