A recent upgrade to Google Pay, or GPay, allows users to send peer-to-peer (P2P) payments to individuals but not businesses in other countries. Alphabet plans to add full cross-border remittances to Google Pay.Read more
The Spend Wallet could be a gamechanger because it could enable real people to buy with cryptocurrency in the real world. Such transactions could be possible because Spend builds an Authorization Engine into its Wallet.Read more
Apple (NASDAQ: AAPL) is desperate to get people to use Apple Pay. In fact Apple employees were wandering around Chicago begging people to use the mobile wallet.
Apple salespeople were going door to door on October 7 in Chicago’s Lincoln Park in an effort to push the wallet, Bloomberg claims. The “ambassadors” were touting a $1 taco promotion at food trucks in an effort to promote Apple Pay.
Apple claims that 60% of US merchants have the equipment to accept Apple Pay. Unfortunately, most of the big names in American retail including Walmart, Kroger, and Target, refuse to accept Apple Pay.
Notably, Target (NYSE: TGT) even refuses to accept Apple Pay in its wireless Skip the Line system. To explain, Skip-the-Line is a mobile device that lets shoppers pay Target associates with credit cards or the Target app without going to a cash register. However, Apple Pay users can pay at Target through the Target app.
The Tez rebranding is likely to convince Walmart not to accept NFC payments. Instead, Walmart will demand that Alphabet and Apple adopt QR Code.
Google Pay is likely to roll out QR Code in the United States. That will force Apple (NASDAQ: AAPL) to add QR code to Apple Pay. A natural consequence of Google Pay QR Code is PayPal adopting QR Code. The addition of QR Code to Venmo is inevitable too.
The tech giants will have to go along because Walmart is on track to generate $500.34 billion (half a trillion dollars) in revenues in 2018, Statista forecast. Access to that revenue is probably what convinced Alphabet to add QR Code to Google Pay.Read more
Mobile payment apps are still a tough sell to America’s consumers and merchants, Kount’s data indicates. The company that can change that paradigm will make a fortune.
That means more two thirds of American retailers or 71% still refuse to accept mobile wallets. Once again it sounds as if Apple (NASDAQ: AAPL) is losing the payment wars, and Alphabet (NASDAQ: GOOG) is not doing very well.Read more
Mobile payment use in the United States is a growing at a rate of 14.5% a year and it should reach 55 million by the end of 2018, eMarketer estimated. Around 25% or in four American smartphone users will make a mobile payment sometime this year.
Those numbers are big but they are nothing compared to China where Ant Financial’s Alipay has 520 million users, and Tencent Holdings’ WeChat has one billion active users, Bloomberg reported. Those people spent $2.9 trillion in the two ecosystems in 2016.Read more
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.Read more
It is not clear what countries Apple Pay Cash will go to next, but the United Kingdom is a likely possibility – because it is right next door to Ireland.
Members of the European Union such as France, Italy, and Germany, are also a strong possibility because Ireland and Spain are both members of the Eurozone.
Android Pay and Google Wallet are being combined into one solution called Google Pay. Google Pay will allow people toRead more