In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Other features in the new and improved Google Pay include access to loyalty cards. The new Google Pay is supposed to be in sync with your Google Account. That should make it easier to add banking and credit card information.
Movie, concert, sports, theater, train, bus, and plane tickets will be accessible through the passes tab in Google Pay. That will enable people to use their Google Account as a digital ticket for travel or entertainment.
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The payment wars will only end when central banks like the U.S. Federal Reserve, the People’s Bank of China (PBOC; the Bank of Canada, the Reserve Bank of India, the European Central Bank, and the Bank of England step in and take control of the payment system. That will be a repeat of what happened with paper money, which was originally printed by private banks but eventually taken over by Central Banks.
My prediction is lesser solutions like Microsoft Pay and Stripe will eventually be rolled into a larger payment solution. Eventually, there may just be one payment app; which will probably be managed by the Federal Reserve, or an international agency of some sort.
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Android Pay and Google Wallet are being combined into one solution called Google Pay. Google Pay will allow people to
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Walmart Pay users will not get cash back by paying with Chase Freedom, but they can get 5% Cashback by using Chase Pay at Walmart. Walmart (NYSE: WMT), America’s retailer accepts Chase Pay because it is a quick-read (QR) code based application like Walmart Pay. Although Chase Pay users can get 10% cash back at Walmart; if they pay with the Chase Sapphire or Freedom Unlimited Cards, before December 24, 2017, Nerdwallet reported.
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Nor are mobile wallets such as PayPal, Apple Pay, Walmart Pay, Android Pay, Samsung Pay, and Alipay, automatically a threat to Visa’s business.
Only 16% of Americans said they had used a mobile wallet in 2015, a JPMorgan Chase survey indicates. The same survey found that only 56% of large businesses and 25% of small businesses were accepting payments from such mobile wallets.
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Around 6% of 58,000 customers surveyed by Forester Research said they used Walmart Pay, Bloomberg Technology reported. About 7% of the same group said they had used Apple Pay in the past three months. That means the adoption rate of the two apps is about the same.
The number of active Walmart Pay users will surpass the number of Apple Pay users sometime next year, Richard Crone; the CEO of Crone Consulting told Bloomberg Technology on 7 November. Walmart Senior Vice President for Services and Digital Acceleration Daniel Eckert thinks his company’s victory in the payment wars will come sooner than that.
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Alphabet (NASDAQ: GOOG) is far ahead of Apple (NASDAQ: AAPL) in peer to peer (P2P) payments. Google has rolled out its TEZ P2P solution all over India, while the Venmo-clone Apple Pay Cash is still being tested by employees at Apple.
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It is possible for hackers to steal the Apple Pay “payment token” using public Wi-Fi or a fake Wi-Fi hotspot that asks users to create a profile. In other they can crack Apple Pay by using a time tested hacking tactic called Wardriving.
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Chase Pay will be integrated with both PayPal’s digital wallet and the Braintree merchant platform, TechCrunch reported. That means Chase Pay users might be able to use the app to pay at merchants will Braintree accounts.
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Apple is trying to clone Venmo for two big reasons. The first is that users of Apple Pay’s biggest competitor; Alphabet’s (NASDAQ: GOOG) Android Pay, can access PayPal accounts through that app. That means it might soon be possible use Venmo to send money via Android Pay.
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