Technology

PHOENIX – Rather than simply support Apple Pay, banks need to go a step further to develop their own mobile wallets that interact with merchants for rewards and offers.

Mounting regulatory and political problems may prevent Ocwen Financial from completing its purchase of $39 billion in mortgage-servicing rights from Wells Fargo.

Some customers have reported double charging, others that their bank isn’t supported as promised. But some glitches are inevitable with a new service and processors say on the whole, the rollout has been relatively smooth.

Scattered reports of double payments and failed transactions have begun to bubble to the surface after what initially looked like a relatively smooth introduction of Apple Pay.

PHOENIX – There are two possible outcomes of the push for mobile payments: it could succeed, like Canada's rollout of chip and PIN; or it could fizzle, like its push for contactless cards.

Hundreds of Bank of America Corp. credit- and debit-card customers were mistakenly charged twice for purchases made using Apple Inc.’s new mobile-payment system, according to a person familiar with the matter.

PHOENIX – Even though Apple has more than 500 banks lined up to support Apple Pay, including heavyweights like Bank of America and JPMorgan Chase, some bank executives are taking a decidedly defensive stance.

Regional bank executives are tinkering with ways to accelerate loan growth yet avoid risks that would alarm regulators.

Transactions have long been free for consumers, but Ashe Pay is betting that consumers are willing to pay a $1 monthly fee to be part of a network that allows instant payments to vetted merchants.

MasterCard is determined to take its tokenization technology for Apple Pay and spread the security method to many other payment products, including the card brand's own MasterPass digital wallet.