Mobile wallets

The payments company has completed development of its all-in-one portal. It's an ambitious project, but the first few services — such as bill pay and savings — are relatively straightforward.

Persistent coronavirus fears have accelerated consumer interest in checkout-free retail options like Amazon Go, just as new technologies like 5G make such concepts more practical to implement.

For years mobile wallets have been a solution in search of a problem — until now.

Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the buy now/pay later offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc.

Apple will allow some iPhone users to scan their driver's license and protect it with the same security used for payment cards in Apple Pay.

Users of the Goldman Sachs-issued card found themselves unable to make payments or view account details.

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Google is enabling cross-border payments within the Google Pay app through integrations with Western Union and U.K.-based remittance firm Wise.

Mobile wallets have seen strong adoption as an in-store payment method in China, but have lagged in appeal in the U.S. until recently. Coronavirus fears have caused many Americans to rethink the mobile wallet’s value proposition.

More than 50 countries support Apple Pay, which launched seven years ago, but adoption still lags in certain developed regions including Israel, Mexico and South Africa.

Amid success stories like Apple Pay, Google Pay and the Starbucks app, there are many wallet apps that failed to gain traction — or squandered it when they did. But there is a lot to learn from their experiences.

Bradley Riss is chief commercial officer at Checkout.com, a firm that acts as a payment gateway, acquirer and processor through a single channel, covering cards, passthrough wallets, stored value wallets and alternative payment options such as point of sale credit. It charges a fee based on processing and card payment costs rather than the percentage+ model that most payment API companies charge. The model is designed to make the service customized to different merchants and serve as a base to offer other merchant products.

In-person branch use will continue, but retail banks should nonetheless double down on building intuitive, easy-to-use mobile experiences that drive customer satisfaction and brand loyalty.

The pandemic has brought new users to the technology, making a simpler experience more important, says Tappit's Jason Thomas.

The option to transact using Chase Pay will be removed from all merchant websites and apps by the end of the month.

Norwegian browser Opera Limited has launched Dify, a wallet that will support payments and cash-back rewards through a virtual Mastercard debit card.

New technological innovations, consumer behavior shifts, competition from fresh digital entrants, and regulatory reforms herald the payment environment of tomorrow. In addition, the current pandemic is pushing players to rethink their market fundamentals in an already transitioning industry. Join John Adams, Executive Editor of PaymentsSource and our special guest, Andrew Jamison a virtual card expert with twelve plus years at American Express and CEO & Co-Founder of Extend, in a discussion about the business strategy, management, and innovations in the post pandemic ecosystem and how it can serve the way the economy is headed.

Safaricom Plc. is in negotiations with fund managers, investment banks and insurance companies to partner on a raft of mobile phone-based savings and wealth-management products, Chief Executive Officer Peter Ndegwa said in an interview in Nairobi, Kenya’s capital.

Ant Group Co. and a venture led by Grab Holdings Ltd. won licenses to run digital banks in Singapore, paving the way for the technology giants to expand their financial services in the Southeast Asian hub.