Apple Card Debuts With 70 Percent of U.S. Retail On Board

This month, Apple will officially launch Apple Card, a credit card for iPhone users, according to chief executive Tim Cook. The credit card, which will be situated in Apple’s Wallet app, allows contactless payments and includes no fees, lower interest and cash rewards. According to the Silicon Valley company, Apple Pay has 70 percent “retail acceptance” in the U.S. and 90 percent in Australia. It can be used wherever Apple Pay is available and is expected to be in 40 countries by the end of the year. Continue reading Apple Card Debuts With 70 Percent of U.S. Retail On Board

Apple, Goldman Sachs Issue Credit Card Linked to iPhones

In the next few weeks, Apple and Goldman Sachs Group will issue a joint credit card for testing to employees, for a launch later in 2019. The card will offer consumers features on Apple’s Wallet app that will allow them to track their balances and rewards as well as set spending goals, said sources. With the card, Apple makes a major move into iPhone users’ finances. For Goldman Sachs, the card is part of a strategy to appeal to ordinary consumers. Neither company, however, has much experience in this arena. Continue reading Apple, Goldman Sachs Issue Credit Card Linked to iPhones

After a Lukewarm Response, Square Pulls the Plug on Wallet

Although Wallet seemed to have tremendous potential as the next big thing, Square recently pulled the app from mobile app stores after receiving a lukewarm response from consumers and retailers. Square Wallet, created by Twitter inventor Jack Dorsey, offered a radical new way of performing an everyday task by making payments through a mobile app easier. Dorsey’s vision was to reinvent in-person payments for the mobile era, but the public did not seem to respond well. Continue reading After a Lukewarm Response, Square Pulls the Plug on Wallet

Digital Payment Company Square Signs Deal with Whole Foods

Square has announced a new partnership with Whole Foods, that will bring its payment technology to the upscale grocery store. Whole Foods will use iPads mounted in the Square Stand holder at the specialty food and beverage counters that line the stores’ walls. Customers will have the option to pay for their orders by card, or with payment credentials saved in the Square Wallet app on their smartphones. This is Square’s biggest deal since its partnership with Starbucks in 2012. Continue reading Digital Payment Company Square Signs Deal with Whole Foods

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

Google Unveils New Prepaid Debit Card Using Google Wallet

Google is now offering a prepaid debit card that can be used in stores and at ATMs. Using Google Wallet, consumers will be able to access funds just like they would with a regular debit card. The Wallet Card will be accepted wherever MasterCard is accepted, and is free without any monthly fees. The card will also provide Google with consumer information like what was purchased and for how much — even the name and address of the consumer would be recorded. Continue reading Google Unveils New Prepaid Debit Card Using Google Wallet

Login and Pay with Amazon: Potential Competition for PayPal?

Amazon launched a new service this week that helps streamline transactions between online merchants and customers. “Login and Pay with Amazon” allows online businesses to implement a login/pay system using existing Amazon accounts so that customers can easily go from browsing to buying using their Amazon account information. Not to be outdone, PayPal announced an upgrade to its mobile app called Payment Code that interacts with existing barcode scanners and PIN pads. Continue reading Login and Pay with Amazon: Potential Competition for PayPal?

Will Online Services and Apps Replace Local Bank Branches?

More banking is done digitally today and new financial services are emerging from a variety of companies. Banks themselves are using third-party services for their customers. Banks may have a diminishing role in consumers’ financial lives, giving rise to companies that provide banking and other management services. Critics say banks are slow to innovate, while others suggest they are taking a careful, combined approach with physical and digital services. Continue reading Will Online Services and Apps Replace Local Bank Branches?

Get Ready to Tap Away: Google Wallet NFC App now Live in Limited Locations

  • Google’s long-awaited Wallet app, which works via near-field communication (NFC) technology, is now officially live in New York, San Francisco, Los Angeles, Chicago and Washington, DC.
  • The service allows users with a current Paypass-enabled Citi Mastercard to pay at retail stores (and any other businesses with a contactless payment — or “tap payment” terminal) simply by waving their NFC-enabled phone.
  • “In the app, users will be able to link their Citi card with Google Wallet,” explains TG Daily. “That is, when they go to a drug store or fast food restaurant, or take a cab, or anywhere else that has a contactless payment terminal, all users will need to do is open the app on their phone, tap it to the credit card terminal, and that’s it.”
  • While there are still many limitations — users must also have a Sprint Nexus S phone (for now) — this is the first step toward a mobile payment system for which Google has big plans.
  • “For those of you worried about security, Google tells us that your card information will be stored in a single place, on a chip,” reports The Next Web. “That means that it should be at least somewhat firewalled from unauthorized software access. However, there is another failsafe that limits new cards to $100 until the owner releases the limitation so that should help to quell any fears.”
  • Google explained in May that the system was ready for action at over 300,000 merchants, with another 120,000 possible. And additional credit card companies will be joining the effort soon. According to a Google blog post: “We appreciate Citi and MasterCard for being our launch partners. And today, Visa, Discover and American Express have made available their NFC specifications that could enable their cards to be added to future versions of Google Wallet.”