In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
PayPal sees a bright future for P2P and is betting big on the technology. The company acquired the Canadian cloud-based payment processor TIO Networks for $233 million in February, a press release indicates.
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The growth is driven by millennials who are more likely to use digital payment solutions such as Venmo and less likely to have traditional bank accounts or credit cards. These people can get through their days with electronic solutions and cash but still need to receive funds from home and send the occasional money order.
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Apple Pay launched in Ireland on March 7, Apple Insider reported. This means it is now available on the entire island. IPhone users can already use the app in Northern Ireland, which is part of the UK.
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The numbers show us that Apple Pay is far from the mainstream. Unless some sort of radical paradigm shift occurs; it will be well over a decade before average Americans even consider this solution.
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Among other things that means Android Pay is now accepted at all Walgreens (NASDAQ: WBA) drugstores, Payments.com reported. It also means but Android Pay can now be integrated with Walgreens Balance Reward card program much like Apple Pay is. Unfortunately Walgreens was the only store mentioned in news stories about the new registers.
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So far you can only access Visa (NYSE: V) and MasterCard (MA) through Microsoft Wallet. American Express and Discover are not mentioned at its website. Just eight banks are mentioned but only two major US banks accept it; Bank of America and US Bank. One major Canadian Bank TD Bank is also mentioned at the website. Chase is listed there as coming soon
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There are also plans to roll out Chase Pay at Walmart, Phillips 66 gas stations, Conoco filling stations, Shoprite and The Fresh Grocer supermarkets and Shell convenience stores within the next year or so. Chase and Walmart made a big deal of the availability through Walmart Pay a while back so that is probably a done deal.
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Electronic payment methods like credit cards do involve an obvious physical loss so they lead to less psychological pain. That’s one reason why banks like payment apps; they might lead to more overdraft fees and interest payments and more profits for banks. It’s also why Walmart (NYSE: WMT) was so quick to roll out Walmart Pay, to get people buying more.
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Another lesson we can infer here is the big growth in online banking is going to established players like Capital One, and not to upstarts such as Bank of Internet (NASDAQ: BOFI). That makes Capital One a good growth stock in financial services and fintech, but is it a good investment?
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Starting in 2017 customers will be able to use Chase Pay at more than 5,000 Walmart and Sam’s Club Stores in the United States, a Chase press release indicates. Chase users that do not want to wait until then can use Chase Pay through Walmart’s, Walmart Pay app right now.
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