Tag: apple mobile payments

ING shows support for Apple’s mobile payments service

| January 6, 2015

ING is preparing to embrace Apple Pay if it is launched in Europe in the near future

Dutch bank ING has begun showing support for Apple Pay. The new mobile payments platform from Apple has yet to launch beyond the United States, but ING is already showing support for payments made from Apple devices. Apple has seen significant promise in the mobile payments space and has responded to the increasing demand for payment services by offering its own. In the few months since Apple Pay’s release, it has become a prominent competitor in the new commerce space.

Apple Pay has yet to become a mainstream success among consumers in the US

Apple Pay launched with the support of thousands of retail organizations and the support of some of the largest financial institutions in the world. Despite this strong support, the platform has yet to become a mainstream success, but it one of the very few mobile payments services that is available for iOS devices. The success of Apple Pay has been growing slowly over the past few months, which may have slowed Apple’s plans to release the service in other countries.

Rumors suggest that Apple Pay may expand into Europe, the Middle East, India, and Africa

ING - Mobile PaymentsThere are rumors that suggest that Apple is preparing to launch Apple Pay in the United Kingdom. Other speculation suggests that Apple is preparing to launch its payment service in the Middle East, India, and Africa as well. The company has not yet announced any definitive plans for doing so, but growing demand for mobile payment services could draw Apple to other countries. In preparation for this potential expansion, banks like ING are beginning to show support for the payment service.

Some banks express concerns about Apple Pay’s security

While many banks have begun to show interest in supporting Apple Pay, others in the United Kingdom have expressed concerns over the security of the platform. Mobile commerce has begun to attract the attention of malicious groups that seek to exploit consumer financial information, and relatively few platforms have the security measures in place to protect this information.

Apple’s mobile payments service has already had a major impact

| December 26, 2014

Apple Pay has managed to find success where other services have failed

Apple Pay has been finding significant success as a mobile payments service in the few months since its launch, but the service could face challenges in the future. When Apple launched its payment service in September of this year, many believed that it would be a game changer in the mobile commerce space. The service launched with the support of several major retail companies and financial institutions and has been gaining more support from these sectors since.

Report shows that mobile payments among iOS users is rising dramatically

A recent report released by Investment Technology Group found that Apple Pay has already had a significant impact. The report shows that 60% of new Apple Pay users made a payment through the service multiple times during November, suggesting that the platform is engaging consumers effectively. By comparison, 20% of new PayPal customers used the company’s service during the same period.  The report also shows that Apple Pay customers used the service approximately 1.4 times per week.

Consumers are likely to continue using Apple Pay with merchants they already purchase products from

mobile payments - apple payThe retail partners that Apple has acquired for the launch of Apple Pay have helped the service flourish. Those with iOS devices have been without a comprehensive mobile payments solution for some time, and many were happy to use Apple Pay when it was launched in September. The report from Investment Technology Group shows that Apple Pay users were more likely to continue using the service with the same retailers numerous times, with 66% of consumers using the service at the same merchant for future transactions.

 Mobile payments is coming under regulatory scrutiny

Despite the success of Apple Pay, it could be subject to restrictive financial regulations in the future. Apple may be subject to examination by the Consumer Financial Protection Bureau, which has grown somewhat concerned about the mobile payments space recently. While the agency has not yet taken steps to examine companies like Apple and determine whether or not they must comply with the Consumer Financial Protection Act, mobile payments have been falling under more regulatory scrutiny recently.