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Apple will reportedly launch a credit card this year
Apple is teaming up with Goldman Sachs to launch a credit card as it looks beyond mobile payments, according to a new report. The card will be available to the masses later this year, following a trial run with Apple staffers, reports The Wall Street Journal. The tech giant is currently in the process of rolling out Apple Pay to even more countries, but the physical card would reportedly offer it a bigger slice of revenue from swipes.
America’s cash-free future is just around the corner
Shake Shack's next burger joint at Astor Place in NYC doesn't want your money -- at least not the physical variety. In an effort to reduce the "friction time" between paying for your meal and eating it, the company plans to replace human cashiers for automated kiosks which won't accept actual bills and coins, only cards. This move is part of a global trend away from cash-based economies and towards Star Wars-style credits. But could such a monetary revolution actually benefit all Americans? Don't bet on it.
Australia's biggest banks are tackling Apple Pay
Some of the largest banks in Australia are banding together to protest Apple and its Apple Pay service. Apple Pay first launched in Australia back in April alongside Samsung Pay and Android Pay. Those two payment solutions aren't attracting the banks' ire, however. Apple's option is the target of the banks because they're unable to provide their own personalized mobile payment options in competition with Apple Pay -- the Cupertino company doesn't allow third-party payment apps with iOS.
Dear Veronica: Fear of famous people!
#fivemin-widget-blogsmith-image-33343{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-33343, #postcontentcontainer #fivemin-widget-blogsmith-image-33343{width:570px;display:block;} try{document.getElementById("fivemin-widget-blogsmith-image-33343").style.display="none";}catch(e){}Hello, advice fans! This week, I'm really excited to welcome onto the show my friends from My Brother, My Brother and Me. Their show is hilarious (and also doles out advice), so I think between my show and theirs you'll probably have all of your advice bases covered for the rest of your natural (and unnatural) lives. Since they're very famous podcasters, they'll be tackling a question on how to deal with famous people IRL. We also take a look at why NFC payment stations are so hard to come, even in our post-Google Wallet and Apple Pay world. The last time I was in Japan, I could pay for almost anything via NFC. What's the holdup, America? Remember, you can subscribe to all our shows via iTunes and RSS. If you enjoy it, leave a review! Of course, we wouldn't have a show without your questions, so keep those coming via email, or on social media using the hashtag #DearVeronica. See you soon!
Rite Aid to start accepting Apple Pay and other mobile payments
Nearly a year after shutting off support for Apple Pay and other NFC-based payments, Rite Aid has announced that will be changing soon. On August 15th, the drug store is set to begin accepting mobile checkouts at around 4,600 locations across the US. This includes Apple Pay, Google Wallet and, in the future, Android Pay. Last year, Rite Aid along with CVS pulled support for these type of payment solutions due to contractual ties with the Merchant Customer Exchange, a retailer group that has its own wallet system called CurrentC -- though it relies on QR codes, which is arguably an outdated method in 2015. Now there's an excuse to pull out your Apple Watch the next time you're at Rite Aid, buying shampoo or whatever it is you get there.
Apple Pay goes live in the UK: Here's how to use it
It's been a while coming, but Apple Pay is now live in the UK. If you own an iPhone 6, 6 Plus, or an Apple Watch connected to an older iPhone, you now have the option of paying for purchases without cards or cash. But how do you set it up, where can you use it, and how much can you spend? These are all questions you might, quite rightfully, need answering before you even think about going on an iPhone-fuelled spending spree. That's where we come in. We've put together a handy cheat sheet that explains all you need to know about Apple Pay in the UK. Read on to learn more.
UK Apple Pay transactions won't be limited forever
When Apple finally confirmed it was launching Apple Pay in the UK, questions over how it would operate immediately surfaced. Between supporting banks and retailers, it became clear that transactions will be capped at £20, the same limit that contactless bank cards enjoy, putting a downer on people's plans to use Apple's NFC payment service for a weekly shop. After staying relatively quiet since the launch, Apple has finally spoken about the matter, launching a new FAQ to clear up what exactly will happen when the July launch rolls around.
Apple Pay to launch in the UK in July
Apple's take on mobile payments has been available in the US for the better part of a year, but here in the UK, we've been left with the faint hope that it'll one day arrive. Rumors suggested it could be announced at WWDC 2015, and it turns out they were correct: Apple Pay will come to this side of the Atlantic next month. Most of the big-name banks are on board, with Lloyds, Halifax, Natwest, HSBC and Santander all supporting Apple Pay, but Barclays is a notable omission. Apple says that the service will be available in 250,000 locations, including Lidl, McDonald's, Nando's and the Post Office, covering more retailers at launch than were originally available in the US. For commuters and tourists, Transport for London has confirmed it will also support the NFC technology inside its barriers, allowing you to travel on the Tube and the city's buses without the need for a wallet.
Britain now prefers cashless payments to notes and coins
It's taken a while, but the UK is now primarily cashless. No, it's not all-digital, but for the first time, consumers and businesses are making more payments with cards, smartphones and online banking than standard notes and coins. That's according to the Payments Council, which found that 52 percent were completed without physical currency, with debit cards accounting for almost a quarter (24 percent) of all payments.
Apple Pay hits Best Buy's app, coming to stores later this year
Best Buy, one of the largest Apple Pay holdouts, is changing its mind. Apple CEO Tim Cook just announced during its earnings call that Best Buy stores will support Apple Pay later this year. It's also available starting today within Best Buy's mobile apps. The news comes only a few hours after we learned the service will soon be supporting Discover cards, making it compatible with the top four biggest credit card companies in the U.S. Best Buy's reversal is especially interesting since its a member of MCX (Merchant Customer Exchange), a joint initiative between big retailers like Walmart and Target to support their own mobile payments app, dubbed CurrentC. None of the MCX members supported Apple Pay when it launched last fall (though Target's mobile app does support it now), so Best Buy's flip-flop might be a sign that we'll see wider support eventually. [Photo source: Getty Images]
Apple Pay reportedly headed to Canada this fall
Canadian iPhone users will finally be able to use Apple Pay this fall, according to the Wall Street Journal. Sources say Apple is in discussions with six major Canadian banks, including Royal Bank of Canada, Toronto-Dominion Bank and National Bank of Canada, to launch its mobile payment service in the country in November. The big sticking points for many of the banks, though, are the fees Apple would take from every transaction, as well as security issues around authenticating cards, which has been a problem for some U.S. banks. If everything pans out, it would make Canada the first territory to get Apple Pay outside of the U.S. The WSJ notes that Canada's high iPhone penetration is one reason Apple may be focusing on it. iPhones make up a third of all smartphones in Canada, compared to just 20 percent globally, according to research company Catalyst.
Google's new mobile payment platform is called Android Pay
It's shaping up to be a big year for mobile payments, what with Apple Pay enjoying rapid adoption and Samsung finally getting in the game too. Google also has a presence, but it's only very recently decided to ramp up its efforts in this space. Last week, we saw the company team up with AT&T, Verizon and T-Mobile to preload its Wallet mobile payment app on new Android phones, and now it's creating a new framework to power payments across its OS.
Apple Pay will soon support federal payment cards and parks
Apple Pay has been expanding steadily since its launch last fall, but now it also has the support of the federal government. Speaking at the White House Cyber Security Summit today, Apple CEO Tim Cook revealed that Apple Pay will support federal payment cards later this year, including social security and those used by veterans. Cook also hinted that federal transactions -- like paying for tickets and gift shop items at national parks -- will also work with the platform. By making the announcement today, he's also making it clear that the government is pretty confident about Apple Pay's security capabilities. Unlike traditional credit card transactions, Apple's platform never reveals your full card number to merchants, and it also doesn't keep records of your purchases. "We can imagine a day in the not too distance future where your wallet becomes a remnant of the past," Cook said. "Your passport, your driver's license, and other important documents can be digitally stored in a way that's safe, secure, and easy to access."
Apple Pay: Now at 200,000 more locations for self-serve payments
You've probably never heard of USA Technologies, Inc., but today the company added about 200,000 new Apple Pay acceptance points around the country. The company has been building Near Field Communication (NFC) capabilities into cashless payment products for the past ten years, and it was possible for USA Technologies to switch on the ability to take Apple Pay through remote updates. USA Technologies specializes in payment systems for small-ticket, self-serve retailing industries. That means that starting today, you'll be able to use Apple Pay to make payments on self-serve coffee brewers, vending machines, a number of kiosks, self-service laundries, parking pay stations, and more. While the vending machines probably won't have an Apple Pay sticker on them - at least today - you can look for ePort wireless payment capability. If you see that on the machine or kiosk, pull out your iPhone and give it a try. And buy me a Coke while you're at it, OK?
Apple Pay interest high for retailers; PGA Tour to take it starting next week
The Wall Street Journal said in an article yesterday that Apple Pay is "making progress toward a goal that has eluded other mobile wallets: persuading people to use it." At a supermarket near Zion National Park in Utah, a night manager told the Journal that she estimates that 30 percent of all shoppers are now using the service and that a full five times as many customers use Apple Pay than use competing payment service Softcard. As of now, Apple says that over 220,000 locations in the US accept Apple Pay. The Journal noted that Brian Roemmele, a payments consultant, said "I've never seen a bigger adoption of an alternative-payment system," pointing to Bank of America's recent statement that nearly 800,000 of its customers signed up for Apple Pay in the fourth quarter of 2014. Retail point-of-sale supplier Harbortouch Payments LLC said it has seen a jump from 22 to 68 percent of merchants asking for wireless readers, starting in the month after Apple Pay was announced. Visa's Jim McCarthy, the global head of innovations and strategic partnerships said that "Apple Pay will be the 'reference model' for future mobile-payments services." Even Google is reacting to Apple Pay's wild success, apparently in negotiations to acquire Softcard. In other Apple Pay news, MasterCard announced that the PGA Tour will accept Apple Pay starting at the Phoenix Open in Scottsdale, Arizona this week. In a press release on Business Wire this morning, MasterCard stated: The acceptance of easy-to-use contactless payments, fully integrated into concession technology, is just the beginning of how MasterCard and the PGA TOUR are delivering an enhanced experience to golf spectators. MasterCard cardholders who use Apple Pay at supported course concessions during the Waste Management Phoenix Open – which begins Thursday, January 29th on The Golf Channel – may also get a Priceless Surprise! We're sure to find out more about how Apple Pay is faring from Apple's executives, including CEO Tim Cook and CFO Luca Maestri, during tomorrow's earnings call.
A developer's perspective on the benefits of incorporating Apple Pay within apps
A few months in, we're starting to finally some some interesting metrics relating to Apple Pay. Just last week, for example, Bank of America disclosed that over 800,000 customers have already activated approximately 1.1 million credit cards via Apple Pay. Aside from the inherent security benefits of Apple Pay, the mobile payment platform is a boon to users because it provides an extremely quick and intuitive checkout process, not only in stores, but within applications as well. Because Apple Pay already knows a user's credit card and shipping information, paying for goods and services requires nothing more than a fingerprint. On this note, Merchbar last week highlighted some of the benefits they've seen with Apple Pay after incorporating it into their updated iPhone app. Merchbar notes that entering in shipping and payment details via Apple Pay is 7 times faster than using the mobile web and 5 times faster than using their desktop website. Our legacy (and still pretty fast) Merchbar App checkout process requires 103 seconds for customers to type in their full credit card and shipping information, whereas Apple Pay require just 17 seconds to provide us with the same information. Equally as important, Merchbar notes that conversion rates with Apple Pay are 6.3% higher than without it. One plausible theory is that Apple Pay is so quick and painless that there is less time for users to get discouraged, rethink their decision, or perhaps abandon a purchase due to laziness or a laborious checkout process. Merchbar also adds that because Apple Pay already houses user data, there is no likelihood of information being entered incorrectly. Less review, means faster decision making and ultimately likely enhances our ability to convert impulse buyers More than anything, most of the Apple Pay stories we've seen thus far have centered on the service from the perspective of banks and brick and mortar retailers. Merchbar's blogpost provides one of the first takes on Apple Pay as an in-app purchasing option and is well worth checking out in its entirety.
Chipotle "very interested" in Apple Pay
While some companies like McDonalds and Whole Foods have embraced Apple Pay with open arms, a few big-time companies have elected to take a "wait and see" approach with Apple's nascent mobile payments platform. One such company is Chipotle. This past October, Chipotle Chief Marketing Officer Mark Crumpacker remarked during an earnings conference call: Well, right now, we don't have imminent plans to roll out ApplePay support. It's something we're considering for 2015. There are considerable technological constraints to implementing it just based on the way payments are processed with our system. We are in the process of readying the launch of our new ordering app in November. And when we do a rev of that -- in the middle of next year is our anticipated time -- we might include ApplePay. It's just a little bit too early for us to tell just given that we haven't sorted out all of the back-end issues. Now with 2015 well under way, Chipotle recently attended the ICR XChange conference in Florida. Reporting from the festivities, Jonathan Maze of nations Restaurant News relayed that Chipotle remains "very interested" in Apple Pay. Chipotle: Only 1% of orders come through a smartphone. But company is "very interested" in Apple Pay and how that plays out. #ICRXChange - Jonathan Maze (@jonathanmaze) January 13, 2015 At this point it remains unclear if Chipotle's interest in Apple centers primarily on POS machines within stores or if it extends to the Chipotle app where users can pre-order food and pick it up. It's worth noting that Chipotle isn't on board with CurrentC, the destined-to-flop competitor to Apple Pay that will likely launch later this year. As anyone who's ever been to Chipotle can attest, the nationwide chain is prone to insanely long lines that sometimes stretch out the door and down the block. That being the case, the value proposition of Apple Pay, with it being an extremely quick payment option and all, would be an ideal fit for Chipotle, or any other type of high volume eatery for that matter.
Bank of America says 1.1 million credit cards have been activated via Apple Pay
Earlier today, Bank of America disclosed that they've had nearly 800,000 customers activate upwards of 1.1 million credit cards via Apple Pay. Though a small drop in the bucket relative to Bank of America's 60 million customer base, it's a promising sign that Apple's mobile payment platform is growing slowly but surely. The number of mobile banking customers increased 15 percent from the year-ago quarter to 16.5 million users, and 12 percent of deposit transactions by customers were done through mobile, compared to 9 percent in the year-ago quarter. Since the introduction of Apple Pay in October, nearly 800,000 customers have enrolled in the service, adding approximately 1.1 million cards. While a more telling metric would detail what type of transaction volume Bank of America is seeing with Apple Pay, the 1.1 million figure is certainly a good start. While Apple Pay currently works with the top banks in the country, not to mention a slew of regional banks as well, Bank of America has been actively promoting the payment platform as part of a huge advertising push which includes national TV spots. Further, the splash screens on many Bank of America ATMs feature Apple Pay ads. Currently, official Apple Pay support remains a U.S.-only service, but as we've indicated previously, job listings from Apple point to the service expanding overseas sooner rather than later. Specifically, a job listing posted last month relays that Apple is looking to get an Apple Pay team up and running in London with the company ultimately aiming to expand the service into Europe, India, Africa, and the Middle East. Since Apple Pay went live last October, the service has reportedly been doing quite well. Recall that Apple Pay transactions at Whole Foods during the month of November accounted for nearly 1% of all purchases made.
Studio Neat on integrating Apple Pay directly into an app
Studio Neat is the development studio behind Slow Fast Slow, a video-speed-control app that switched from paid to ad-supported last year. Countless app developers before them have made this switch, but Studio Neat took one unusual step; the only ad in the app was for another of the studio's products. That product is the Glif, a tripod mount for the iPhone that allows for more stable video and still photography. Rather than bother customers with ads for crappy iOS apps they wouldn't want, Studio Neat targeted users who were already interested in iOS video and directed them to a product that served one of their needs. It's a clever take on in-app advertising, one which has had strong short term results for the company. Revenue saw an uptick when Studio Neat made the ad-supported switchover, with each Glif sale putting money exclusively back in the developers' own pockets. In the first 379 days the app was available for US$1.99, the company saw revenue of $9,464. In the two months following the switchover from paid to free, traffic from the app led to $5,591.35 in direct revenue. That's a noticeable bump. Now Studio Neat is adding Apple Pay support to the app in hopes of making it even easier for users to directly purchase the Glif from them. Here's their reasoning, directly from their blog announcement. We had a real head-slapping moment a few weeks ago: why didn't we use Apple Pay?! It seemed like the perfect use-case, so indeed, we have done just that in version 2.2, available today in the App Store. If you have an iPhone 6 or 6 Plus, you can now purchase a Glif directly in the app using your fingerprint. The future is now. Integrating Apple Pay into the app wasn't too difficult, but it wasn't trivial, either. In a future post we will dive into the nuts and bolts of how we implemented Apple Pay. As far as we know, we are the first "indie" company to utilize it in an app. To further entice users to buy a Glif via Apple Pay, Studio Neat is offering free shipping if you buy through the service directly in the app. We're curious how much impact this change will have on sales for the company, but the move seems perfectly targeted towards impulse shoppers. You can try out Slow Fast Slow yourself right here. If you like what you find, and you've got Apple Pay, Studio Neat is ready to help you with your next purchase from directly within the app.
Chevron to support Apple Pay at the pump; car support also in the works
Already an Apple Pay partner at the register, Chevron last week indicated that they're working with Apple to bring Apple Pay directly to the pump. @SingAsana We are working alongside Apple to develop solutions to integrate with Apple Pay at the pump by early 2015. - Chevron (@Chevron) December 29, 2014 While the initial tweet tantalizingly stamped an early 2015 timeline on the launch, a subsequent tweet tempered expectations ever so slightly. @SingAsana To clarify, Chevron is working alongside Apple to integrate Apple Pay at the pump, but a timeline is not set. - Chevron (@Chevron) December 29, 2014 One day later, another tweet from Chevron noted that the company is also looking into getting Chevron and Texaco branded credit cards onto the Apple Pay train. Note that Texaco is a Chevron subsidiary. @DirectorTRW We are working with Apple to explore options with issuers of the Chevron and Texaco branded cards. - Chevron (@Chevron) December 30, 2014
